#Africa #Markets | 3 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji 

Global Markets

  • Asia shares eye all-time top on global growth cheer
  • Optimism on global growth boosts risk trades, commodities
  • Asia shares ex-Japan approach record peaks from 2007
  • Euro near last year’s top on broadly weaker dollar

Oil Markets

  • Oil prices close to mid-2015 highs
  • But doubts over further rises loom
  • WTI crude futures at $60.40 a barrel (0141GMT)
  • Brent crude futures at $66.55 a barrel (0141GMT)
  • Not far off $67.29 May 2015 high yesterday

Precious metals

  • Gold inches up to hit 3-1/2 month highs on weaker dollar
  • Spot gold rose 0.2 pct to $1,320.77 an ounce (0058GMT), having hit its highest since 15 Sep. at $1,321.33 earlier in the session
  • US gold futures were up 0.5 pct at $1,322.40 an ounce


  • Wheat firms, lingers near 1-mth high as cold weather threatens US crops
  • Most active wheat futures on CBOT up 0.4 pct at $4.34-1/4 a bushel (0133GMT)
  • Most active soybean futures up 0.2 pct to $9.66-1/4 a bushel
  • Most active corn futures unchanged at $3.53-1/4 a bushel

Soft commodities

  • ICE arabica soars to October highs; sugar, cocoa also gain (2 Jan)
  • March arabica coffee settled up 4 cents or 3.17 pct at $1.302 per lb on Tuesday
  • March robusta coffee settled up $15, or 0.87 pct at $1,733 per tonne
  • March New York cocoa finished up $44, or 2.33 pct at $1,936 per tonne
  • March London cocoa finished up £5, or 0.36 pct, at £1,383 per tonne
  • Cocoa port arrivals in Ivory Coast reached about 841k tonnes in the first 3 months of the season (vs. 895k tonnes a year earlier)

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]

  • Nigeria manufacturing and non-manufacturing PMI data for Dec-17 expected
Time Data/Event Period Previous
1300GMT Nigeria Non-manufacturing PMI Dec-17 57.6
1300GMT Nigeria Manufacturing PMI Dec-17 55.9

Key African events or data releases yesterday
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Liberian president-elect Weah tempers expectations, plans agric push
  • Egypt to extend state of emergency for 3 months – MENA
  • Uganda’s Museveni signs law removing age cap for president
  • Sudan’s pound drops against dollar in black market, say traders
  • South Africa’s rand firmer as dollar woes continue
  • Telecom Egypt says services restored after days of disruption
  • Tanzania’s Swala Oil to buy stake in Orca’s PAE in $130M deal
  • UK court orders Zambia Vedanta unit to pay state firm $139M
  • Moody’s sees oil prices at $40-$60 per barrel this year
  • Kenyan shilling inches down against the dollar
  • US, UK warn South Sudan parties over ceasefire violations
  • Ugandan shilling likely to focus on policy risks in 2018
  • Egypt repaid around $30B in foreign debt in 2017
  • Egypt chooses five banks to arrange next eurobonds issuance
  • Offshore investors net buyers of South African stocks, sell bonds
  • South Africa’s Steinhoff say 2015 accounts to be restated

N.B. Full stories of above headlines are available on Reuters

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