#Africa #Markets | 4 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asian shares scale 10-year peak
  • Oil elevated on Iran unrest, strong global economy
  • US manufacturing survey, German jobless rate upbeat
  • Fed minutes show policymakers unsure of tax cut impact

Oil Markets

  • Oil prices near levels last seen in 2014/2015
  • Even though market tightens due to tensions in Iran & ongoing OPEC cuts
  • US WTI crude futures at $61.76 a barrel (0110GMT), up 13 cents
  • Brent futures at $67.82 a barrel, down 2 cents

Precious metals

  • Gold holds losses as US rate hike views boost dollar
  • Spot gold was down 0.3 pct at $1,308.83 an ounce (0058GMT)
  • US gold futures were down 0.6 pct at $1,310.60 an ounce

Grains

  • Wheat falls but losses checked as adverse US weather threatens crops
  • Most active CBOT wheat futures down 0.5 pct to $4.34 a bushel (0247GMT)
  • Most active soybeans futures fell 0.1 pct to $9.68 a bushel
  • Most active corn futures unchanged at $3.53 a bushel

Softs (3 Jan)

  • Arabica price rally stalls
  • Sugar retreats from 5-week high
  • March arabica coffee settled down 1.6 cents or 1.23 pct at $1.286 per lb
  • March robusta coffee settled up $2 or 0.12 pct at $1,735 per tonne
  • March raw sugar settled down 0.02 cent or 0.13 pct at 15.31 cents per lb
  • March white sugar finished up $0.7 or 0.18 pct at $399.30 per tonne
  • March London cocoa settled down £9 or 0.65 pct at £1,374 per tonne
  • March New York cocoa finished down $29 or 1.5 pct at $1,907 per tonne
  • Cocoa bean & product exports from Ivory Coast soared in 1st 2 month of 2017/18

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

  • Nigeria & South Africa PMI for Dec-17 expected
Time Data/Event Period Previous
0715GMT South Africa Standard Bank PMI Dec-17 48.8
0845GMT Nigeria Stanbic IBTC Bank Nigeria PMI Dec-17 55.2

 

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

  • Angola to abandon currency peg against dollar, central bank head says
  • Nigeria agrees $550 mln satellite deal with China
  • Egypt court postpones verdict against presidential hopeful – sources
  • Nigeria’s Buhari re-election movement gathers pace for 2019
  • Private equity-backed Viathan issues Nigeria’s debut 10-year guaranteed naira bond
  • New Zimbabwe government seeks to sell stakes in state-owned companies
  • South Africa’s rand resumes rally as bears buy short
  • Ethiopia to free jailed politicians to “foster national reconciliation” – PM
  • Nigeria power grid shut-down goes unnoticed in parts of country
  • Tanzania increases fuel prices due to rising crude costs
  • Kenya shilling eases, further weakness seen from energy sector demand
  • Zambia’s foreign minister resigns as ruling party divide deepens
  • Uganda shilling unchanged as banks, importers stay on sidelines
  • Kenya regulator ditches plan to break up Safaricom – Business Daily

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

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