#Africa #Markets | 5 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares near record high
  • Dollar weak as job, wage data awaited
  • Dollar index near 3-month low as US bond yields capped
  • US private sector posts strong job growth – report
  • Emerging market currencies make big New Year gains
  • Oil near highest level since mid-2015 on Iran, tighter US market

Oil Markets

  • Oil prices hold near 2015 highs
  • But doubts over rally emerge
  • Brent has risen by more than 10 pct since December
  • Oil has been supported by OPEC-led cuts, strong economic growth
  • Tensions in OPEC-member Iran have also lifted oil prices
  • But soaring US crude production could undermine rally 

Precious metals

  • Gold prices steady, set for 4th straight weekly gain
  • Spot gold was mostly unchanged at $1,322.50 an ounce (0102GMT)
  • US gold futures were up 0.2 pct at $1,323.70 an ounce
  • Spot palladium hit a record high on Thursday at $1,105.70, steady at $1,097.10 today thus far

Grains

  • Wheat edges lower, set to finish week up for 3rd straight week
  • Most active CBOE wheat futures up nearly 1.5 pct for the week
  • Most active soybean futures up nearly 1 pct for the week
  • Most active corn futures down nearly 0.5 pct for the week

Softs (4 Jan)

  • London cocoa hits 3-week low on fresh selling
  • Sugar pares losses
  • March London cocoa settled down £7, or 0.51 pct at £1,367 per tonne
  • March New York cocoa finished down $2 or 0.1 pct at $1,905 per tonne
  • Cocoa bean and product exports from Ivory Coast soared in the first 2 months of 2017/18, data showed

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

  • South African universities would be in focus today, after opposition asked prospective students to simply walk-in and apply at institutions of their choice. [Move comes after President Zuma announced a controversial and not well thought-through free education policy] #FreeEducation

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

  • Egypt’s Salah named African Footballer of the Year
  • Sudan recalls its ambassadors from Egypt amid tensions
  • Angola’s depleting FX reserves led to exchange rate change
  • UAE says to resume flights to Tunisia after security cooperation
  • South Africa’s Steinhoff CFO steps down from post to focus on liquidity
  • South Africa’s rand recovers on brighter political outlook
  • Nigerian military rescues schoolgirl abducted by Boko Haram in 2014
  • Yields on Kenya’s 182-day and 364-day T-bills rise at auction
  • Libya’s Abu Attifel oilfield producing 80kbpd, gas plant restarted
  • Dozen dead, scores injured in South Africa train crash
  • Nigeria raises 162 bln naira at treasury bill auction
  • Zambia shuts South Africa’s Shoprite Hungry Lion restaurants over cholera contamination
  • Ethiopia’s inflation at 13.6 pct y/y in December
  • Average yields fall on Egypt’s 3- and 9-month T-bills
  • Egypt to issue 1-yr $850 mln T-bill – cbank
  • Russia resumes civilian flights to Egypt
  • Angola dropped currency peg due to depleting reserves – cbank
  • Zimbabwe court dismisses case of US woman charged with insulting Mugabe
  • Fitch: T-bill supply slowdown may hurt Nigerian bank profits
  • Tanzania shuts 5 small community banks to protect financial stability
  • Ugandan shilling inches down due to rise in demand for dollars
  • South Africa’s private sector activity slows to 20-month low in December
  • Kenya’s private sector activity expands for first time in 8 months
  • Sudan extends ceasefire with rebels through end-March – SUNA agency
  • Somalia PM sacks 3 ministers as country battles insurgency

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

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