#Africa #Markets | 8 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji
 
Global Markets

  • Asia stocks advance toward historic highs
  • US earnings test
  • Asia shares ex-Japan up for a fifth straight session
  • Market optimistic on US earnings, though tax complicates
  • Dollar steadies for moment, market already long of euros

Oil Markets

  • Oil prices edge up on lower US rig count
  • 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 firm amid higher US rate hike environment
  • Spot gold was mostly unchanged at $1,322.73 an ounce (0059GMT)
  • US gold futures were also mostly unchanged at $1,322 an ounce

Grains

  • Soybean prices fall, S.America weather concerns curb losses
  • Most active CBOT soybean futures were down 0.1 pct at $9.70-1/2 a bushel (0140GMT)
  • Most active corn futures were down 0.1 pct at $3.51 a bushel
  • Most active wheat futures were down 0.5 pct at $8.81-3/4 a bushel, after ending Friday down 0.8 pct

Soft commodities (5 Jan)

  • Arabica coffee declines, still sees 3rd straight weekly gain
  • March arabica coffee settled down 1.1 cents or 0.85 pct at $1.2845 per lb
  • March robusta coffee settled down $4 or 0.23 pct at $1,724 per tonne
  • November global coffee exports totalled 9.02 million 60-kg bags, down 9.2% y/y, ICO data shows

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

  • South Africa FX reserves, manufacturing PMI, business confidence and consumer confidence data expected
Time Data/Event Period Previous Consensus
0600GMT South Africa Foreign Exchange Reserves Dec-17 $50.30B $48.84B
0900GMT South Africa ABSA Manufacturing PMI Dec-17 48.6
0930GMT South Africa SACCI Business Confidence Dec-17 95.1
1100GMT South Africa Consumer Confidence Q3-17 -9

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

  • In Kenya, struggling potato growers ink a new deal [Reuters feature]
  • Student killed, opposition leader detained as bread protests grip Sudan
  • Egyptian ex-PM Ahmed Shafik says won’t run for presidency
  • Zambia declares curfew in Lusaka slum struck by cholera
  • Algeria’s Sonatrach may invest in Iraq oil and gas
  • South Africa’s parliament to review rules on removing president
  • Cameroon seperatist leader taken into custody in Nigeria
  • Gunmen kill 13 in Senegal’s Casamance region – army
  • Nigeria starts large scale evacuation of its citizens from Libya
  • Sudan closes border with Eritrea
  • Former Zimbabwe ministers loyal to Mugabe charged with corruption
  • UN to investigate deaths of Tanzanian peacekeepers in Congo
  • Rwanda and Uganda deny signing migrant deals with Israel
  • Clashes break out near South Sudan capital in truce violation
  • South Africa’s rand eyes longest weekly winning streak in 2002
  • Libyan oil revenues up sharply in 2017, budget deficit halved – c.bank
  • Will Liberia’s change of leader put aid flows at risk?
  • Kenya’s president keeps Rotich as finance minister in 2nd term
  • Kenya’s Sengwer say they face fresh threat of eviction from their forest land
  • A deputy governor of the Bank of Ghana resigns
  • Zimbabwe’s Mnangagwa rules out forming coalition government
  • South Africa’s 3-month T-bill average yield falls to 7.58 pct
  • Mauritius’ SBM makes offer for some assets of Kenya’s Chase Bank
  • Kenya currency seen bearish, Nigeria, Zambia’s may firm [in coming week]

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

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