#Africa #Markets | 10 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares step back from 2007 peak
  • Oil at 3-year high
  • Ex-Japan Asia index slips from near 2007 all-time high
  • IT shares lead losses as investors book profits
  • Yen maintains gains after BOJ’s reduction in bond buying
  • Oil supported by production cuts, fall in US inventories

Oil Markets

  • Oil prices hit highest since 2014
  • But analysts warn of overheated market
  • Brent, WTI crude at highest level since start of the oil slump
  • Asian crude oil grades already average above $70 per barrel
  • OPEC cuts, global markets rally have pushed up oil prices

 Precious metals

  • Gold inches down on strong equities, higher US treasury yields
  • Spot gold dipped 0.3 pct to $1,309.26 an ounce (0049GMT)
  • Prices fell 0.6 pct on Tuesday, its biggest 1-day loss in a month
  • US gold futures were down 0.2 pct at $1,318.10 an ounce

Grains

  • Soybeans extend losses into 3rd session as ample supplies weigh
  • Most active CBOT soybean futures down 0.1 pct at $9.62-1/2 a bushel
  • Most active wheat futures unchanged at $4.32-1/4 a bushel
  • Most active corn futures unchanged at $3.49 a bushel

Soft commodities (9 Jan)

  • Raw sugar extends losses on firmer dollar & ample supplies expectations
  • Robusta coffee climbs off 18-month low after speculative selling dried up
  • March raw sugar settled down 0.05 cent or 0.3 pct at 14.73 cents/lb
  • March robusta coffee settled up $38 or 2.3 pct at $1,724 per tonne
  • March arabica coffee closed flat at $1.2515 per lb
  • March London cocoa settled up £5 or 0.4 pct at £1,376/tonne
  • March New York cocoa settled down $15 or 0.8 pct at $1,899 per tonne
  • Strong port arrivals in Ivory Coast boost expectations for ample supplies

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

  • Executives of South Africa’s ruling ANC party meet today [Zuma exit on agenda]
  • South Africa manufacturing PMI and business confidence data expected
Time Data/Event Previous
0900GMT South Africa ABSA Manufacturing PMI DEC 48.6
0930GMT South Africa SACCI Business Confidence DEC 95.1

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

  • Survivors, coastguard say dozen of migrants missing off Libya
  • Nigeria political parties to select presidential candidates by 7 Oct
  • Rival army factions clash in Ivory Coast’s second city
  • Tunisian police clash with protesters in capital as unrest continues
  • Angola’s kwanza depreciates 10 pct as dollar peg ends
  • Zuma setting up commission to look into allegations of state corruption
  • Power outage hits Kenyan capital Nairobi, parts of Uganda
  • Egypt’s President Sisi wins huge parliamentary support for a 2nd term
  • Cholera threatens Congo’s capital as hundreds die from lack of treatment
  • Nigeria’s Buhari blames communal violence on population growth
  • Sudan currency continues descent on black market amid unrest
  • Tunisia labour union demands increase of minimum wage
  • South Africa’s rand gains on Zuma exit rumours; stocks flat
  • Algeria bans imports of cell phones, furniture, food to curb trade deficit
  • Egypt court jails 262 for offences for 2013 Cairo sit-in
  • Zimbabwe’s opposition faces rocky road to election as leader mulls exit
  • South Africa’s new vehicle sales down 2.4 pct y/y in December
  • Congo mining revenues through Sept 2017 rise 9 pct, oil up 70 pct
  • Amplats reaches deal with South African tribal leader in community fund row
  • Yields fall in weekly South Africa govt bond auction
  • Zimbabwe’s anti-graft agency investigates Grace Mugabe’s PhD
  • Ugandan shilling stable, expected to weaken on energy sector demand
  • Tunisia’s difficult economic situation will improve in 2018 – PM
  • Seychelles inflation rises to 3.48 pct y/y in December
  • Kenyan shilling strengthens due to inflows from offshore investors

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

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