#Africa #Markets | 11 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asian shares step back from New Year rally
  • Trade concerns resurface
  • Ex-Japan Asia MSCI down 0.1 pct, Nikkei loses 0.6 pct
  • Report China mulls reducing US bonds buy rattles markets
  • Shares, Canada dollar, Mexican peso hit by renewed NAFTA worries

Oil Markets

  • Oil markets cling to near 3-year highs on tighter US market
  • US oil production posts surprise fall to 9.5mbpd
  • US crude stocks drop below 5 year average of 420 mln barrels
  • But US fuel inventories post rise amid ample supplies
  • Analysts warn oil markets may have overheated

Precious metals

  • Gold inches up on weaker dollar, equities
  • Spot gold up 0.1 pct at $1,318.49 an ounce (0048GMT)
  • US gold futures little changed at $1,319 an ounce

Grains

  • Wheat edges down, but lingers near 6-day high
  • Most active CBOT wheat futures down 0.2 pct to $4.33-1/4 a bushel (0214GMT)
  • Most active soybean futures unchanged at $9.54-3/4 a bushel
  • Most active corn futures unchanged at $3.49 a bushel

Soft commodities (10 Jan)

  • Cocoa climbs to 1-month high, sugar slips
  • March New York cocoa settled up $42, or 2.2 pct, at $1,941 per tonne
  • March London cocoa settled up £28 or 2 pct at £1,404 a tonne
  • March raw sugar settled down 0.18 cent, or 0.5 pct at 14.65 cents per lb
  • March white sugar settled down $2 or 0.5 pct at $387.60 per tonne
  • March robusta coffee settled up $2 or 0.1 pct at $1,726 per tonne
  • March arabica coffee settled down 1.2 pct or 1 pct at $123.95 per lb
  • World coffee output seen rising to fresh record

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

  • South Africa manufacturing PMI & production data expected
Time Data/Event Previous Consensus Forecast
0900GMT South Africa ABSA Manufacturing PMI DEC 48.6
1100GMT South Africa Manufacturing Production YoY NOV 2.2% 0.5% -1.1%
1100GMT South Africa Manufacturing Production MoM NOV 0.7% -0.1%

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

  • Morocco’s GDP growth to slow to 2.8 pct in 2018 – officials
  • Angola president sacks Dos Santos son as head of sovereign wealth fund
  • Madagascar nickel mine halts output due to cyclone
  • Solar steam powers homes and new jobs in South Africa
  • Protests hit Tunisia for 3rd night as PM warns of clampdown
  • Namibia resumes poultry imports from Belgium
  • Tanzania slammed for “misguided” arrest of pregnant schoolgirls
  • Zuma exit not discussed by South African ruling party, official says
  • Algeria sends more oil to Cuba as Venezuelan supplies fall
  • “Late and little” – Angola gets lukewarm response to FX changes
  • Greece seizes Libya-bound ship carrying explosive materials
  • Sudanese police fire tear gas at stone-throwing protesters
  • South African rand slumps to 2-week low after ANC says no discussion on early Zuma exit
  • EU observers say Kenya stymied visit to present final election report
  • Namibia bans food imports from cholera-hit Zambia
  • Soldiers loot arms, burn military base in Ivory Coast’s second city
  • Egypt’s heady inflation drops as election season approaches
  • Currency black market behind Sudan’s price rises – minister
  • Mozambique CPI inflation slows to 5.65 pct y/y in December
  • Egypt’s core inflation falls to 19.86 pct y/y in Dec – c.bank
  • UN endorse elections for Libya by end of 2018
  • Zambia closes main passport offices to curb cholera spread
  • Ghana consumer price inflation stable at 11.8 pct in Dec
  • Mauritius offers 15-yr bond worth 1.5 bln rupees for sale
  • South Africa’s business confidence rises again in December
  • South African gold miners near silicosis lawsuit settlement
  • Ugandan shilling steady as importer and commercial bank dollar demand slows
  • EU-Morocco fish deal should be declared invalid – EU court adviser
  • Kenyan shilling holds steady against the dollar
  • Power restored in parts of Kenyan capital after major outage
  • Egypt’s finance minister expects inflation below 20 pct next month

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

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