#Africa #Markets | 16 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asian shares shrug off losses, Euro near 3-year top
  • Weaker Chinese iron ore prices drag down Australian shares
  • Euro close to more than 3-year peak on ECB tapering hopes
  • Dollar index probes lowest levels since Dec 2014
  • US markets closed for holiday on Monday

Oil Markets

  • Oil prices near 3-year highs, supported by healthy demand
  • Ongoing OPEC/Russia led supply restraint has propped up crude
  • Goldman Sachs sees upside to its oil price forecast
  • Morgan Stanley, BoAML raise crude price forecast
  • US output has stalled due to icy North American weather
  • But US output expected to break through 10mbpd soon

Precious metals

  • Gold holds steady near 4-mth peak on weaker dollar
  • Spot gold up 0.1 pct at $1,341.28 an ounce (0054GMT)
  • US gold futures up 0.5 pct at $1,341.70
  • Palladium marked a record high of $1,138 an ounce on 15 Jan, down 0.1 pct at $1,124.50 early 16 Jan


  • Wheat falls, lingers near 1-mth low on USDA forecast
  • Most active CBOT wheat futures down 0.1 pct at $4.20 a bushel (0126GMT)
  • Most active soybean futures up 0.4 pct at $9.64-3/4 a bushel
  • Most active corn futures rose 0.6 pct to $3.48-1/4 a bushel

Soft commodities (15 Jan)

  • London cocoa edges higher, white sugar hits 4-week low
  • March London cocoa settled £24 or 1.7 pct at £1,404 a tonne, New York closed
  • March white sugar settled $3.60 or 1 pct lower at $371.40 a tonne
  • March robusta coffee ended session $1 or 0.06 pct higher at $1,729 a tonne

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

  • Nigeria Dec-17 inflation data due [fcst. 15.6% yy, prev. 15.9%]
  • South Africa Nov-17 mining production data expected [fcst. 4.7% yy, prev. 5.2%]

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

  • South African court authorizes freezing of $130 mln in McKinsey case
  • Ghana police questioning three men after explosives found
  • At least 20 dead as clashes shut airport in Libyan capital
  • Magistrates dismiss sex abuse case against France soldiers in Africa
  • Bank of Ghana sees more stable cedi in 2018 on lower inflation
  • Nigeria summons representative of US ambassador over Trump comments
  • Morocco dirham stable on 1st day of looser exchange rate
  • Nigeria’s Buhari vows to punish all those behind ethnic violence
  • Nigeria’s central bank injects $210 mln into currency market
  • Ugandan lawyers seek to quash Museveni “president for life” law
  • Zimbabwe December inflation quickens to 3.46 pct y/y
  • Egypt says does not want war as tension grows with Sudan
  • South Africa’s ANC to discuss Zuma’s future this week, sources say
  • Botswana’s inflation rises to 3.2 pct y/y in December
  • Ethiopia adoption ban may curb trafficking, but poorest families need support
  • Ethiopia to free opposition leader, others jailed for involvement in unrest
  • Offshore investors net buyers of South Africa stocks, bonds
  • Nephew of assasinated Sadat says Egypt too repressive for election bid
  • Samsung aims to double Africa’s share of its revenues in 5 years
  • Morocco central bank sells $3.5 mln in auction under new FX system
  • Tunisia arrests 41 more after fresh anti-austerity protests
  • Kenyan shilling stable, oil and retail demand seen posing risk
  • Eskom’s bonds face suspension from South Africa exchange
  • South Africa white maize futures scale 11-month peak on hot, dry conditions
  • Ugandan shilling stable as tax payments offer support

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



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