#Africa #Markets | 19 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asia stocks set record highs
  • US govt funding woes weigh on dollar
  • MSCI Asia-Pacific index and Nikkei both up 0.3 pct
  • Asia stocks stretch gains but stalling Wall St caps rise
  • Worries over possible US government shutdown weigh on dollar [Stopgap funding bill passed in House, sent to Senate]
  • US lawmakers try to cobble together deal to avert shutdown
  • Uptick in US production drags crude prices down

Oil Markets

  • Oil prices drop on uptick in US production
  • Brent crude futures at $68.78 (0128GMT), down 0.8 pct
  • US WTI crude futures at $63.36 a barrel, down 0.9 pct

Precious metals

  • Gold inches up, but heads for first weekly loss in six
  • Spot gold up 0.1 pct at $1,328.98 an ounce (0111GMT)
  • US gold futures up 0.1 pct at $1,327.90


  • Soybean prices climb, poised for biggest weekly gain in 3 mths
  • Most active CBOT soybean futures at $9.74/bushel (0128GMT), up nearly 1.5 pct for the week
  • Most active corn futures at $3.52/bushel, up nearly 2 pct for the week
  • Most active wheat futures at $4.27/bushel, up nearly 1.5 pct for the week

Soft commodities (18 Jan)

  • Raw sugar at 3-1/2-month low, New York cocoa off 6-week high
  • March raw sugar settled down 2.5 pct at 13.08 cents per lb
  • March white sugar settled down $7.80 or 2.2 pct at $353.10 per tonne
  • March New York cocoa settled down $1 or 0.05 pct at $1,984 per tonne
  • March London cocoa settled down £14 or 1 pct at £1,403 per tonne
  • No. 2 cocoa grower Ghana is considering cutting the price it pays its farmers
  • March arabica coffee settled down 2 cents or 1.6 pct at $1.211 per lb
  • March robusta coffee settled up $24 or 1.4 pct at $1,793 per tonne

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

  • South Africa consumer confidence data expected
  • Bank of Ghana starts MPC meeting [Decision on 22 Jan; fcst. 19.0%, prev. 20.0%]

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

  • African UN envoys suggest Trump meet leaders in Ethiopia after ‘shithole’ remark
  • Sudanese authorities detain Reuters, AFP reporters in Khartoum
  • Zimbabwe opposition leader Roy Bennett killed in US helicopter crash
  • Zimbabwe fires more than 30 police commanders
  • South Africa’s Kganyago to chair IMF advisory panel
  • Morocco central banker says FX move to raise inflation and growth
  • Nigeria passes major oil reform bill after 17 year struggle
  • Morocco plans to negotiate a new form of IMF credit line
  • Nigeria sues JP Morgan for $875 mln over Malabu oilfield deal
  • Nigeria lawmakers look into recovering $21 bln revenues from oil groups
  • Kenya flushes out “criminals” in forest dispute after Sengwer killing
  • Zimbabwe’s Mnangagwa announces election in 4-5 months
  • Libya sets 2018 oil contracts, Glencore keeps Sarir/Messla grades
  • South Africa’s rand extends gains to 2-1/2 year high as central bank holds rates
  • Suspected Boko Haram attack in Niger kills at least 4 soldiers
  • South Africa’s Steinhoff secures 60 mln euros lifeline for European operations
  • Britain says monitoring South Sudan peace violations, eyes penalties
  • South Africa’s Ramaphosa piles pressure on Zuma with anti-graft call
  • Yields on Kenya’s 91-day, 182-day, 364-day t-bills dip at auction
  • Egypt, Ethiopia leaders say Nile dam must not ruin relations
  • South Africa holds repo rate at 6.75 pct as inflation risks offset rand strength
  • Drought-hit South Africa’s Cape Town at “point of no return”, tightens water targets
  • Exxonmobil acquires exploration acreage offshore Ghana
  • South African platinum miner Lonmin’s lenders relax loan agreements again
  • Masdar agrees to develop 800MW wind power portfolio in Egypt
  • Volkswagen to start Rwanda car assembly in May
  • Vitol agrees $530 mln oilfield deal with Nigeria’s Shoreline
  • Zuma exit not on agenda of South Africa ANC meeting
  • Airline body IATA in talks with Angola over blocked $500 mln
  • Zimbabwe considers compensation tribunal for former white farmers
  • Tanzania, Zambia currencies seen bearish, others stable [next week]
  • Ugandan shilling steady, expected to strengthen due to slowing dollar demand
  • Zimbabwe president says his nation is “open for business” ahead of Davos
  • Kenyan shilling stable, portfolio flows eyed
  • South African finmin says Treasury cannot afford Eskom bailout
  • Moody’s says growth in Sub-Saharan Africa to accelerate to 3.5 pct in 2018

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

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