#Africa #Markets | 24 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asia shares take a breather, dollar sold anew
  • Nikkei off 26-yr peak as yen climbs to highest since September
  • Dollar breaks under 110.00 yen, near 3-year trough on euro
  • Oil prices ease back a touch, Brent still near $70 a barrel

Oil Markets

  • Oil firm on strong economy and OPEC cuts
  • But traders prepare for downward move
  • OPEC/Russian led production restraint has tightened oil supplies
  • Strong global economic growth lifts oil consumption
  • But after strong rally, traders take put options to sell crude

 Precious metals

  • Gold firm as dollar sinks further
  • Spot gold nearly unchanged at $1,340.63 per ounce (0100GMT)
  • US gold futures for February delivery up 0.3 pct to $1,340.20 per ounce

Grains

  • Soybean prices fall for first time in seven sessions
  • Most active CBOT soybean futures down 0.1 pct at $9.85-3/4 a bushel (0159GMT)
  • Most active corn futures up 0.1 pct at $3.51-1/2 a bushel
  • Most active wheat futures down 0.1 pct to $4.21-1/4 a bushel
  • Most active rice futures unchanged at $12.20 per hundredweight

Soft commodities (23 Jan)

  • White sugar falls to lowest level since Sept 2015
  • March white sugar settled down 0.3 pct at $352 per tonne
  • March raw sugar settled up 0.2 pct at 13.19 cents per lb
  • March London cocoa settled 0.44 pct at £1,364 per tonne
  • March New York cocoa settled down 0.5 pct at $1,929 per tonne
  • March arabica coffee settled down 1.3 pct at $1.2095 per lb

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

  • South Africa Dec-17 inflation data due [fcst. 4.3% yy, prev. 4.6%, est. 4.7%]
  • 2018 World Economic Forum summit continues (23-26 Jan) [Activities of South African delegation to be followed; especially Ramaphosa & Gigaba meetings]
  • 2018 AU summit continues (22-29 Jan) [Heads of state meet 28-29 Jan]

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

  • South Africa’s Winnie Mandela in hospital for kidney infection
  • IMF chief meets South Africa’s Ramaphosa in Davos to discuss economy
  • Last major challenger to Egypt’s Sisi calls off campaign after arrest
  • Congo is becoming like a prison under Kabila, says combative cardinal
  • Tunisia to sell bonds worth $1 bln the second half of March
  • Total to buy shares in Kenyan oil blocks from AP Moeller-Maersk
  • New Zimbabwe leader orders top officials to declare assets
  • Nigerian state oil firm’s board to decide on refinery investors this month
  • Ethiopian protesters killed for singing anti-government songs – UN
  • Nigerian political standoff threatens central bank independence
  • Zimbabwe orders cut to petrol and diesel pump prices
  • Son-in-law of Mozambique’s ex-president given 24 years for killing wife
  • South African graft inquiry stalled as it awaits terms from Zuma
  • Guinea Bissau to export stocks of seized, rare timber
  • Zambia says it is on verge of containing cholera outbreak
  • UN says Congo forces targeted its officials during deadly protests
  • Kenya central bank sees faster growth in 2018 despite rate cap “brake”
  • EU says ready to support Zimbabwe engage foreign lenders
  • Fitch says social and political tensions raise Tunisia reform risks
  • South Africa’s competition commission suspends advisory opinion service pending ConCourt decision
  • Father of South African jazz Hugh Masekela dies aged 78
  • South Africa Eskom’s dollar bonds rise, 2023 issue at 3-mth high
  • BP, Kosmos win rights to two oil blocks in Sao Tome and Principe
  • With newfound democracy, Gambia faces resurgence in FGM and child marriage
  • Yields fall in weekly South Africa government bond auction
  • South Sudanese rebels demand compensation to release Kenyan pilots
  • Kenya central bank governor forecasts 2018 GDP growth of 6.2 pct

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

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