#Africa #Markets | 29 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asia shares extend bull run, dollar crawls off lows
  • Asia shares ex-Japan aiming for 12th session of gains
  • Nikkei edges up in face of firm yen, China stocks strong
  • Dollar off lows, Trump complains of “unfair” trade
  • US 10-yr yields break to 2.69 pct, highest since mid-2014

Oil Markets

  • Oil markets firm on strong demand, ongoing OPEC-led supply restraint
  • Weakening dollar has also supported crude futures
  • Soaring US crude output expected to dent prices later this year
  • US WTI crude futures at $66.34 a barrel (0144GMT), up 0.3 pct
  • Brent crude futures at $70.49 per barrel , down 0.4 pct

Precious metals

  • Gold edges higher on easier US dollar
  • Spot gold up 0.1 pct to $1,350.99 per ounce (0101GMT); rose 1.4 pct last week
  • US gold futures for February down 0.2 pct to $1,349.50 per ounce


  • Wheat jumps 1 pct, hits near 4-month high
  • Most active CBOT wheat futures up 1.3 pct to $4.46-1/2 a bushel (0212GMT)
  • Most active soybean futures up 1.1 pct to $9.96 a bushel
  • Most active corn futures up 0.6 pct to $3.58-1/2 a bushel
  • Most active rice futures down 0.04 pct to $12.33 per hundredweight

Soft commodities (26 Jan)

  • Coffee, cocoa, sugar all gain as weak dollar supports
  • ICE March New York cocoa settled up 1.33 pct at $1,986 per tonne
  • March London cocoa settled up 1.84 pct at £1,381 per tonne
  • World cocoa stocks rose by 144k T in the 2016-17 season, less than expected
  • March raw sugar settled up 0.91 pct at 13.36 cents per lb
  • March white sugar settled up 0.51 pct at $355.60 per tonne
  • March arabica coffee settled up 1.21 pct at $1.2515 per lb
  • March robusta coffee settled up 0.23 pct at $1,767 per tonne

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

  • 2018 African Union summit in its final day
  • Kenya inflation data for Jan-18 expected [fcst. 3.8% yy, prev. 4.5%]
  • Uganda inflation data for Jan-18 expected [fcst. 3.6% yy, prev. 3.3%]

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

  • Egypt orders detention of 3 men accused of attacking ex-anti-corruption watchdog
  • Several high-profile Egyptians call for presidential election boycott
  • Opel to export cars to Tunisia, Morocco
  • Gunman kill 3 soldiers in north Mali as security worsens
  • Egypt’s parliament passes bankruptcy law to spur investment
  • Egypt, Ethiopia and Sudan to meet on Monday for Nile GERD dam talks
  • Egypt to pour new housing into seemingly sated market
  • Prominent member of Egyptian opposition campaign attacked and injured
  • South Sudan, facing humanitarian crisis, waives some fees for aid groups
  • Zimbabwe sees economic growth of up to 6 pct in 2018
  • Moody’s changes outlook on Zambia’s B3 rating to stable from negative
  • Nevsun appeals to Canada Supreme Court in Eritreans’ forced labour lawsuit
  • Niger jails 9 soldiers accused of coup attempt
  • Congo’s Kabila denies violence against protesters, silent on election date
  • Ghana’s 91-day bill yield rises to 13.35 pct
  • South Africa’s Steinhoff says it has contained short-term cash crisis
  • African Union urges Mauritania to crack down on slavery
  • South African rand rally continues, rand hedges weigh on bourse
  • Crop munching pest in Africa raises hunger threat
  • At least 30 Africans drown off Yemen after boat capsizes – IOM
  • South Africa’s competition tribunal says consent agreement involving AECI, Foskor, Omnia Fertilizers and Sasol South Africa not approved
  • Suspected Boko Haram attacker arrested in Germany
  • Ethiopia pardons over 2,000 jailed for role in unrest
  • Zambia court dismisses First Quantum bid to stop $1.4 bln lawsuit
  • South Africa’s RCBT says 2017 coal exports at record high
  • Algerian army kills 7 armed men in Khenchela province
  • South Africa’s drought-striken southwest to continue experiencing high temperatures
  • UN experts call on Egypt to halt executions
  • Kenya to hold eurobond roadshow in mid-February – c.bank
  • South African mining seen a winner as Ramaphosa woos investors
  • South Africa police conduct raids in case involving Zuma friends
  • Mauritius 91-day treasury yield inches down to 2.44 pct
  • South Africa’s 3-mth t-bill average yield falls to 7.34 pct
  • Cobalt hits 9-year highs, Madagascar disruption fuels rally
  • Zambia says miners must move 30 pct cargo by rail
  • South Africa’s PSA says pursuing possible class action against Steinhoff
  • Yields rise at South African inflation-linked bond auction
  • Zimbabwe university releases Grace Mugabe’s PhD thesis
  • Kenyan shilling stable; horticulture dollar flows match oil importer demand
  • South Africa’s Steinhoff scandal shows need for activist shareholding – JSE CEO 

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

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