#Africa #Markets | 1 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asian shares bounce back, but rising US yields pose risks
  • Asia shares up slightly after big fall earlier in week
  • US stock futures up 0.4 pct, Facebook gains after bell
  • US 10-year yield hits 2.75 pct, high since April 2014
  • Futures price in 3 Fed rate hikes this year
  • Dollar still lacks momentum as focus on ECB, other cenbanks

Oil Markets

  • Oil extends gains on robust OPEC compliance
  • NYMEX crude for March delivery up 0.3 pct to $64.91 a barrel (0030GMT)
  • London Brent crude for April delivery yet to trade (0030GMT), up yesterday by 3 cents at $68.89

Precious metals

  • Gold dips on outlook for US rate hikes
  • Spot gold down 0.2 pct at $1,342.70 per ounce (0112GMT)
  • US gold futures up 0.3 pct at $1,342.90 per ounce


  • Wheat extends losses despite lingering threat of adverse weather
  • Most active CBOT wheat futures down 0.7 pct at $4.48-1/2 a bushel (0117GMT)
  • Most active corn futures down 0.2 pct to $3.60-3/4 a bushel
  • Most active soybean futures down 0.4 pct at $9.92 a bushel
  • Most active rice futures unchanged at $12.44 a hundredweight

Soft commodities (31 Jan)

  • Raw sugar tumbles after 4-day rally, US cocoa at 8-week high
  • March raw sugar settled down 3.6 pct at 13.23 cents per lb
  • March white sugar settled down 2.7 pct at $352.40 per tonne
  • March New York cocoa settled up 1.32 pct at $1,996 per tonne
  • March London cocoa settled up 1 pct at £1,399 per tonne
  • March robusta coffee settled up 2 pct at $1,762 per tonne
  • March arabica coffee settled down 0.4 pct at $1.2185 per lb

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

  • Libyan prison mates hit the road to curb Gambian migration
  • Egypt’s Sisi warns opponents as calls to boycott election build
  • Nigeria’s state oil company calls for private investment to help build pipelines
  • Egypt’s $1.1 bln cement plant in Beni Suef to start up in days
  • Congo electoral commission finishes registering 46 mln voters
  • Zimbabwe to give white farmers 99-year leases, like black counterparts
  • Letter from Trump prompts African leaders to refrain from criticising him
  • Namibia reports first cholera case after deadly outbreak in Zambia
  • From Cape Town to Kabul: taps run dry in crisis cities
  • Congo: rebel leader detained in Tanzania, extradition sought
  • Cameroonian troops enter Nigeria seeking seperatists – defence agency
  • Parched Cape Town, flood-prone Miami help cities confront water risks
  • South African rand edges higher; eyes on Zuma’s fate
  • Yield on Uganda’s 91-day treasury bills climb up
  • Zimbabwe names judge Chigumba as election commission chief before crucial vote
  • Growing exports to help Rwanda retain higher growth rate – finmin
  • Kenyan TV stations to stay shut after covering opposition ‘inauguration’
  • South Africa’s water crisis spreads from Cape Town
  • Angola’s net reserves fall to $13.3 billion in December
  • Bharti Airtel did not submit a firm bid for Nigeria’s 9mobile
  • South Africa’s Eskom suspends senior official over McKinsey letter
  • South Africa’s Naspers won’t renew contract with TV station sold by Guptas
  • Kenyan shilling strengthens to highest since Dec. 2016
  • Kenyan inflation edges up to 4.83 pct in January
  • Kenya police arrest opposition lawmaker who led Odinga’s “swearing-in”
  • Egypt’s M2 money supply up 20.919 pct y/y in Dec – c.bank
  • Uganda’s shilling stable on flows from commodity exporters
  • Steinhoff reports former CEO to South African police
  • South African trade surplus widens to 15.72 bln rand in December
  • Namibia suspends foreign travel for public officials to cut costs
  • South African police tap Interpol to help with Steinhoff investigation
  • Kenya new car sales plunged a fifth in 2017
  • Zambia’s chamber of mines says rail transport law “inappropriate and unworkable”
  • Steinhoff former chairman Wiese says difficult to detect fraud if CEO is involved
  • Kenya central bank to hold its next rate-setting meeting on March 19
  • South Africa’s JSE says still investigating Steinhoff over accounting scandal
  • Uganda inflation slows to 3.0 pct in January
  • South Africa consumer confidence improves
  • South African govt pension fund says shareholding in Steinhoff eroded after scandal
  • South Africa investigating possible insider trading over Steinhoff – FSB
  • South Africa’s central bank says checking whether Steinhoff broke FX rules 

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

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