#Africa #Markets | 6 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Stocks crumble in vicious sell-off as “goldilocks” trade unravels
  • S&P 500 futures sink 3 pct, down 12 pct from record high
  • Nikkei down over 6 pct, ex-Japan Asia down 4 pct
  • Spectre of inflation undermines just right “goldilocks” trade
  • 10-year US bond yield falls back off 4-year peak

Oil Markets

  • Oil prices fall more than 1 pct amid global market rout
  • Soaring US crude output further undermines oil markets
  • Motiva’s Port Arthur refinery goes into maintenance
  • But overall oil demand growth remains strong
  • Brent crude futures at $66.91 a barrel (0530GMT), down 1.1 pct
  • US WTI crude futures at $63.46 a barrel, down 1.1 pct

Precious metals

  • Gold holds steady as equities fall; rate outlook keeps lid on prices
  • Spot gold largely unchanged at $1,338.62 an ounce (0112GMT)
  • US gold futures up 0.4 pct at $1,342 per ounce
  • A third of South Africa’s largest mining companies are not considering any new investments in the sector in 2018; one may even decide to pull out entirely

Grains

  • Soybean prices fall to 3-wk low as rain expected in key grower Argentina
  • Most active CBOT soybean futures down 0.1 pct at $9.70-1/2 a bushel (0132GMT)
  • Most active wheat futures down 0.1 pct at $4.40-1/2 a bushel
  • Most active corn futures down 0.3 pct at $3.57-3/4 a bushel
  • Most active rice futures down 0.2 pct at $12.51 a hundredweight

Soft commodities (5 Feb)

  • Raw sugar shifts higher as March/May spread rallies
  • March raw sugar settled up 2 pct at 13.9 cents per lb
  • May white sugar settled up 1 pct at $364.30 per tonne
  • March London cocoa up 0.1 pct at £1,457 per tonne
  • March New York cocoa down 0.7 pct at $2,045 per tonne
  • Cocoa arrivals at port in Ivory Coast reached 53k tonnes in 29 Jan – 4 Feb, up from 43k tonnes in same period last season
  • March arabica coffee down 0.5 pct at $1.198 per lb
  • March robusta coffee up 0.9 pct at $1,780 per tonne

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

  • Mining indaba ongoing in South Africa to be in focus [Watch out for views on new mining law in DRC] #MiningIndaba 

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

  • Nigeria’s president signs order to boost local production, employment
  • South Africa’s ANC calls top-level meeting on Zuma’s future
  • US lists 4 individuals under DRC sanctions
  • South Africa’s Capitec rebuffs more criticism from Viceroy
  • Seeking fair elections, Sierra Leone bans FGM during campaign season
  • Congo’s Gecamines wants to revise contracts with mining partners
  • Congo rebel leader extradited from Tanzania to face trial
  • Production of Nigeria’s Bonga oil ramping up after shutdown – Shell
  • At least 30 dead in ethnic violence in northeast Congo
  • South Africa’s Capitec Bank says shareholders can expect release of fresh attacks
  • Two Kenya TV stations resume broadcasting after days shut by government
  • South Africa’s Public Investment Corp gives loan to Eskom to fund Feb ops
  • Ethiopia sentences opposition leader to 6 months in jail for contempt of court
  • Drought-stricken South Africa’s Cape Town pushes back “Day Zero” to May 11
  • South Africa’s Oceana invests in desalination plant amid drought
  • Total to sell 25 pct stake in South Africa block to Qatar Petroleum
  • Leading ivory trade investigator found dead in Kenya
  • South Africa’s Capitec deny overstating or misrepresenting loan book
  • South Africa skids on Zuma strife, EM stocks swept lower
  • South Africa’s Sibanye-Stillwater’s 2017 platinum production up, gold falls
  • Ugandan shilling inclined on weaker side on surge in banks’s demand
  • Congo rebel leader extradited from Tanzania to face trial
  • Kenya police fire teargas at demonstrators demanding TV stations reopen
  • South Africa’s Sibanye-Stillwater records gold production for year of 43,600kg
  • South Africa dollar bonds fall, CDS rise on Zuma uncertainty
  • Botswana’s economy seen expanding at faster pace this year; 5.3 pct
  • Offshore investors net sellers of South African stocks, buy bonds
  • Kenyan shilling strong against dollar
  • Rwanda offers 5-year treasury bond worth 15 billion francs
  • Uganda’s private sector activity slows on soaring costs – survey

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

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