#Africa #Markets | 7 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asia stocks back from the brink as Wall St bounces
  • Nikkei recoups some losses after Wall St rallies
  • Distressed selling might have peaked, but volatility at risk
  • Bond yields jump again as safe havens lose their allure
  • Yen retreats broadly, dollar keeps to tight ranges

Oil Markets

  • Oil prices rise on report of decline in US crude stocks
  • Global stock market recovery also supports crude oil futures
  • API says US crude inventories fell by 1.1 mln barrels
  • But falling seasonal demand, soaring US output are looming
  • Brent crude futures up 0.6 pct at $67.29 per barrel (0135GMT)
  • US WTI crude futures up 0.8 pct at $63.89 a barrel 

Precious metals

  • Gold edges up on bargain hunting after hitting over 3-week low
  • Spot gold up 0.2 pct at $1,327.97 an ounce (0106GMT)
  • US gold futures up 0.1 pct at $1,330.70 an ounce

Grains

  • Soybeans hits 6-day high on South American crop worries
  • Most active CBOT soybean futures up 0.5 pct to $9.91-1/4 a bushel (0214GMT)
  • Most active corn futures up 0.2 pct to $3.64-1/4 a bushel
  • Most active wheat futures up 0.6 pct to $4.49 a bushel
  • Most active rice futures unchanged at $12.55 per hundredweight

Soft commodities (6 Feb)

  • Arabica coffee makes biggest jump in five weeks
  • March arabica coffee settled up 2.6 pct at $1.2285 per lb
  • March robusta coffee settled up 1.4 pct at $1,804 per tonne
  • March London cocoa settled up 0.3 pct at £1,462 per tonne
  • May New York cocoa settled down 0.4 pct at $2,065 per tonne
  • March raw sugar settled down 0.4 pct at 13.84 cents per lb
  • May white sugar settled down 0.7 pct at $361.90 per tonne

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

  • South Africa gross gold & FX reserves data for January due
  • Ghana State of the Nation Address by President Nana Akufo-Addo tomorrow (8 Feb)

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

  • African miners, governments talk past each other, threatening boom: Russell
  • South Africa’s Zuma ready to quit if conditions met in deal with Ramaphosa – Times Live news
  • ECOWAS issues sanctions over Guinea-Bissau political crisis
  • Kenyan opposition lawyer charged with treason over Odinga’s “swearing in”
  • South Africa’s ANC postpones key meeting called to discuss Zuma future
  • South African presidency denies claim Zuma plans to fire deputy Ramaphosa
  • After Cape Town, more African cities face water crisis – Deloitte
  • Female genital mutilation is a man’s issue too – Kenyan Maasai activist
  • Tunisia’s annual inflation hits 6.9 pct, highest in 20 years
  • Men with guns still rule in Libya as return to “ghost town” blocked
  • South Africa’s competion watchdog to prosecute four firms over Eskom tender
  • Drought forces some Cape Town residents into midnight queues for water
  • Sasol completes $1 billion wax plant expansion in South Africa
  • Ghana’s CPC in talks with creditors to restructure its $20.5 mln debt – MD
  • South African firm Calabash Freight to use Tanzania-Zambia Railway
  • Hundreds protest against US arms embargo in South Sudan, journalists attacked
  • Congo tells Belgium to close consulate, cut flights
  • Zimbabwe’s Tsvangirai critically ill in South Africa – party source
  • South African parliament working to ensure budget speech goes ahead on Feb 21
  • West Africa to meet cocoa demand as other regions stagnate – Cargill
  • Kenyan shilling firms to 15-month high versus dollar
  • South Africa’s Steinhoff seeks waivers from convertible bond holders
  • Malawi bans maize exports as drought, armyworms damage crop
  • South Africa’s Investec co-founder calls it a day after four decades
  • Tunisia’s foreign reserves fall to levels equal to 84 days of imports
  • South Africa business confidence hits 2-1/2 year high in January
  • Yields lower in weekly South Africa govt bond auction
  • Uganda investigates allegations of refugee aid fraud
  • Resumption of Russian flights to Egypt matter for airlines – Egypt envoy
  • Ugandan shilling unchanged amid scarce importer appetite
  • South Africa’s Zuma cabinet meeting not “special”, spokesman says
  • South Africa’s dollar bonds fall, CDS rise on Zuma deadlock
  • Nigeria’s president signs order to boost local production, employment

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

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