#Africa #Markets | 8 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

 Global Markets

  • Asian shares flirt with 6-week low as US yields creep higher
  • Asian shares still shaky after rout
  • US debt yields rise after Congress agree on budget deal
  • China trade data beats expectations

Oil Markets

  • Oil prices fall as US output soars above 10 mln bpd
  • Brent crude falls to 2018 low before recovering some losses
  • US oil production climbs to 10.25 mln bpd
  • US crude inventories also rise – EIA
  • Forties pipeline outage, China imports provide some support
  • Brent crude futures at $65.39 per barrel (0525GMT), down 0.2 pct
  • US WTI crude futures at $61.60 a barrel, down 0.3 pct

Precious metals

  • Gold holds losses on firmer dollar amid rate hike views
  • Spot gold down 0.2 pct at $1,315.22 an ounce (0112GMT)
  • US gold futures up 0.2 pct at $1,317.40 an ounce
  • Platinum briefly moved into a price premium over palladium on Wednesday for the first time since October

Grains

  • Wheat prices hit 6-mth high on concerns over dry weather in US
  • Most active CBOT wheat futures up 0.5 pct at $4.63 a bushel (0206GMT)
  • Most active soybean futures little changed at $9.83-1/2 a bushel
  • Most active corn futures down 0.1 pct at $3.64-3/4 a bushel
  • Most active rice futures down 0.6 pct at $12.42 per hundredweight

Soft commodities (7 Feb)

  • NY cocoa extends losses as greenback gains; sugar rises
  • May New York cocoa settled down 1.36 pct at $2,037 per tonne
  • March London cocoa settled down 0.96 pct at £1,448 per tonne
  • Market participants were closely monitoring weather in West African cocoa producers after recent dryness
  • Olam opening a US cocoa powder plant [?!]
  • March raw sugar settled up 1.16 pct at 14 cents per lb
  • March white sugar settled up 0.95 pct at $361 per tonne
  • March arabica coffee settled up 0.4 pct at $1.233 per lb
  • March robusta coffee closed down 1.0 pct at $1,786 per tonne

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

  • Ghana State of the Nation address by President Nana Akufo-Addo today
  • Namibia cabinet reshuffle expected [Geingob briefing ongoing]
  • South Africa mining production data for Dec-17 expected [fcst. 6.8% yy, prev. 6.5%]
  • South Africa manufacturing production data for Dec-17 expected [fcst. 2.2% yy, prev. 1.7%]
  • Egypt’s annual urban consumer inflation falls to 17.1 pct in Jan – CAPMAS
  • Ethiopia’s inflation eases to 13.4 pct y/y in January
  • South Africa’s competition authorities approve DRDGOLD-Sibanye deal
  • Mauritius inflation rate inches up to 6.2 pct in January

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

  • Libyan commander wanted by ICC hands himself in to military police
  • Moody’s places Angola’s B2 ratings under review for downgrade
  • Children recount trauma of abduction after mass release by South Sudan rebels
  • Ivory Coast plans eurobond this year to finance budget – finmin
  • Tunisian PM wants to replace central bank governor
  • Mozambique proposes constitutional changes to secure peace agreement
  • Somaliland issues fatwa banning female genital mutilation
  • Nigeria to redeem 762.5 bln naira T-bill with planned eurobond sale
  • Nigeria’s thirst for gasoline draws rare Suezmax cargo to West Africa
  • Egypt opposition figure sees politcal motive behind assault
  • End game looms for South Africa’s Zuma
  • First vessel sails with Nigeria’s Bonga crude since mid-Jan – Vortexa
  • MTN Nigeria plans to list in Lagos this year – company source
  • Kenya crackdown on media, opposition attracts heavy criticism
  • South Africa’s rand weaker as Zuma deadlock continues, stocks up
  • Nigerian army to depoly troops in areas marked by land clashes
  • Rwanda to sell treasury bonds to boost budget, fund airline expansion
  • Moodys’s says Swaziland’s credit profile reflects low economic and institutional strength, balanced with low debt
  • Kenya deports opposition lawyer charged with treason
  • Lagos art lovers get chance to bid for long-lost masterpiece found in London
  • Fitch affirms Ivory Coast at ‘B+’, says outlook stable
  • Smugglers holding migrants feared drowned in Libya shipwreck – official
  • Kenyan shilling firms to 20-mth high against the dollar
  • Nigeria bond yields rise 50 bps across board to 5-mth high – traders
  • Five children die in Guinea in fire blamed on post-election riots
  • South Africa’s Ramaphosa says in direct discussions with Zuma over transition
  • Anadarko wins approval for work on Mozambique gas project
  • Zimbabwe negotiating $1.5 bln guarantee with Afreximbank – c.bank
  • Tullow swings into profit as focus shifts to Kenya, sees first oil in 2021-22
  • Two dead after Sibanye-Stillwater’s South African mine collapse
  • Ugandan shilling stable, could weaken from energy demand
  • Egypt warns Turkey over eastern Mediterranean economic interests
  • Dams that supply South Africa’s Cape Town fall further as water crisis looms
  • South Africa gold miners seen close to silicosis lawsuit settlement
  • Egypt’s fuel subsidy costs jump by 34 pct in first half of 2017-2018 – oilmin
  • Congo minister declines to say whether new mining code signed into law
  • Kenyan shilling stable against the dollar, remittances to help
  • South Africa’s Brimstone sells down stake in Life Healthcare
  • Seychelles inflation up to 4.5 pct y/y in January
  • Congo’s 2017 copper output up 7 pct, cobalt by 15 pct – industry
  • South Africa’s net FX reserves rise to $43.6 bln in January

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

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