#Africa #Markets | 12 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks try a tentative bounce, bonds fret on US inflation
  • Asia stocks ex-Japan up 1 pct, Europe seen opening firmer
  • S&P 500 futures extend bounce, but bonds sell off again
  • Dollar gives some ground ahead of US inflation test
  • Oil prices recoup a little of last week’s steep losses

Oil Markets

  • Oil firms as stock markets steady
  • Firmer oil market comes after week of heavy losses
  • US crude remains below $60 per barrel as output soars
  • Soaring US output undermines OPEC efforts to prop up prices
  • Brent crude futures at $63.20 per barrel (0117GMT), up 0.7 pct
  • US WTI crude futures at $59.68 a barrel, up 0.8 pct

Precious metals

  • Gold edges up as dollar eases; eyes on US inflation data
  • Spot gold up 0.3 pct at $1,320.19 an ounce (0111GMT)
  • US gold futures up 0.5 pct at $1,321.70 an ounce


  • Soybeans rallies more than 1.5 pct, hit near 2-week high
  • Most active CBOT wheat futures at $4.56-3/4 a bushel (0357GMT), up 1.7 pct
  • Most active corn futures at $3.66 a bushel, up 1.1 pct
  • Most active soybean futures at $9.98-1/2 a bushel, up 1.6 pct
  • Most active rice futures at $12.39 a hundredweight, up 0.5 pct

Soft commodities (9 Feb)

  • Spot raw sugar premium jumps to 5-week high over May contract
  • March raw sugar settled up 0.7 pct at 13.67 cents per lb
  • May white sugar settled up 0.4 pct at $358.50 per tonne
  • May New York cocoa ended flat at $2,060 per tonne
  • March London cocoa settled up 0.6 pct at £1,468 per tonne
  • May arabica coffee settled down 0.9 pct at $1.238 per lb
  • May robusta coffee settled up 0.1 pct at $1,769 per tonne

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

  • Meeting of senior executives of South Africa’s ruling ANC party to be in focus [President Zuma’s fate is expected to be decided]
  • Offshore investors net buyers of South African stocks, sell bonds
  • South African rand firms ahead of ANC meeting on Zuma’s fate
  • Gun battles, airstrikes in Sinai as Egyptian forces hit militants
  • Kenya shilling at 19-month high against the dollar

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

  • Cameroon seperatists kill 3 soldiers in overnight attack
  • Sudan president replaces security and intelligence chief
  • South Africa’s Ramaphosa says working to resolve issue of Zuma’s future
  • Remittances from Egyptian expats rise by 29.3 pct y/y in Dec – c.bank
  • South Africa’s Wiese slashes stake in Steinhoff to 6.2 pct
  • Boko Haram militants hand over 13 hostages to Nigeria government
  • South Africa’s ANC official urges patience during Zuma exit talks
  • Mine explosion kills 5 civilians, wounds 18 in Mali
  • Algeria eyes subsidy reforms to close budget deficit in 3 or 4 years
  • Egypt wants more market stability before eurobond issue – minister
  • Kenya’s poverty-stricken Turkana district dreams of oil wealth
  • Rwanda’s y/y inflation at 1.3 pct in Jan
  • S&P Says Angola Ratings Affirmed At ‘B-/B’, Outlook Stable‍
  • Senegal, Mauritania agree to cooperate on giant offshore gas field
  • Bombing at mosque in Libya’s Benghazi kills two, wounds 75 – medics
  • Mozambique’s economy grows 3.7 percent in 2017, official data show
  • Britain to add Nigeria’s naira to list of accepted trade currencies
  • Ghana’s 91-day bill yield rises to 13.36 percent
  • Egypt launches major assault on militants ahead of election
  • South Africa’s rand firmer as bulls hang in despite Zuma impasse
  • Endeavour in talks to avert Ivory Coast protests over gold production plans
  • Russia says discussing road map for usage of PGMs with South Africa
  • Angola natural gas legislation in final stages
  • World Food Programme warns of deeper hunger across southern Africa
  • UN says 22 Ethiopian migrants missing off Yemen
  • Ghana explores Asian markets for sixth Eurobond sale – government sources
  • South Africa’s Ramaphosa targets “pressing matters” in push for Zuma exit
  • Mauritius offers 3-year Treasury bond worth 1.8 bln rupees
  • Explosion at mosque in Libyan city of Benghazi-residents
  • Mauritius 91-day Treasury bill yield rises to 2.54 pct
  • Angola natural gas legislation being finalised – oil secretary
  • Fitch Revises Kenya’s Outlook To Stable; Affirms At ‘B+’
  • Nigeria’s planned $2.5 bln Eurobond to help lower government cost
  • South Africa’s 3-month T-bill average yield falls to 7.27 pct
  • Steinhoff Africa Retail’s quarterly revenue jumps 15.5 percent
  • Yields up slightly at South African inflation-linked bond auction
  • De Beers Namibia diamond venture puts mine up for sale
  • Soccer-Tunisia announce World Cup preparation plans
  • Olympics-Greece, Ghana, Nigeria: Korean alphabet puts hottest nations first
  • De Beers diamond venture puts Namibian mine on sale
  • South Africa dollar bonds fall as Zuma impasse continues
  • Kenyan shilling firm on foreign investor inflows
  • South Africa’s rand firmer as bulls hang in despite Zuma impasse
  • South Africa’s Ramaphosa clears diary, pushing for Zuma exit
  • Egypt begins security operation against “terrorists” -army spokesman
  • Tanzania raises retail fuel rates on oil price gains

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

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