#Africa #Markets | 19 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares extend global recovery, volatility subsides
  • Cheaper valuations, calmer volatilities boost sentiment
  • Dollar weak; some cite US trade, budget deficits as factors

Oil Markets

  • Oil hits highest in nearly 2 weeks on Asian equity recovery
  • Some focus turns to Israel-Iran tensions
  • WTI gains more than 1 pct, highest since Feb.7
  • US WTI crude for March delivery up 1.2 pct at $62.41 a barrel (0600GMT)
  • London Brent crude up 0.8 pct at $65.36 a barrel

Precious metals

  • Gold prices inch up on weaker dollar
  • Spot gold up 0.2 pct to $1,350.51 an ounce (0120GMT)
  • US gold futures down 0.2 pct to $1,353.10 an ounce

Grains (16 Feb)

  • US soy falls on profit-taking; corn, wheat also weak
  • CBOT March soybean futures ended down 2-3/4 cents at $10.21-1/2 a bushel
  • March corn futures were ¼ cent lower at $3.67-1/2 a bushel
  • March soft red winter wheat fell 4 cents to $4.57-3/4 a bushel

Soft commodities (16 Feb)

  • Arabica coffee dives to 2-month low as charts weaken
  • May arabica coffee settled down 3 pct at $1.2045 per lb
  • May robusta coffee settled down 1.6 pct at $1,754 per tonne
  • May New York cocoa closed flat at $2,134 a tonne
  • May London cocoa settled up 0.4 pct at £1,507 per tonne
  • May raw sugar settled down 1.7 pct at 13.28 cents per lb
  • May white sugar settled down 1.2 pct at $356.80 per tonne

Key African events or data releases today

[Posts & comments at my Twitter handle @DrRafiqRaji]

  • South Africa’s parliament to debate President Ramaphosa’s SONA today
  • Former Zimbabwean opposition leader Morgan Tsvangirai to be buried in his village today
  • South Africa Ramaphosa’s deputy president pick & imminent cabinet reshuffle expected from today

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

  • Congo’s cobalt hopes risk the same ruinous road as Thai rice: Russell
  • Gambia announces moratorium on death penalty
  • South Africa government, mining group agree to postpone court challenge
  • Nigeria releases 475 Boko Haram suspects for rehabilitation
  • Egypt to import 3 LNG cargoes from France’s Engie for Q2 2018 – sources
  • NBA-Basketball’s Africa Game returns to South Africa in August
  • Ethiopia says state of emergency will last six months
  • US says it “strongly disagrees” with Ethiopia’s state of emergency
  • Zambia to rearrange China loans to meet IMF conditions
  • Burundians forced to sign up to vote in referendum, opposition says
  • Ethiopia bans protests, publications that incite violence during emergency rule
  • Ethiopia declares state of emergency after PM’s resignation
  • Three suicide bombers kill 18 people in northeast Nigeria’s Maiduguri – police
  • Nigeria cinema fans celebrate ‘Black Panther’ release
  • Moody’s affirms Ghana’s B3 rating, maintains stable outlook
  • S&P says Rwanda ‘B/B’ ratings affirmed outlook stable
  • South Africa’s Ramaphosa hails “new dawn”, warns of tough decisions
  • Gabon seizes Veolia’s SEEG water and power unit
  • “Tough decisions” for South Africa to cut deficit – Ramaphosa
  • Eyes on South African finmin Gigaba amid talk of cabinet reshuffle before budget
  • Acacia Mining says valuing Tanzania mines for possible sale
  • Tunisia phosphate exports halted by job protests
  • Ghana’s 91-day bill yield dips to 13.34 pct
  • At least 18 killed in clash in northwest Nigeria – police
  • South Africa’s Gigaba says country must ride positive market sentiment
  • Sierra Leone voters tune in for rare presidential debate
  • Congo says six soldiers killed in clash with Rwandan army
  • Ajay Gupta, proved over Zuma ties, left South Africa for Dubai on Feb. 6 – airport
  • Zambia dollar bonds fall after IMF rejects borrowing plans
  • Malawi to cut borrowing, aims to grow economy by 7 pct – finmin
  • Mozambique’s inflation slows to 3.84 pct y/y in January
  • Eskom executive Koko resigns from South African power utility
  • IMF dismisses Zambian borrowing plan, putting loans on hold
  • Barclays Africa wins case over $83 million payout in South Africa
  • South Africa’s 3-mth t-bill average yield falls to 7.21 pct
  • South Africa’s Competition Commission fines Caxton, Independent Media for cartel conduct
  • Risk appetite lifts EM stocks, FX; South Africa enjoys moment in the sun
  • South Africa CDS hit 2-week low after Ramaphosa sworn in as president
  • Yields fall at South African inflation-linked bond auction
  • Abengoa to sell its 56 pct stake in in desalination plant in Ghana for about $26 mln
  • World Bank approves $486 mln credit to Nigerian power grid work
  • Kenyan shilling holds steady against the dollar
  • All parties need a stake in Ethiopia’s future, says opposition leader
  • African startups bet on blockchain to tackle land fraud
  • South African rand rises further after Ramaphosa sworn in as president
  • Mauritius 4-year central bank notes yield at 3.79 pct

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

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