#Africa #Markets | 22 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks slip as US rate risk sours sentiment, dollar holds gains
  • Most Asia share markets lower, S&P futures extend retreat
  • Investors price in more Fed tightening after minutes
  • Treasury yields near cycle highs, Fed futures at contract lows
  • Dollar holds most gains, except on safe-haven yen

Oil Markets

  • Oil prices fall on firmer US dollar
  • Stronger dollar makes oil more expensive for some buyers
  • Dollar outweighs API report of lower US crude inventories
  • US WTI crude futures at $61.12 a barrel, up 0.9 pct (0102GMT)
  • Brent crude futures drops 0.8 pct at $64.92 a barrel

Precious metals

  • Gold prices flat, US interest rate outlook weighs
  • Spot gold largely flat at $1,323.73 an ounce (0108GMT)
  • US gold futures down 0.3 pct at $1,328.10 per ounce

Grains

  • Soybeans edge lower, but supported by expected Argentina production losses
  • Most active CBOT soybean futures down 0.3 pct to $10.30-3/4 a bushel (0230GMT)
  • Most active corn futures down 0.2 pct to $3.65 a bushel
  • Most active wheat futures up 0.1 pct to $4.47-3/4 a bushel
  • Most active rice futures flat at $11.96 per hundredweight

Soft commodities (21 Feb)

  • Cocoa climbs to 3-month highs, arabica coffee at 2-mth low
  • May New York cocoa futures settled up 1.2 pct at $2,173 per tonne
  • May London cocoa futures settled up 1.5 pct at £1,538 per tonne
  • May arabica coffee settled down 0.7 pct at $1.189 per lb
  • May robusta coffee settled down 0.2 pct at $1,766 per tonne
  • May raw sugar settled down 0.2 pct at 13.27 cents per lb
  • May white sugar settled down 0.3 pct at $356.70 per tonne

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

  • East African Community (EAC) heads of state summit in Kampala today


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

  • South Africa rand softer, bonds extend gains after budget
  • South Africa had no option but to increase VAT rate – Gigaba
  • South Africa’s Massmart annual profit rises 2 pct
  • Moody’s assigns provisional (P)B2 rating to government of Kenya’s USD bond
  • Kenya hauls tuskers aloft in move to reduce human-wildlife conflicts
  • Nigeria rescues 76 schoolgirls after Boko Haram attack, others missing
  • Glencore, banks and Chad reach deal on $1 bln-plus oil-backed loan
  • In “tough but hopeful” budget, South Africa raises VAT for first time in 25 years
  • South Africa’s investment grade could be restored in 18-24 months – Gigaba
  • South African markets rally as budget aims to cut deficit
  • South Africa court finds finance minister violated constitution
  • Kenya 15-year treasury bonds yield dips at auction
  • US-led air strike in Somalia kills 3 al Shabaab militants – statement
  • Congolese refugees camp at UN refugee office in Rwanda, protest food cuts
  • African nations urged to avoid hydropower reliance
  • Protests by teachers, health workers spread in Algeria
  • Two French soldiers killed in Mali attack – Elysee
  • Israel’s Shikun, police agree on forfeiture fund over Africa probe
  • Behind walls of his mansion, Zimbabwe’s Mugabe turns 94
  • Kenya starts dollar bond sale after IMF says access to credit facility blocked
  • Drought-hit Cape Town dreads “day zero” when taps will run dry
  • South Africa’s NUM union marches on Gupta-owned Optimum coal mine
  • Migrants rescued from Libya’s prisons “start again from zero”
  • Yields on Uganda’s 2-year, 15-year T-bonds rise at latest auction
  • Chad and Qatar restore ties cut in wake of Arab states rift
  • South Africa’s parliament to lauch inquiry into mines minister Zwane
  • Zambia’s central bank cuts lending rate by 50 bps to 9.75 pct
  • Emerging stocks soar, South African rand steady as budget eyed
  • Ugandan shilling expected to weaken due to dollar demand from commercial banks
  • Tunisia sees record tourist numbers in 2018 as attack effect fades
  • Kenyan shilling firm, supported by remittances and trading
  • Gunmen kill five police in attack on South African police station
  • South Africa’s inflation slows to 4.4 pct y/y in January
  • South African iron ore producer Assore H1 profit rises 12 pct
  • Apple in talks to buy cobalt directly from miners – Bloomberg

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

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