#Africa #Markets | 28 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares slide as weak China, Japan manufacturing data add to Fed worries
  • MSCI Asia ex-Japan down over 1 pct, most since 9 Feb
  • Nikkei off 1 pct, Chinese, HK indexes also skid
  • China factory growth slows, Japan’s industrial output tumbles
  • Yen firmer on the dollar despite fears of US rate rises

Oil Markets

  • Oil prices fall on weak Asian industry data, rise in US crude stocks
  • China factory growth slows to lowest since July 2016
  • Japan’s industrial output takes biggest dive since 2011
  • US stocks of crude, gasoline rise – API
  • Soaring US crude production also weighs on market
  • US WTI crude down 0.5 pct at $62.70 a barrel (0446GMT)
  • Brent crude down 0.6 pct at $66.23 a barrel

Precious metals

  • Gold prices flat, Fed’s rate hike outlook weighs
  • Spot gold flat at $1,317.81 an ounce (0116GMT)
  • US gold futures up 0.1 pct at $1,319 per ounce

Grains

  • Wheat firms, holds near 7-mth top on US dry weather woes
  • Most active CBOT wheat futures up 0.2 pct at $4.78 per bushel (0120GMT)
  • Most active corn futures flat at $3.70-1/2 a bushel
  • Most active soybean futures up 0.3 pct at $10.52-1/2 a bushel
  • Most active rice futures up 0.2 pct at $12.18 per hundredweight

Soft commodities (27 Feb)

  • Raw sugar slumps to 8-mth low, March/May spread narrows
  • May raw sugar settled down 4.2 pct at 12.87 cents per lb
  • May white sugar settled down 2.5 pct at $350.50 per tonne
  • May London cocoa settled up 0.8 pct at £1,576 per tonne
  • May New York cocoa settled up 0.5 pct at $2,227 per tonne
  • May arabica coffee settled down 0.7 pct at $1.211 per lb
  • May robusta coffee settled down 0.5 pct at $1,735 per tonne

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

  • South Africa producer inflation data for January due [fcst. 5.1% yy, prev. 5.2%]
  • South Africa M3 money supply for January [act. 5.8% yy, prev. 6.4%]
  • South Africa PSCE data for January [act. 5.5% yy, prev. 6.7%]

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

  • S&P downgrades South Africa’s Eskom, says defaut possible in next six months
  • South Africa’s January credit demand growth slows to 5.54 pct
  • Gabon accuses France’s Veolia of polluting amid concession dispute
  • South African regulator refers ex-KPMG employee to disciplinary hearing
  • OPEC to meet with US shale firms in Houston on Monday – sources
  • Vote in South Africa’s parliament moves land reform closer
  • South African finance minister: Budget may not stave off downgrades
  • South Africa’s new finance minister Nene to meet credit rating agencies
  • Ghana to tighten controls on gold exports to protect revenues
  • Egypt calls for BBC boycott amid dispute over critical report
  • GM cotton’s return to Burkina Faso on hold over Bayer-Monsanto deal
  • South Africa’s AECI sees growth in water treatment after drought hits continent
  • South Africa’s rand falls on profit-taking after cabinet bounce
  • EU top court: EU-Morocco fishing deal valid as long as not applied to W.Sahara
  • Namibia’s economy seen expanding 1.4 pct in 2018 – central bank
  • Algeria’s Sonatrach agrees to build petrochemical facility in Turkey – Erdogan
  • South Africa seeks price-fixing fines against 28 media firms
  • Namibia’s state airline facing collapse as banks, govt refuse bailout pleas
  • Fitch says Egypt rate cut made possible by macro stabilisation
  • Sudan replaces army chief in security reshuffle
  • DP World signs agreement on industrial, residential zone in Egypt
  • South Africa’s new finmin Nene says won’t comment on priorities before studying budget
  • Nigeria returns to growth in 2017 after recession
  • Yields lower in weekly South African govt bond auction
  • Algerian energy minister says oil producers seek market stability
  • South Africa’s Ramaphosa says land reform urgent, to negotiate mining charter
  • Botswana economy expected to grow 5.3 pct in 2018 – central bank
  • Ugandan shilling stable as coffee exports offer support
  • Angola’s net reserves fall to $13.1 billion in January
  • Botswana’s Choppies sees up to 30 pct H1 profit jump on South African operations
  • South Africa’s First Rand CEO to retire, names insider as successor
  • Kenyan shilling strengthens on the back of horticulture exports
  • Ugandan affiliate of Vodafone gets creditor protection
  • Nigeria’s economy grew 1.92 pct in Q4 2017 – stats office
  • South Africa’s Shoprite Holdings ramps up Africa expansion with Kenya entry
  • South Africa’s Ramaphosa says new cabinet “a transitional one”

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

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