#Africa #Markets | 2 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks stumble as Trump sparks global trade war fears
  • Trump’s tariff on steel and aluminium raises trade war fears
  • US debt yields fall as trade worries dwarf inflation fears
  • US junk bonds post largest fall since Nov 2016

Oil Markets

  • Oil edges up from 2-week lows but gains limited
  • US WTI crude up 0.1 pct at $61.04 a barrel (0233GMT)
  • Brent crude up 0.1 pct at $63.92

Precious metals

  • Gold prices flat as dollar dips on Trump’s tariff decision
  • Spot gold flat at $1,316.13 an ounce (0124GMT)
  • US gold futures up 0.9 pct at $1,317.10 per ounce


  • Wheat set for biggest weekly gain in 8 months on US dryness
  • Most active CBOT wheat futures down 0.3 pct at $5.14 a bushel (0130GMT)
  • Most active corn futures up 0.2 pct at $3.87 a bushel
  • Most active soybean futures up 0.8 pct at $10.76-1/4 a bushel
  • Most active rice futures down 0.5 pct at $12.44 per hundredweight

Soft commodities (1 Mar)

  • Cocoa jumps to multi-month peaks, raw sugar extends gains
  • May London cocoa futures settled up 1.8 pct at £1,610 per tonne
  • May New York cocoa futures settled up 1.4 pct at $2,250 per tonne
  • Ivory Coast’s Coffee and Cocoa Council has sold forward up to 170k tonnes more main crop export contracts than it is now expected to produce
  • ICO forecasts global cocoa surplus of 105k tonnes in the 2017/18 season (300k tonne suruplus last season)
  • May raw sugar settled up 2.5 pct at 13.71 cents per lb
  • May white sugar settled up 2 pct at $368.50 per tonne
  • May robusta coffee settled up 2.6 pct at $1,768 per tonne
  • May arabica coffee settled up 1.6 pct at $1.2395 per lb

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

  • South Africa’s Ramaphosa visits Angola today, his first official trip outside the country since assuming the presidency

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

  • Tillerson to make first trip to Africa as top US diplomat
  • Another mass abduction blights Nigerian leader’s security record
  • Congo says will campaign to prevent child labour in cobalt mines
  • Tunisia to invest $5 billion in energy projects in 2018-2020
  • Nigeria capital inflow rose in Q4 as economy returned to growth
  • Drought inflicts mounting losses to crops in South Africa’s Western Cape
  • Yields on Kenya’s 91-day, 182-day t-bills dip at auction
  • Average yields rise on Egypt’s 6-mth and 1-yr t-bills – c.bank
  • South African rand stumbles to 2-week low as Fed jitters kick-in
  • Egypt’s Sisi says defaming army or police is treason
  • Ivory Coast’s Ouattara replaces mines minister
  • Nigeria Union Bank working with Citi on eurobond, others to follow – sources
  • Kenya finance minister says good time to revisit commercial rate caps
  • Nigeria Oando announces delay in publication of its full year results
  • Mauritius offers 3-year central bank Golden Jubilee bond
  • Ethiopia acquires stake to join DP World, Somaliland port venture
  • South Africa’s wheat imports seen rising to 2.1 mln tonnes as drought bites
  • Afreximbank plans $1 billion share sale over next five years
  • Barclays Africa lifts profit, looks to Nigeria for growth
  • South Africa’s Ramaphosa says aims to resolve land issue “once and for all”
  • Ghana’s cedi seen on back foot, other African currencies stable next week
  • South Africa’s new vehicle sales down 3.8 pct y/y in February
  • Anglo American completes sale of Eskom-tied thermal coal ops in South Africa
  • Losses mount in South Africa’s Western Cape’s farm sector
  • Malawi’s January inflation quickens to 8.1 pct y/y
  • South Africa’s Absa PMI rises above 50-mark in February
  • South Africa’s cabinet considering expanding zero-rated VAT basket

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

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