#Africa #Markets | 7 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks slump as key Trump adviser quits, stoking trade war fears
  • MSCI Asia-Pacific index down 0.65 pct, Nikkei falls 0.77 pct
  • Spreadbetters expect European stocks to start lower
  • Cohn’s departure seen as tilting US towards protectionism
  • Dollar falls as yen, Swiss franc; Canada dollar, Mexico peso fall
  • US stocks futures down more than 1 pct
  • Crude oil slips, gold extends rally amid risk aversion

Oil Markets

  • Oil prices fall as Cohn departure raises trade war fears
  • Global markets drop as key Trump adviser departs
  • Gary Cohn opposed Trump plans for steel, aluminium tariffs
  • Soaring US crude output, rising stocks also weigh
  • US crude output to rise to 11.17 mbpd by Q4 – EIA
  • Brent crude futures down 0.6 pct at $65.37 per barrel (0149GMT)
  • US WTI crude futures down 0.7 pct at $62.16 per barrel

Precious metals

  • Gold gains as trade war fears weigh on dollar, equities
  • Spot gold up 0.1 pct at $1,335.07 per ounce (0126GMT)
  • US gold futures for April delivery up 0.1 pct at $1,336.30 per ounce


  • Wheat falls 1 pct as USDA says condition of some crops improves
  • Wheat pressured as weather forecasts call for rain
  • Corn slips, soybeans edge lower
  • Most active CBOT wheat futures down 1 pct at $5.01-3/4 a bushel (0232GMT)
  • Most active corn futures down 0.3 pct at $3.87-1/4 a bushel
  • Most active soybean futures down 0.4 pct at $10.70-1/2 a bushel
  • Most active rice futures down 0.5 pct at $12.42 per hundredweight

Soft commodities (6 Mar)

  • NY cocoa off 16-mth high on profit-taking, London at 1-yr top
  • May New York cocoa settled down 0.2 pct at $2,441 per tonne
  • May London cocoa settled up 1.1 pct at £1,727 per tonne
  • May raw sugar settled down 0.8 pct at 13.45 cents per lb
  • May white sugar settled down 0.2 pct at $366.30 per tonne
  • May arabica coffee settled up 0.1 pct at $1.2125 per lb
  • May robusta coffee settled up 1.3 pct at $1,777 per tonne

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

  • US Secretary of State Rex Tillerson starts 5-nation Africa trip [Security-focused; hence the choice of Chad, Djibouti, Kenya, Nigeria and Ethiopia]
  • Nigeria’s Buhari to belatedly tour hotspots today
  • Sierra Leone presidential and parliamentary elections today
  • South Africa’s Ramaphosa to continue departmental visits kicked off yesterday
  • Seychelles releases inflation data for February
  • Congo’s Kabila to meet mining companies’ chief executives today; after postponement yesterday

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

  • South Africa’s net foreign reserves fall to $43.272 bln in February
  • US shale and OPEC share steak in uneasy truce at Houston dinner
  • Drought-hit Kenyans find gold in tea trees – but for how long?
  • Air Cote d’Ivoire to raise $111.5 mln in 2018 for new aircraft
  • Oando drops lawsuit against Nigeria’s SEC, regulator says
  • More protests planned in Kenya over railway through national park
  • US to provide more than $533 mln in aid amid African conflicts, drought
  • South Africa’s ANC says to “press on” with c.bank nationalisation plan
  • South Africa’s popular sandwich shops bear brunt of listeria scare
  • Nigeria lower house backs law on tackling money laundering
  • Kenya Airways looks upmarket for financial salvation
  • South Africa’s rand and bonds strengthen on economic growth
  • Kenya stops imports of ready-to-eat meats from South Africa over listeria
  • Senegal launches dual currency bond, revises pricing
  • Ghana 2018 GDP growth seen at 8.3 pct vs 6.8 pct budget target
  • Unused land is main target of South Africa’s expropriation plan – ANC official
  • South African Q4 GDP grows above forecasts as rating decision nears
  • South Africa’s ANC delays debate on c.bank nationalisation but not shelved plan
  • South Africa eyes March 2019 for radio spectrum allocation
  • Djibouti signs port deal with Singapore-based Pacific International Lines
  • Congo’s Kabila meeting with mining companies postponed until Weds.
  • South Africa dollar bonds gain after better-than-expected GDP data
  • South Africa’s gross spending up 3.1 pct q/q in Q4
  • South Africa’s Q4 GDP expands by 3.1 pct q/q
  • South Africa to reform state firms after graft scandals – Gordhan
  • Rwanda’s economy to grow 6.5 pct in 2018 – cenbank
  • Zimbabwe joins neighbours in banning South Africa meat over listeria

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

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