#Africa #Markets | 8 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares find solace in hopes of smaller Trump tariff
  • Hopes of milder US tariffs support market sentiment
  • Nikkei up 1 pct, Hang Seng up 1.2 pct
  • Dollar steadies; Mexico peso, C$ recover
  • ECB may offer hint on how it will end bond buying programme

Oil Markets

  • Oil steadies after big fall, but soaring US crude output still weighs
  • US crude oil inventories rise slightly less than expected
  • US crude output reaches another record at 10.37 mln bpd
  • Brent crude futures at $64.49 per barrel, up 0.2 pct (0100GMT)
  • US WTI crude futures at $61.29 a barrel, up 0.2 pct

Precious metals

  • Gold steady as investors await clarity on Trump’s tariff plan
  • Spot gold up 0.1 pct at $1,326.40 per ounce (0058GMT)
  • US gold futures unchanged at $1,327

Grains

  • Soybean prices fall to 1-wk low ahead of US govt report
  • Most active CBOT wheat futures unchanged at $4.97-1/4 a bushel (0156GMT)
  • Most active corn futures down 0.3 pct at $3.86 per bushel
  • Most active soybean futures down 0.2 pct at $10.62-3/4 a bushel
  • Most active rice futures unchanged at $12.49 per hundredweight

Soft commodities (7 Mar)

  • Raw sugar slumps to 8-1/2-mth low on record India output forecast
  • May raw sugar settled down 4.9 pct at 12.79 cents per lb
  • May white sugar settled down 3.3 pct at $354.10 per tonne
  • May London cocoa closed flat at £1,727 per tonne
  • May New York cocoa settled up 0.1 pct at $2,443 per tonne
  • May robusta coffee futures closed up 0.5 pct at $1,785 per tonne
  • May arabica coffee settled down 0.4 pct at $1.2075 per lb

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

  • Vote counting ongoing in Sierra Leone, after largely violence-free polls
  • US secretary of state Rex Tillerson already in Ethiopia on 5-nation Africa tour; itinerary not public [Russian foreign minister Sergei Lavrov expected in Ethiopia today; no details on whether both would meet]
  • Tanzania releases inflation data for February [fcst. 3.7% yy, prev. 4.0%]

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

  • Egypt’s annual urban consumer price inflation slows to 14.4 pct in Feb
  • South Africa’s MTN swings to $279 million annual profit
  • China says no “backroom deals” in new Silk Road initiative
  • Kenya asks IMF for a 6-mth extension of $1.5 bln standby credit
  • Congo’s Kabila to sign new mining code soon after meeting with miners
  • Clashes, machete attack kill more than 20 in central Nigeria
  • Nigeria orders audit of Dana Air after safety issues
  • Nigeria sentences man to life imprisonment for 2010 car bombing
  • South Africa’s Ramaphosa assures Moody’s on land reform, says will not hurt economy
  • Refugees stuck in Libyan prisons as UN evacuation plan stalls
  • Sierra Leone votes for new leader in hope of ending economic crisis
  • Zimbabwe youths complete Mugabe’s fall, denouncing him at ZANU-PF meeting
  • Ghana suspends ADB stock trading pending clarity on takeover bid
  • Nigeria’s parliament passes anti-money laundering law
  • Ivory Coast hires banks for eurobond, to begin roadshow in London
  • IMF warns Nigeria of vulnerability amid slow exit from recession
  • French firms to invest $10 billion in Kenya – minister
  • South African commission opens investigation into influence-peddling
  • Namibia’s GDP contracted in 2017, 1.2 pct growth expected for 2018
  • Egypt receives final $1 bln of $3 bln World Bank loan – minister
  • South Africa’s Cape Town moves back to August “Day Zero” forecasts
  • No husband, no home: Kenyan women face eviction when marriage ends
  • Seychelles inflation inches up to 4.88 pct in February
  • Nigeria says “unprecedented” lassa fever outbreak killed 110 this year
  • UN criticises Angola for forcing refugees to return to violent Congo
  • Mauritius 10-yr treasury bond yield rises to 5.58 pct
  • Uganda ditches pension privatisation plan
  • Burkina Faso authorities arrest 8 in connection with deadly attack
  • South Africa’s land expropriation plans making markets nervous – Goldman Sachs
  • UN rights chief denounces repressive climate in Egypt ahead of poll
  • South Africa business confidence retreats from 2-1/2 year high
  • South Africa’s future “just got a lot more positive”, Anglo American CEO says
  • Ethiopia’s inflation jumps to 15.6 pct y/y in Feb – stats bureau
  • South Africa’s net foreign reserves fall to $43.272 bln in February

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

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