#Africa #Markets | 9 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares firm as Trump agrees to meet North Korea leader
  • North Korea offers to end testing, Trump agrees to meeting
  • KOSPI jumps most in 10 months, Nikkei pares early surge
  • Safe-haven yen eases, BOJ sticks with stimulus
  • Trump goes ahead with tariffs, exempts Canada and Mexico
  • Other exemptions could come but perhaps with conditions

Oil Markets

  • Oil prices rise as US President Trump set to meet North Korea’s Kim
  • Trump will accept invitation to meet Kim Jong Un – White House
  • Place, time of meeting yet to be determined – White House
  • But markets capped by soaring US crude oil output
  • US to soon overtake Russia as world’s biggest oil producer
  • Brent crude futures at $63.95 per barrel, up 0.5 pct (0102GMT)
  • US WTI crude futures at $60.39 a barrel, up 0.5 pct

Precious metals

  • Gold dips as dollar firms amid hopes for easing US-North Korea tensions
  • Spot gold down 0.3 pct at $1,317.21 per ounce (0154GMT)
  • US gold futures down 0.3 pct at $1,318.10

Grains

  • Corn falls from 7-mth high, set to finish the week up 2 pct
  • Most active CBOT wheat futures down 0.9 pct at $4.95 per bushel (0149GMT)
  • Most active corn futures down 0.2 pct at $3.92-3/4 a bushel
  • Most active soybean futures down 0.1 pct at $10.62-3/4 a bushel
  • Most active rice futures up 0.1 pct at $12.45 per hundredweight

Soft commodities (8 Mar)

  • Cocoa futures extend rally, New York market at 16-mth high
  • May New York cocoa settled up 2.1 pct at $2,493 per tonne
  • May London cocoa settled up 2.7 pct at £1,773 per tonne
  • May raw sugar settled up 0.8 pct at 12.89 cents per lb
  • May white sugar settled up 0.7 pct at $356.70 per tonne
  • May arabica coffee settled down 0.4 pct at $1.203 per lb
  • May robusta coffee settled down 1.4 pct at $1,760 per tonne

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

  • US Secretary of State Rex Tillerson heads to Djibouti from Ethiopia today, as he continues his 5-nation Africa tour [Russian Sergei Lavrov, who is also in Ethiopia, will not be meeting Tillerson even though they are staying at the same hotel]

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

  • UN says poorer countries are casaulties of US tarifff move
  • Militia commits mass rape in Central African Republic – MSF
  • Penthouse sales boom among Kenya’s super rich amid urban poverty
  • Libya’s El Feel oilfield stays shut despite deal announced by guards
  • Angola to launch big oil block under shadow of OPEC cuts
  • South Africa’s mines minister urges steady resolution on Optimum mine
  • European spot cocoa premiums widen as buyers scramble for beans
  • Egypt drops case against Mubarak-era steel tycoon – judicial sources
  • Congo election remains on track for December, says prime minister
  • Tunisia central bank can’t defend dinar, governor says
  • Egypt’s inflation falls, paving way for interest rate cut
  • Egypt’s core inflation falls to 11.88 pct y/y in Feb – central bank
  • Yields on Kenya’s 91-day, 182-day, 364-day t-bills dip at auction
  • South Africa’s MTN cuts 2018 dividend to rein in debt, shares rise
  • Africa should avoid forfeiting sovereignty to China over loans – Tillerson
  • Egypt struggles to end female genital mutilation
  • Senior South African MP says believes politics delayed Gupta case
  • Germany’s SAP admits misconduct in South Africa Gupta deals
  • South Africa health minister says will support listeria litigation
  • South Africa’s Exxaro eyes xport quotas held by troubled Optimum coal mine
  • South Africa’s Eskom to launch own probe into SAP contract
  • Average yields fall on Egypt’s 6-mth, 1-yr t-bills – cenbank
  • IMF disbursal of funds could boost Ghana’s cedi
  • Russia seeks military cooperation, diamond, platinum projects in Zimbabwe
  • US Tillerson says greater freedom the answer for Ethiopia
  • South Africa’s Eskom to sign 27 renewable energy projects with private producers
  • Tanzania inflation inches up to 4.1 pct in February
  • Kenya asks IMF for a 6-mth extension of $1.5 bln standby credit
  • Tunisia central bank head says talks over next IMF loan tranche progressing
  • South Africa’s Anglogold backs Randgold’s negotiations with Congo govt
  • UK to build prison wing in Lagos to transfer Nigerian prisoners
  • Tunisia data reflects depth of economic crisis – central bank head
  • Congo presidential election on course for December, says prime minister
  • Egypt’s annual urban consumer price inflation slows to 14.4 pct in Feb

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

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