#Africa #Markets | 14 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares slip as Tillerson exit, tariffs raise protectionism fears
  • MSCI ex-Japan down 0.7 pct, Nikkei drops 1 pct
  • Trump fires Tillerson, sparking fears of US protectionism
  • Trump seeking tariffs of up to $60 bln on Chinese goods – sources
  • Dollar eases vs basket of currencies, Wall St ends in the red

Oil Markets

  • Oil edges up on strong China data, but rising US output caps gains
  • Strong China data lends crude oul some support
  • Lower than expected US crude stock rise adds to support
  • But relentless US output climb still weighs
  • Oil markets expected slight oversupply for most of 2018
  • US WTI crude futures up 0.2 pct at $60.84 a barrel
  • Brent crude futures up 0.2 pct at $64.74 per barrel

Precious metals

  • Gold prices steady on weaker dollar after Tillerson dismissal
  • Spot gold down 0.1 pct at $1,325.19 per ounce (0124GMT)
  • US gold futures for April delivery down 0.1 pct at $1,325.60 per ounce

Grains

  • Corn retreats from 7-mth high as sentiment sours on mounting trade war fears
  • Most active CBOT wheat futures down 0.4 pct at $4.84-3/4 a bushel (0212GMT)
  • Most active corn futures down 0.5 pct at $3.90 per bushel
  • Most active soybean futures down 0.1 pct at $10.47-3/4 a bushel
  • Most active rice futures up 0.4 pct at $12.32 per hundredweight

Soft commodities (13 Mar)

  • Raw sugar at 8-1/2-mth low, London cocoa off 13-mth high
  • May raw sugar settled down 2.4 pct at 12.62 cents per lb
  • May white sugar settled down 1.6 pct at $353.70 per tonne
  • May London cocoa settled down 0.8 pct at £1,776 per tonne
  • May New York cocoa settled down 0.6 pct at $2,532 per tonne
  • May arabica coffee settled down up 1.8 pct at $1.2155 per lb
  • May robusta coffee settled down 0.3 pct at $1,763 per tonne

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

  • Nigeria inflation data for Feb-18 due [fcst. 14.3% yy, prev. 15.1%]
  • Nigeria’s Buhari continues tour of hotspots, heads to Yobe today

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

  • IMF approves Kenya’s request to extend stand-by agreements by 6 months
  • Sierra Leone frontrunners to contest runoff after first-round stalemate
  • Nigerian campaign group threatens to sue government over abducted girls
  • Justice for atrocities in South Sudan just a signature away – UN investigator
  • Nigeria’s Buhari sacks head of Niger Delta amnesty programme
  • Nigerian Senate to screen central bank nominees to support economy
  • Nigeria to raise 70 bln naira at bond auction
  • Dollar-hungry Sudan gets $1.4 bln deposit from UAE
  • Libya’s Zawiya oil port loadings resume after strike ends – sources
  • Burundi ruling party titles Nkurunziza ‘visionary’ ahead of referendum
  • Violent protests in Guinea, disrupt some bauxite shipments
  • Namibia records first listeria case after it kills 180 in South Africa
  • South African Airways suspends CFO over disciplinary process
  • Ethnic clashes in eastern Congo kill at least 40 – official
  • South Africa forms forex committee to promote transparency in market
  • Less than 2 pct of land in Kenya issued to women despite legal gains
  • At least 2,000 Ethiopians flee to Kenya after botched military operation
  • South African pro-Zuma group blocks energy deals in blow to Ramaphosa
  • Spotify enters South African market
  • Ivory Coast cocoa grinding up nearly 2 pct through January – exporter stats
  • South Africa hastens title deed handover to poor homes
  • Nigeria to cut sulphur in fuels a year after UN deadline
  • At least 38 die in Ethiopia when bus plunges into ravine
  • Shell, Eni preempt any US probe over Nigeria with filings
  • Rwandan economy grew 6.1 pct last year – stats office
  • South Africa to tap “conducive” bond markets shortly
  • South Africa’s January manufacturing output up 2.5 pct y/y
  • South Africa’s VAT increase won’t lead to higher interest rates – cbank
  • South Sudan president fires finance minister and blacklisted general
  • Yields mostly lower in weekly South African bond auction
  • Somalia bans Dubai ports operator DP World, says contract with Somaliland null
  • Nigeria’s NNPC says in talks on refineries revamp

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

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