#Africa #Markets | 19 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Shares in the red as nervous markets await Fed
  • Most Asian share markets trade lower, led by Nikkei
  • Investors wait to see how many hikes Fed has in mind
  • Dollar yet to get much support from higher rates

Oil Markets

  • Oil prices fall as increased US drilling activity points to higher output
  • US rig count rises back to 800 – Baker Huges
  • Rising drilling activity points to higher crude production
  • Middle East tensions prevent further price falls
  • US WTI crude futures at $62.02 per barrel, down 0.5 pct (0145GMT)
  • Brent crude futures at $65.87 per barrel, down 0.5 pct

Precious metals

  • Gold prices edge lower on firmer dollar ahead of Fed meet
  • Spot gold falls 0.2 pct to $1,310.31 per ounce (0123GMT)
  • US gold futures for April delivery fall 0.1 pct to $1,310.4 per ounce

Grains

  • Wheat at 3-week low as US weather improves, corn eases for 4th session
  • Most active CBOT wheat futures down 0.5 pct at $4.65-1/2 a bushel (0049GMT)
  • Most active corn futures down 0.4 pct at $3.81-1/4 a bushel
  • Most active soybean futures down 0.7 pct at $10.42 a bushel
  • Most active rice futures down 0.2 pct at $12.44 per hundredweight

Soft commodities (16 Mar)

  • White sugar at 2-1/2-year low, arabica weakest in 9 months
  • May white sugar settled down 0.2 pct at $348.30 per tonne
  • May raw sugar settled down 0.7 pct at 12.56 cents per lb
  • May arabica coffee settled down 0.6 pct at $1.1805 per lb
  • May robusta coffee settled up 1 pct at $1,745 per tonne
  • May New York cocoa settled down 0.6 pct at $2,522 per tonne
  • May London cocoa settled flat at £1,796 per tonne

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

  • Interest rate decision by Central Bank of Kenya expected [Likely unchanged at 10%]

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

  • Egypt names 23 state companies to float shares in privatisation scheme
  • Burundi to hold referendum on extending presidential terms in May
  • Egypt to offer about $4.5 bln in state company shares in IPO programme – ministry
  • Average yields rise on Egypt’s 3- and 9-mth t-bills
  • President says Zimbabwe to hold elections in July
  • Ahead of contentious vote, Egypt sets sights on “fake news”
  • South Africa’s Zuma may challenge decision to prosecute him – eNCA
  • Morocco plans to spend $15.8 bln if it gets 2026 World Cup
  • Mauritius president resigns over claim of financial impropriety, denies wrongdoing
  • Seven firms bid for majority stake in Zambian oil refinery
  • S&P says Nigeria ratings affirmed at ‘B/B’ outlook stable
  • Angola’s MPLA to discuss in April date for replacing dos Santos
  • Mali says negotiating mining code revision but could act unilaterally
  • Angola drops Trafigura as Glencore and Total win major fuel tender
  • Nigeria hopes to send oil bill to president by end-March – senator
  • Angola awards gasoline, diesel import tender to Glencore, Total
  • Zimbabwe to clear multilateral debt arrears by September – central bank
  • Ghana’s 91-day bill yield steady at 13.34 pct
  • Five executives of Tanzania state oil firm charged with graft
  • South Africa hits fallen Zuma with arms deal corruption charges
  • Mauritius 91-day treasury bill yield rises to 3.67 pct
  • Angola inflation slows to 21.47 pct y/y in February
  • Nigerians express anger at lawmakers’ ‘outrageous’ monthly allowance
  • Standard Charted starts African online banking push in Ivory Coast
  • Even after ouster, Zimbabwe’s Mugabe hogs the headlines
  • Angola’s ruling party chief Dos Santos wants new MPLA leader chosen in Dec or April 2019
  • Deadly listeria could herald tighter food safety rules in South Africa
  • Angola’s growth outlook boosted by oil price, policy shifts – IMF
  • South Africa’s 3-mth t-bill average yield rises to 7.24 pct
  • Kenya’s finance minister says rate caps unsustainable, plan changes
  • Yields mixed at South African CPI-linked bond auction
  • Angola doesn’t need to restructure debt after oil price rise – IMF
  • Angola’s economic growth seen rising to 2.25 pct this year – IMF

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

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