#Africa #Markets | 21 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Caution the watchword as Fed ponders rate pace
  • MSCI ex-Japan up 0.4 pct after four consecutive losing days
  • Fed announcement due at 1800GMT, hike fully priced in
  • Markets focused on dot plot, risk of 4 hikes in 2018
  • Cracks in bull case emerging – BofAML fund manager survey
  • Australian, NZ, Canadian dollars knocked down in recent days

Oil Markets

  • Oil prices rise on Middle East tensions, healthy demand
  • Saudi Crown Prince visits Washington
  • US, Saudi Arabia expected to put pressure on Iran
  • US could reimpose sanctions against Tehran
  • Healthy demand also supports crude prices
  • But relentless rise in US crude production caps gains
  • US WTI crude futures up 0.4 pct at $63.82 per barrel (0027GMT)
  • Brent crude futures up 0.4 pct at $67.66 a barrel

Precious metals

  • Gold edges up as dollar dips, investors await rate hike outlook
  • Spot gold up 0.1 pct at $1,311.72 per ounce (0118GMT)
  • US gold futures for April delivery flat at $1,311.60 per ounce

Grains

  • Wheat firms, edges up from 1-mth low as US crops suffer further damage
  • Most active CBOT wheat futures up 0.1 pct at $4.53-1/2 per bushel (0109GMT)
  • Most active corn futures up 0.1 pct at $3.74-3/4 a bushel
  • Most active soybean futures up 0.2 pct at $10.30-3/4 a bushel
  • Most active rice futures up 0.04 pct at $12.21 a hundredweight

Soft commodities (20 Mar)

  • Raw sugar slips as India scraps export tax, cocoa rebounds
  • May raw sugar settled down 2.6 pct at 12.56 cents per lb
  • May white sugar settled down 1.9 pct at $349.80 per tonne
  • May New York cocoa settled up 1.4 pct at $2,480 per tonne
  • May London cocoa settled up 1.4 pct at £1,756 per tonne
  • May robusta coffee settled down 0.2 pct at $1,754 per tonne
  • May arabica coffee settled down 0.3 pct at $1.1895 per lb

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

  • African heads of state to sign AfCFTA today in Kigali

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

  • Nigeria kidnapped Dapchi girls returned, 5 dead (Sahara Reporters)
  • Seychelles economy growth seen above 5.0 pct in 2017 – IMF
  • Kenya Airways says 9-mth pretax loss at 5.97 bln shillings
  • Sisi says he wanted more challengers in Egyptian election
  • Zambia slams miner First Quantum with $8 bln tax bill
  • Ghana central bank places Unibank in administration
  • Talks to implement Congo mining code set for Wednesday – govt
  • Mozambique debt offer ‘a non-starter’, says creditors
  • Mozambique doesn’t know how long “complex” debt restructuring will take – legal adviser
  • Tunisian engineer killed by kidnappers in southwest Cameroon – govt
  • Morocco central bank keeps benchmark interest rate at 2.25 pct
  • Zambia uncovers $8 bln mining tax scam – tax collection agency
  • South Sudan suspends mobile operator Vivacell
  • Kenya’s ruling party says hired firm linked to data breach
  • Ghana abandons plan to cut cocoa farmers’ prices – minister
  • Ethiopia signs $600 million loan, grant deal with World Bank
  • Kenya’s central banker urges firms to invest after surprise rate cut
  • Zambia bans cabinet minister from parliament for slapping lawmaker
  • Moody’s says African free trade deal could improve region’s credit profiles
  • Chinese control of cobalt supply risk for EU car industry – Glencore
  • “Be patient” Chibok parents tell families of Nigeria’s latest kidnap victims
  • Egypt court orders suspension of Uber, Careem licenses – judical sources
  • Malawi February inflation slows to 7.8 pct y/y
  • South Africa mines minister to ready black ownership rules by May
  • Ghana to name four lead advisors for $2.5 bln eurobond sale
  • Zambia targets one million tonnes copper output this year
  • Zambia revises 2017 copper output upwards to 800k tonnes
  • Zuma’s tax chief ousted ahead of South Africa ratings decision
  • Egypt’s strategic wheat reserves enough for 3 months – MENA
  • Yields mixed in weekly South Africa government bond auction
  • South Africa’s Q4 current account deficit widens to 2.9 pct of GDP as strong rand boosts imports
  • South Africa’s CPI slows to 4 pct y/y in February
  • South Africa’s Steinhoff says considering all options to help cut debt
  • World’s last male northern white rhino dead – Kenyan Conservancy
  • South Africa appoints acting commissioner for revenue service

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

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