#Africa #Markets | 22 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Dollar on defensive after Fed, trade worries nag shares
  • Dollar weakens broadly after Fed forecast 2 more hikes in 2018
  • Fed upbeat on economy; notch up 2019, 2020 forecast
  • Oil at 6-week high on US inventory, Iran nuke deal worries

Oil Markets

  • Oil prices rise on surprise US crude inventory draw
  • Ongoing OPEC-led supply restraint has been supporting oil
  • Weak dollar also supports oil prices
  • Soaring US production tempers bullish mood somewhat
  • US WTI crude futures up 0.3 pct at $65.39 a barrel (0021GMT)
  • Brent crude futures up 0.3 pct at $69.65 per barrel

Precious metals

  • Gold up on faltering dollar after Fed comments
  • Spot gold up 0.1 pct at $1,333.41 per ounce (0030GMT)
  • US gold futures for April delivery up 0.9 pct at $1,333.70 per ounce

Grains

  • Wheat firms, gains capped as rains set to soak US plains
  • Most active CBOT wheat futures up 0.2 pct at $4.54-1/2 a bushel (0111GMT)
  • Most active corn futures up 0.3 pct at $3.76 per bushel
  • Most active soybean futures up 0.5 pct at $10.34-1/2 a per bushel
  • Most active rice futures unchanged at $12.32 a hundredweight

Soft commodities (21 Mar)

  • Raw sugar climbs as funds cover shorts; cocoa rises
  • May raw sugar settled up 0.9 pct at 12.67 cents per lb
  • May white sugar settled up 1 pct at $353.40 per tonne
  • May New York cocoa settled up 1.8 pct at $2,524 per tonne
  • May London cocoa settled up 1.1 pct at £1,775 per tonne
  • May arabica coffee settled down 0.1 pct at $1.1885 per lb
  • May robusta coffee settled down 0.1 pct at $1,752 per tonne

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

  • South Africa retail sales data for Jan-18 due [fcst. 17.9% yy, est. 6.2%, prev. 5.3%]

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

  • Protesters clash with police in Tunisia mining town over jobs
  • French judges place Sarkozy under formal investigation in Libyan probe
  • US targets South Sudan oil firms with sanctions to choke off war funds
  • Libya should resist rushing to elections this year – Human Rights Watch
  • Mozambique bond creditors eye “good faith” debt talks, to meet govt again
  • Nigeria’s Senate to consider central bank nominees on Thursday – lawmaker
  • Egypt crackdown paves way for long-term Sisi rule – Human Rights Watch
  • Africa agrees to giant trade bloc, but Nigeria, South Africa sit it out
  • Zimbabwe’s Mnangagwa pardons 3,000 prisoners to ease overcrowding
  • Two-week maintenance at Libya’s offshore Bahr Essalam gas field in April – NOC
  • First Quantum hopes to resolve mammoth $8 bln Zambian tax bill
  • Five South African peacekeepers face sexual exploitation paternity tests
  • Nigerian politician Ibori appeals against UK fraud conviction
  • Detained African migrants stuck in limbo in wartime Yemen
  • Militants free scores of abducted Nigerian schoolgirls after month in captivity
  • Kenya’s central bank 20-year t-bond yield down
  • Egypt’s middle class faces hardship as austerity bites
  • US sanctions 15 oil-related entities from Sout Sudan
  • Zimbabwe stops pay for striking doctors as impasse persists
  • Chibok parents celebrate release of Nigerian schoolgirls as hope for own daughters
  • Canada’s First Quantum refutes $8 bln Zambian tax bill
  • DP World to build and manage new Congolese deepwater port
  • Executions, torture and slave markets persist in Libya – UN
  • Nigeria plans 54 bln naira treasury auction, repays some bills
  • Kenya rate cap sliced 0.4 percentage points from 2017 growth – cenbank
  • Congo govt to open talks this week about new mining code
  • Mauritius 3-year treasury bond yield rises to 4.24 pct
  • Nigeria parliament aims to pass 2018 budget on April 24 after delays
  • Unity Bank says not in any deal with Milost on $1 bln investment in bank
  • Ugandan shilling inches down due to demand for dollars
  • Uganda’s 10-yr treasury bond yield edges up at sale
  • Fastjet and Mozambique Airlines sign MoU for commercial cooperation
  • Hunger brings death to Congo’s Kasai after guns fall silent
  • No ransom paid for release of Nigerian schoolgirls – minister
  • Nestle provides lifeline for struggling Kenyan coffee farmers
  • Kenyan shilling gains ground; dollar demand low
  • CFAO and Michelin team up to market tires in Kenya and Uganda
  • Seychelles economy growth seen above 5 pct in 2017 – IMF

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

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