#Africa #Markets | 23 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks tumble, bonds and yen gain as trade war fears drive rush to safety
  • MSCI Asia Pacific index down 2.1 pct, Nikkei falls 3.5 pct
  • Trump moves towards China tariffs, stokes trade war fears
  • Dollar/yen drops below 105.00 for first time since Nov 2016
  • Treasury yields also sharply lower amid risk aversion
  • Crude up as Saudis say production curbs could last into 2019
  • But copper, iron ore prices drop on trade angst

Oil Markets

  • Oil prices rise as Saudi Arabia says production curbs could last into 2019
  • Oil shakes off looming US/China trade stand-off
  • Brent to rise to $75/b by Q3 on strong demand – Morgan Stanley
  • US WTI crude futures at $65.09 a barrel, up 1.2 pct (0045GMT)
  • Brent crude futures at $69.64 per barrel, up 1.1 pct

Precious metals

  • Gold at 2-wk high as dollar weakens, trade war fears loom
  • Spot gold up 0.7 pct at $1,337.16 per ounce (0104GMT)
  • US gold futures for April delivery up 0.7 pct at $1,337.10 per ounce

Grains

  • Wheat firms, set to finish the week down more than 2 pct
  • Most active CBOT wheat futures up 0.4 pct at $4.57-3/4 a bushel (0132GMT)
  • Most active corn futures up 0.2 pct at $3.76-3/4 a bushel
  • Most active soybean futures up 0.4 pct at $10.33-1/2 a bushel
  • Most active rice futures down 0.2 pct at $12.31 per hundredweight

Soft commodities (22 Mar)

  • NY cocoa nears 2016 high on fund buying, arabica coffee firms
  • May New York cocoa settled up 0.4 pct at $2,535 per tonne
  • May London cocoa settled up 0.6 pct at £1,786 per tonne
  • Market awaiting clarity on whether dry weather has curbed cocoa output in Ivory Coast and Ghana
  • May arabica coffee settled up 0.1 pct at $1.19 per lb
  • May robusta coffee settled down 0.6 pct at $1,742 per tonne
  • May raw sugar settled up 0.8 pct at 12.77 cents per lb
  • May white sugar settled up 0.8 pct at $356.10 per tonne

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

  • Moody’s review of South Africa credit rating due today

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

  • Ex-Cameroon minister arrested in Nigeria, extradited home
  • Nigeria needs to boost social spending to sustain growth – Gates
  • Britain’s SFO to recover $6 mln from Chad oil corruption case
  • Spanish police rescue Nigerian girls sold for sex after voodoo threats
  • UN peacekeeper camp attacked in Mali’s Kidal before PM’s visit
  • Mastercard Foundation to spend $100m in Rwanda to create jobs
  • Gabon to revise hydrocarbons law to attract investment – oil ministry
  • Fitch says CEMAC zone boosts external buffer, faces fiscal challenge
  • Anti-slavery group say face growing threat in Mauritania
  • UN closes up Liberia peacekeeping mission after 15 years
  • Kenyan woman wins $25,000 in damages after giving birth on hospital floor
  • Former Madagascar finance minister detained over loss of public funds
  • Ghana sells 1.57 bln cedis ($356.3 mln) worth of 3-yr bonds at 16.5 pct
  • South African rand slips ahead of Moody’s; Naspers dents bourse
  • Yields on Kenya’s 91-day, 182-day, 364-day, t-bills dip at auction
  • Kenya’s poverty rate drops sharply in 10 years – stats office
  • Sierra Leone election board accuses police of obstruction
  • Russia’s Putin to visit Sudan – Sudanese state news agency
  • Zambian former cabinet minister facing graft charges – anti-corruption body
  • Zimbabwe hopes to transform mining sector with $4.2 bln platinum deal with Karo Resources
  • South Africa’s Transnet signs new manganese deal with South32
  • Higher central bank reserves seen boosting Kenyan shilling next week
  • Average yields rise on Egypt’s 6-mth, 1-yr t-bills
  • Millions making plans to leave Africa for Europe and US, says report
  • Teleology to buy Nigeria’s 9mobile
  • South Sudan says US oil sanctions would undemine search for peace
  • South Africa’s retail sales slower in January at 3.1 pct y/y as Black Friday effect wanes
  • Naspers to raise up to $11 billion by trimming Tencent stake
  • Nigerian Senate clears way for central bank’s MPC to meet
  • Foreign investors help lift Kenyan shilling to near five-week high
  • Ugandan shilling edges down due to demand for dollars
  • Nigeria keen to ensure Africa trade block good for itself – president
  • Senior Chinese diplomat to visit South Africa in first trip since reshuffle
  • Nigeria’ Seplat Petroleum says completed offering of $350 mln of 9.25% senior notes
  • Sarkozy says Libya funding accusation make his life “hell” – paper
  • Killing of aid workers in Nigeria a setback for troubled crisis response

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

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