#Africa #Markets | 9 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks encouraged by bounce in S&P futures; confused on Syria
  • Asia shares inch ahead, eye rally in US stock futures
  • Little immediate reaction to reports of US strikes on Syria
  • Trump keeps up pressure on trade ahead of Xi speech
  • Dollar steadies, major currencies hold tight ranges
  • Oil edges higher, Treasuries ease

Oil Markets

  • Oil steadies after Friday’s falls, but trade disputes still weigh
  • US WTI crude futures up 0.3 pct at $62.24 a barrel (0230GMT)
  • Brent crude futures up 0.3 pct at $67.33 per barrel
  • Shanghai crude futures drop 0.6 pct at about 400 yuan ($63.43) per barrel

Precious metals

  • Gold slips as dollar firms, but trade war fears persist
  • Spot gold down 0.1 pct at $1,331.51 per ounce (0044GMT)
  • US gold futures down 0.1 pct at $1,335.20 an ounce

Grains

  • Wheat rallies sharply as frost threatens US crops
  • Most active CBOT wheat futures up 1.6 pct at $4.79-3/4 a bushel (0032GMT)
  • Most active corn futures up 0.5 pct at $3.90-1/4 a bushel
  • Most active soybean futures up 1 pct at $10.44 per bushel
  • Most active rice futures up 1.2 pct at $12.64 per hundredweight

Soft commodities (6 Apr)

  • Cocoa falls, arabica coffee and sugar hover above lows
  • May London cocoa settled down 2.5 pct at £1,685 per tonne
  • May New York cocoa settled 2.2 pct at $2,453 per tonne
  • May raw sugar settled down 0.1 pct at 12.34 cents per lb
  • August white sugar settled down 0.4 pct at $342.40 per tonne
  • May arabica coffee settled down 0.1 pct at $1.1745 per lb
  • May robusta coffee settled down 1.7 pct at $1,730 per tonne

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

  • Uganda interest rate decision expected [fcst. 8.5%, prev. 9.0%]
  • Nigeria’s Buhari heads to London today to attend Commonwealth meeting to be held 18-20 April [Travelling early; so likely also for medical reasons]
  • Nigeria’s ruling APC party holds emergency NEC meeting today [Buhari suggested that congresses and a convention be held to elect party officials instead extending the tenure of the current ones. He is expected to prevail]

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

  • Newmont suspends operations at Ghana mine after workers killed in accident
  • One killed, dozens wounded in clashes in Central African Republic
  • Ghana to court Japanese bond investors – finance ministry
  • Ethiopia’s PM seeks end to violence that displaced nearly a million
  • Egyptian court allows Uber and Careem to continue operations
  • Mali army kills 14 jihadist suspects in ‘attempted escape’
  • Zambian economy to grow more than 4 pct this year, finmin says
  • Rwanda’s president names new finance minister in reshuffle
  • S&P says Morocco ‘BBB-/A-3’ ratings affirmed
  • Fitch affirms Gabon at ‘B’; outlook negative
  • Ghana’s 91-day bill yield inches up to 13.33 pct
  • Nigeria’s FCMB sees flat loan growth, eyes UK retail licence – CEO
  • Africa Crude – Angola, Nigerian markets soft on ample supply
  • JP Morgan says it knew ex-minister linked to firm in Nigeria oilfield deal
  • South African rand falls on trade war fears, stocks up
  • South Africa’s Ramaphosa orders probe into state firms Eskom and Transnet
  • Foreign direct investment in Mauritius up 4.2 pct in 2017 – central bank
  • Algeria seeks to cut energy consumption after oil earnings fall
  • Ghana to sell seven-year domestic bond next week – sources
  • US conducts air strike in Somalia, says 3 militants killed
  • Sibanye-Stillwater says refinances, upsizes USD revolving credit facility
  • Libya oil output at around 1.05 million bpd – sources
  • Nigeria awards two of three gas pipeline deals
  • Eni offices searched in Congo Republic corruption probe
  • Nigeria’s Forcados oil terminal hit by brief pipeline shutdown
  • Uganda offers 2-year and 5-year treasury bonds for sale
  • Three-nation talks on Ethiopia dam fail to reach agreement
  • South Africa’s Zuma proclaims innocence after court appearance
  • Mauritius 91-day treasury bill yield rise to 3.72 pct
  • Kenya’s shilling steady on inflows from debt auction, thin demand
  • South Africa’s 3-month t-bill average yield rises to 7.08 pct
  • Yields fall at undersubscribed South African CPI-linked bond auction
  • Kenya mobile phone firms to offer cross-network cash transfers
  • Ugandan shilling in firm position on commodity flows
  • De Beers, Botswana plan to expand Jwaneng diamond mine
  • South Africa court adjourns Zuma corruption case to June 8
  • Seychelles inflation dips to 4.66 pct in March

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

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