#Africa #Markets | 23 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks struggle with rising yields; oil stays high
  • US earnings season heats up with major tech names due
  • PMI surveys to help judge if Q1 slowdown was temporary
  • Rising Treasury yields rattle stocks, underpin dollar
  • Oil prices just off peaks, lift inflation expectations

Oil Markets

  • Oil prices dip on rising US rig count, but overall sentiment remains bullish
  • US rig count rises to 820, highest since March 2015
  • But strong demand, OPEC cuts still support prices overall
  • Brent crude oil futures down 0.3 pct at $73.87 per barrel (0031GMT)
  • US WTI crude futures down 0.3 pct at $68.17 a barrel

Precious metals

  • Gold slips to 2-week low as rising bond yields support dollar
  • Spot gold down 0.1 pct at $1,333.20 per ounce (0051GMT)
  • US gold futures down 0.2 pct at $1,335.50 per ounce

Grains

  • Wheat prices jump 1 pct as US rains bring only limited relief
  • Most active CBOT wheat futures up 1 pct at $4.82 per bushel (0118GMT)
  • Most active corn futures up 0.7 pct at $3.79 per bushel
  • Most active soybean futures up 0.2 pct at $10.42 per bushel
  • Most active rice futures down 0.1 pct at $12.98 per hundredweight

Soft commodities (20 Apr)

  • Cocoa retreats from highs on weak N.American grind data
  • July New York cocoa settled down 2.5 pct at $2,729 per tonne
  • July London cocoa settled down 2.6 pct at £1,829 per tonne
  • May raw sugar closed down 0.9 pct at 11.64 cents per lb
  • August white sugar settled down 0.2 pct at $342.40 per tonne
  • July arabica coffee settled down 1.3 pct at $1.177 per lb
  • July robusta coffee settled up 1.3 pct at $1.177 per lb

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

  • South Africa PPI data for Mar-18 due on 26 Apr [fcst. 4.1% yy, prev. 4.2%]
  • South Africa M3 data for Mar-18 due on 30 Apr [fcst. 5.3% yy, prev. 6.9%]
  • Kenya inflation data for Apr-18 expected on 30 Apr [fcst. 3.1% yy, prev. 4.2%]
  • Uganda inflation data for Apr-18 expected on 30 Apr [fcst. 2.0% yy, prev. 2.0%]

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

  • IMF says Congo Republic will get deal once conditions met
  • South Africa’s Ramaphosa flies in to try and quel northern protests
  • Ghana’s 91-day bill yield dips to 13.33 pct
  • DP World should rethink port deals in Somalia – foreign minister
  • Morocco and EU start talks on new fisheries deal
  • MTN picks lead managers for Nigerian unit’s IPO
  • Steinhoff faces shareholders as it battles to stay afloat
  • US army trainers try to build West Africa defences against jihad
  • Old Mutual, Nedbank sign managed separation agreement
  • Africa Crude – Nigerian programme surface, spot trading quiet
  • Kenya’s Microsoft-backed Mawingu aims to triple broadband users
  • Botswana president urges Congo’s Kabila not to stand again
  • Introduction of minimum wage in South Africa delayed, ministry says
  • Britain wants Zimbabwe back in the Commonwealth, but eyes July election
  • Libya to cover 2018 grain needs with imports, eyes higher harvest
  • South Africa’s Ramaphosa visits province beset by violent protests
  • Mauritius 91-day treasury bill yield rises to 3.58 pct
  • Wartorn South Sudan’s army chief dies
  • Zimbabwe’s parliament orders Mugabe to answer questions over diamonds
  • Congo Republic says it has agreed a deal with IMF
  • Food prices lift Morocco’s annual inflation to 2.5 pct y/y in March
  • Yields mostly lower at undersubscribed South African CPI-linked bond auction
  • France expels radical imaam to Algeria
  • South Africa’s 3-mth t-bill average yield dips to 7.14 percent
  • Angola opens bids for Cobalt’s former oil blocks
  • Burundi replaces foreign minister with ex-head of ruling party youth wing
  • Libyan oil pipeline attacked by ‘terrorist group’ – source
  • Macro calls Sisi to discuss Syrian crisis
  • Tunisia reopens consulate in Libyan capital Tripoli
  • Madagascar police fire teargas at opposition protests
  • Egypt aims for $10 bln foreign investment in oil, gas in 2018/19
  • Algeria says current global oil price ‘fair’ – state firm CEO
  • Foreign investment in Egypt’s petroleum sector about $10 bln in FY/2017/18
  • Zimbabwe nurses end strike, challenge dismissal in court

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

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