#Africa #Markets | 26 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks rise as US earnings prop up Wall St, dollar solid
  • MSCI Asia-Pacific index up 0.35 pct, Nikkei up 0.7 pct
  • US 10-yr yield hovers near 3 pct, highest since early 2014
  • Higher US yields lift dollar index to 3-1/2-mth highs
  • Euro stuck near 1-1/2-mth low, ECB policy meeting in focus
  • Crude up on concerns over supply disruptions

Oil Markets

  • Oil prices rise on concerns over supply disruptions, but surging US output looms
  • Market expects US to reimpose sanctions against Iran
  • Plunging Venezuelan output further tightens markets
  • But soaring US production holds back market
  • Brent crude futures up 0.6 pct at $74.44 per barrel (0105GMT)
  • US WTI crude futures up 0.5 pct at $68.36 per barrel

Precious metals

  • Gold hovers near 5-wk lows amid dollar pressure, rising yields
  • Spot gold little changed at $1,323.34 per ounce (0101GMT)
  • US gold futures up 0.1 pct at $1,324.60 an ounce

Grains

  • Wheat at 7-wk top on short-covering, corn eases after strong gains
  • Most active CBOT wheat futures up 0.6 pct at $5.02 per bushel (0051GMT)
  • Most active corn futures down 0.1 pct at $3.95-1/2 a bushel
  • Most active soybean futures up 0.2 pct at $10.41-1/2 a bushel
  • Most active rice futures unchanged at $13.22 per hundredweight

Soft commodities (25 Apr)

  • Sugar at multi-year lows on oversupply, NY cocoa at 1-1/2-year top
  • May raw sugar closed down 2.5 pct at 10.86 cents per lb
  • August white sugar settled down 3.8 pct at $312.30 per tonne
  • July New York cocoa settled up 0.8 pct at $2,836 per tonne
  • July London cocoa settled down 0.1 pct at £1,862 per tonne
  • July arabica coffee settled down 1.4 pct at $1.188 per lb
  • July robusta coffee settled down 1.2 pct at $1,760 per tonne

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

  • South Africa producer inflation data for Mar-18 due [fcst. 4.1% yy, prev. 4.2%]
  • Final day of Kenya’s devolution conference today
  • Nigeria’s Buhari visits northern Bauchi state (another security hotspot) today

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

  • French tycoon Bollore placed under formal investigation in Africa graft probe
  • Output at Libya’s Waha Oil Co back to normal after fire – engineer
  • Eastern Libyan commander Haftar to return to Benghazi Thursday after treatment abroad – spokesman
  • Weapons stolen from UAE training facility in Somalia, sold on open market
  • Tanzania police threaten to beat protesters “like stray dogs” to halt demos
  • Yield on Kenya 15-year treasury bonds rise and 20-year bond dip at auction
  • Total says Libya’s NOC knew of plans to buy Marathon’s business
  • Tests confirm deadly listeria strain at South Africa’s Tiger Brands’ plant
  • South African unions protest over minimum wage in test for Ramaphosa
  • Nigeria’s army wants to make Boko Haram’s forest stronghold a tourism spot
  • South African watchdog says forex-rigging trial likely to begin in 2019
  • Angola’s net reserves rise to $13.1 billion in March
  • Facing low cocoa prices, Ivory Coast stops helping farmers boost yields
  • Nigerian lawmakers invite Buhari to discuss communal killings
  • South African glass bottle maker Consol cans IPO plans
  • South Africa’s Exxaro to dispose of remaining stake in Tronox
  • South Africa maize harvest seen 3 pct higher from pvs estimate – CEC
  • Fitch revises Angola’s outlook to stable affirms at “B”
  • Kenya economy seen rebounding after election shutdown
  • Ghana producer inflation falls to 3.7 pct in March
  • South Sudan president rejects opposition calls to quit post
  • Ugandan shilling stable, expected to ease due to demand from manufacturers
  • Kenya’ economic growth slows to 4.9 pct in 2017 – stats office
  • South African consumer confidence hits all-time high in Q1
  • Kenyan shilling holds steady against end month demand

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

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