#Africa #Markets | 3 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares stricken by trade tension, dollar holds gains
  • Most Asia share markets slip before Sino-US trade discussions
  • Dollar just off multi-month highs as Fed stays the course
  • Oil prices ease as inventories swell, Iran decision looms

Oil Markets

  • Oil prices fall on rising US crude inventories, record production
  • US crude inventories rise to 2018 high of 436 mln barrels
  • US crude oil production hits record high of 10.62 mln bpd
  • Analysts expect US oil production to rise further still
  • US WTI crude futures down 0.4 pct at $67.65 per barrel (0004GMT)
  • Brent crude oil futures down 0.4 pct at $73.04 per barrel

Precious metals

  • Gold prices edge up ahead of US-Sino trade talks
  • Spot gold up 0.4 pct at $1,309.51 per ounce (0142GMT)
  • US gold futures for June delivery up 0.4 pct at $1,310.4 per ounce

Grains

  • Soybeans hit six-day low on lean export prospects
  • Most active CBOT wheat futures down 0.8 pct at $5.22-3/4 per bushel (0134GMT)
  • Most active corn futures down 0.3 pct at $4.04 per bushel
  • Most active soybean futures down 0.2 pct at $10.41 per bushel
  • Most active rice futures unchanged at $13.03 per hundredweight

Soft commodities (2 May)

  • Sugar turns up on short profit-taking despite India subsidy
  • July raw sugar settled up 0.5 pct at 11.75 cents per lb
  • August white sugar settled down 0.5 pct at $323.80 per tonne
  • July New York cocoa settled down 2.8 pct at $2,813 per tonne
  • July London cocoa settled down 0.7 pct at £1,929 per tonne
  • July arabica coffee settled down 0.8 pct at $1.2375 per lb
  • July robusta coffee settled down 0.4 pct at $1,807 per tonne

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

  • Burundi 2-week constitutional referendum launched; voting on 17 May
  • Angola president Lourenco 2-day official visit to Zambia continues; arrived yesterday

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

  • Algeria summons Morocco ambassador over Western Sahara comments
  • Libyan commander Haftar faces torture allegation in French lawsuit
  • South Sudan president names Gabriel Jok Riak new army chief
  • Rwanda police arrest 23 Congolese refugees after violence in camp
  • Algerian cement firm exports for first time to Europe
  • Congo sex slavery conviction shows progress towards justice – rights group
  • Fitch maintains South Africa’s power utility Eskom’s rating
  • Guinea opposition calls for parliamentary inquiry into Bollore
  • Sudan assesing military participation in Yemen – defence minister
  • Suicide attackers storm HQ of Libya’s election commission, 12 dead
  • In Tunisia, Jews gather at Africa’s oldest synagogue under tight security
  • Forte Oil to sell assets in Nigeria and Ghana
  • South Africa says US decision not to grant steel tariff exemption could hurt jobs
  • Nigeria’s Fidelity Bank may issue local debt to boost lending
  • Angola launches $3bn bond offering
  • Islamic State claims responsibilty for twin bombings in Libya – AMAQ
  • East Africa a bright spot as world crawls towards energy goals
  • Ethiopian state of emergency must end, says journalist freed from jail
  • Nigeria’s Diamond Bank says unable to issue 2017 audited financial statements with April 30
  • South Africa’s new vehicle sales up 3.6 pct y/y in April
  • Mauritius offers 20-year bond worth 1.5 bln rupees
  • Nigeria’s central bank to remove bank executives if accounts too late
  • Groupe Forrest and Congo state miner resolve dispute over cobalt factory
  • Vedanta considers building zinc smelter in South Africa
  • Somalia must speed overhaul of fragile army to face militants, say donors
  • South African lawyer expects to sign gold miners’ silicosis settlement Thursday
  • Rwanda police arrest 23 Congolese refugees after violence in camp
  • Yields rise in weekly South Africa government bond auction
  • Mauritius business confidence up in Q1
  • South Africa’s ABSA PMI rises in April as new sales orders recover
  • Angola begins marketing dual-tranche bond
  • Stanbic Kenya raises $100m syndicated loan

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

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