#Africa #Markets | 10 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks rise as crude oil extends rally on Iran worries
  • MSCI Asia-Pacific index up 0.4 pct, Nikkei rises 0.1 pct
  • Asia stocks firmer after oil surge boosts Wall St energy shares
  • Ringit slides after Malaysia vote upset
  • Kiwi hits 5-mth low after dovish-sounding RBNZ statement

Oil Markets

  • Oil prices hit highest in years as markets adjust to looming sanctions on Iran
  • Brent, WTI crude oil futures mark highest since Nov 2014
  • China’s Shanghai crude oil futures reach record-peak
  • US this week announced new sanctions against oil exporter Iran
  • Iran producers almost 4 pct of global oil supplies
  • US WTI crude futures up 0.7 pct at $71.67 a barrel, strongest since Nov 2014 (0219GMT)
  • Brent crude futures also hit their strongest since Nov 2014 at $77.76 per barrel
  • Shanghai crude futures up more than 4 pct to about $73.40 per barrel

Precious metals

  • Gold edges down on firm dollar, US bond yields
  • Spot gold down 0.1 pct at $1,311.26 per ounce (0053GMT)
  • US gold futures for June delivery down 0.1 pct at $1,311.40 per ounce

Grains

  • Wheat edges higher but gains muted ahead of USDA report
  • Most active CBOT wheat futures up 0.3 pct at $5.12 per bushel (0101GMT)
  • Most active corn futures up 0.1 pct at $4.03-1/4 per bushel
  • Most active soybean futures unchanged at $10.15-3/4 per bushel
  • Most active rice futures up 0.2 pct at $12.70 per hundredweight

Soft commodities (9 May)

  • Robusta coffee dips as producer hedging weighs, NY cocoa also falls
  • July robusta coffee settled down 2.6 pct at $1,747 per tonne
  • July arabica coffee settled down 0.7 pct at $1.1875 per lb
  • July New York cocoa settled down 0.1 pct at $2,770 per tonne
  • July London cocoa settled down 0.5 pct at £1,924 per tonne
  • July raw sugar settled down 2.3 pct at 11.29 cents per lb
  • August white sugar settled down 1.1 pct at $323.90 per tonne

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

  • Djibouti president’s visit to Kenya continues for 2nd day today
  • South Africa manufacturing production data for Mar-18 due [fcst. 0.3% yy, prev. 0.6%]
  • South Africa mining production data for Mar-18 due [fcst. 0.1% yy, prev. 3.1%]

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

  • Sierra Leone mudslide survivors live in fear of fresh disaster
  • Congo Ebola outbreak met with rapid response after West African crisis
  • Al-Shabaab blast kills at least 5 in Somali khat market near Mogadishu
  • Randgold ends gold venture with Cradle Arc in Mali
  • Moody’s says Nigeria’s oil-led economic recovery supports modest improvement in debt issuers’ credit profiles
  • South Africa’s rand falls as Trump’s Iran pullout rattles sentiment
  • Greif Nigeria announces business restructuring plan
  • Africa Crude – Nigerian diffs fall but offers still prove too pricey
  • Embattled South African provincial premier denies reports he has quit
  • Egypt approves oil exploration deal with Italy’s Eni, Egyptian firm Tharwa
  • Coffee faces a double threat to its existence in eastern Ethiopia
  • Mozambique’s inflation slows to 2.33 pct y/y in April
  • Nigeria’s parliament aims to pass major oil reforms by July – Senate President
  • Kenya’s Safaricom warns of price controls threat
  • Ghana inflation drops to 9.6 pct in April – statistics office
  • South Africa’s Naspers sells Flipkart stake to Walmart for $2.2 bln
  • South African magnate Wiese relinquishes roles at investment firm Brait
  • Arabs must have say in any new Iran nuclear deal, Egypt says
  • Algeria’s Sonatrach to buy ExxonMobil’s Augusta refinery – Les Echos
  • South Sudan urges US not to “abandon” it after White House announces assistance review
  • Kenyan shilling weakens against the dollar due to increased liquidity
  • South Africa’s business confidence index falls again in April
  • UN resumes refugee evacuations from Libya to Niger
  • South Africa will struggle to close revenue gap – Treasury official
  • Vedanta’s Konkola Copper Mines disputes $18 mln Zambia tax bill – industry source
  • Eni completes ramp-up of Angolan field with production of 24,000 b/d
  • MTN says US decision on Iran may limit its ability to repatriate cash from Irancell
  • Moody’s says outlook stable for Nigerian banks as higher oil prices moderate foreign currency risks

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

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