#Africa #Markets | 11 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks near 3-wk top, dollar eases after US inflation
  • MSCI ex-Japan climbs 0.3 pct, Nikkei jumps 0.7 pct
  • US April consumer price index rises slower than expected
  • Traders trim expectations of faster US rate hikes in 2018
  • Risk appetite whetted on US-Korea summit talks in Singapore

Oil Markets

  • Oil prices remain near multi-year highs on looming US sanctions against Iran
  • US this week announced re-introduction of Iran sanctions
  • Iran oil exports expected to drop amid new sanctions
  • Other producers may step up output to meet shortfall
  • Brent crude futures unchanged at $77.47 per barrel (0057GMT)
  • US WTI crude futures about 47 cents down at $71.42 a barrel

Precious metals

  • Gold steady as dollar hovers below 2018 peak
  • Spot gold steady at $1,321.93 per ounce (0100GMT)
  • US gold futures for June delivery nearly unchanged at $1,322.10 per ounce

Grains (10 May)

  • Wheat slips on bearish USDA crop forecast; soybeans firm
  • Most active CBOT wheat futures settled down 4 pct at $5.06-1/2 a bushel
  • Most active corn futures settled down 0.8 pct at $4.02 per bushel
  • Most active soybean futures settled up 5.5 pct at $10.21-1/4 per bushel

Soft commodities (10 May)

  • Arabica coffee bounces above 2-wk low, sugar dips
  • July arabica coffee settled up 0.7 pct at $1.1955 per lb
  • July robusta coffee settled down 0.2 pct at $1,743 per tonne
  • July raw sugar settled down 0.2 pct at 11.27 cents per lb
  • August white sugar settled down 0.2 pct at $323.40 per tonne
  • July New York cocoa settled down 0.3 pct at $2,762 per tonne
  • July London cocoa settled up 0.4 pct at £1,931 per tonne

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

  • Nigeria inflation data for Apr-18 expected [fcst. 12.2% yy, prev. 13.3%]
  • Sierra Leone’s Julius Maada Bio’s inauguration as president tomorrow (12 May)

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

  • Ghana sells $2 bln eurobonds at issuer-favoured yield – sources
  • Egypt hikes Cairo metro fare in latest austerity measure
  • Libya’s Tripoli government to increase public spending in 2018
  • From Yemen to Nigeria, brutal attacks on schools soar, study says
  • Kenyan rose-farm dam bursts, “sea of water” kills 47
  • Gambia selling ex-leaders’s luxury cars, planes amid mounting debt
  • Series of failures led to deadly Niger ambush – US military report
  • Portugal lets Angola try ex-VP in graft case, hopes to improve ties
  • Congo confirms first death in latest Ebola outbreak, 11 others infected
  • Nigerian diplomat killed in Sudanese capital Khartoum
  • Sudanese teen bride who killed husband during rape to be executed
  • One dead as attackers slit throats of worshippers at mosque in South Africa
  • Africa Crude – Sonangol sells cargoes, Qua Iboe to head west
  • Yields on Kenya’s 91-day, 182-day and 364-day t-bills dip at auction
  • South Sudan to make last debt payment to Sudan in June
  • Nigeria naira bid-offer spread widens, suggesting pressure on currency
  • Unilever Nigeria calls shareholder vote over sale of spreads business
  • Equatorial Guinea in LNG sale talks as Shell deal winds down
  • Attackers throw petrol bombs at Zambian trucks in South Africa – officials
  • Egypt inflation sees first rise in eight months before rate meeting
  • Nigeria draft oil reforms seek to establish powerful industry regulator
  • South Africa’s Steinhoff says profit overstatement could lead to more impairments, shares dive
  • UK apologises to Libyan ex-rebel and wife over role in 2004 rendition
  • Ghana revises pricing for US dollar dual-tranche offering
  • Egypt signs MOU with China’s GCL for $2 bln solar panel factory
  • Egypt’s core inflation increases to 11.62 pct in April – c.bank
  • In week ahead, Kenyan shilling seen on back foot, Zambia kwacha firm
  • Soccer – Barcelona announce South Africa friendly to mark Mandela centenary
  • Northwest Congo hospital has four new suspected Ebola cases
  • Kenya’s “rape taboo” spurs women in slums to report attacks via SMS
  • Ethiopia suspends gold mining firm’s licence after weeks of protests
  • Explosion in Somalia town near Mogadishu kills seven soldiers – official
  • After fleeing Boko Haram, Cameroonian girls sell sex to survive
  • South Africa’s March manufacturing output down 1.3 pct y/y
  • Nigeria increases airport screenings after Ebola outbreak in Congo
  • Kenyan shilling steady, demand from energy sector matched by offshore investor flows
  • Ghana begins marketing dual-tranche US dollar bond
  • First suspected deaths in Congo Ebola outbreak came in January – WHO
  • Equatorial Guinea extends lifespan of LNG plant with gas field deals
  • Rwanda’s inflation rises to 1.7 pct in April

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

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