#Africa #Markets | 16 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares lower as North Korea suspends talks, US yields shoot higher
  • MSCI ex-Japan down 0.1 pct, Nikkei down 0.3 pct, Kospi down 0.4 pct
  • US 10-yr yield rises on strong retail sales
  • North Korea cancels South Korea talks, weighing on sentiment

Oil Markets

  • Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions
  • US crude stocks rise by 4.9 mln bbl to 435.6 mln bbl – API
  • Physical spot cargoes trade at discount to financial crude
  • Brent crude futures down 0.5 pct at $78.07 per barrel (0024GMT)
  • US WTI crude futures down 0.4 pct at $71.02 per barrel

Precious metals

  • Gold prices edge up after hitting fresh 2018 low
  • Spot gold up 0.2 pct at $1,292.73 per ounce (0048GMT)
  • US gold futures for June delivery up 0.1 pct at $1,292.10 per ounce

Grains

  • Corn hits 6-day high as forecast rain expected to delay sowing
  • Most active CBOT wheat futures up 0.2 pct at $4.94-1/4 per bushel (0140GMT)
  • Most active corn futures up 0.1 pct at $4.02-3/4 per bushel
  • Most active soybean futures down 0.4 pct at $10.14-1/4 a bushel
  • Most active rice futures up 0.2 pct at $12.51 per hundredweight

Soft commodities (15 May)

  • NY cocoa takes biggest tumble in six weeks, raw sugar firms
  • July New York cocoa settled down 3.8 pct at $2,674 per tonne
  • July London cocoa settled down 3 pct at £1,870 per tonne
  • July raw sugar settled up 2.3 pct at 11.52 cents per lb
  • August white sugar settled up 0.4 pct at $322.40 per tonne
  • July arabica coffee settled down 0.6 pct at $1.1695 per lb
  • July robusta coffee settled down 0.8 pct at $1,728 per tonne

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

  • Kenya opposition figure Odinga on UK lecture tour (15-18 May); next event at Oxford (17 May)
  • South Africa retail sales data for Mar-18 due [fcst. 2.6% y/y, prev. 4.9%]

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

  • Nigeria awards $7 bln rail project to Chinese state rail firm – Xinhua
  • Orange official calls Ivory Coast telecoms fire act of ‘sabotage’
  • Egyptian authorities detain rights activist – sources
  • At least 100 people kidnapped along road in northern Nigeria
  • Sibanye’s Lonmin takeover faces British antitrust scrutiny
  • Nigeria gives more oil purchase deals to local firms as vote looms
  • Africa Crude – Forcados crude shipments suffer delays; offers for Nigerian ease
  • South Africa sets yields on dual-tranche bond offering
  • South African rand falls as rising US bond yields lift dollar
  • Kenya’s Capital Markets Authority says to review listing requirements
  • ICBC targets Chinese visitors to Kenya with new credit card
  • Haftar’s forces make push on opposition-held Libyan city of Derna
  • Anglo American to spin off unit to encourage platinum demand
  • Botswana’s inflation jumps to 3.4 percent y/y in April
  • Ethiopia releases Swedish doctor in jail since 2013
  • Orange telecoms facility fire in Ivory Coast appears to be criminial act – minister
  • South Africa aims to finalise mining charter in June, minister says
  • Congo bars tourists from national park after kidnapping
  • Burkina Faso issues 7-year, 75 bln CFA ($133 mln) bond at 6.5 pct – newspaer
  • Tunisian economy grew 2.5 pct in first quarter of 2018
  • Kenyan shilling holds steady, export earnings help
  • Egypt says to raise $1 bln by selling stakes in four-six state firms this year
  • Yields mixed in weekly South Africa government bond auction
  • South Africa’s unemployment rate steady at 26.7 percent in Q1
  • Sibanye-Stillwater receives South African Reserve Bank approval for acquisition
  • Nigerian annual inflation falls to more than two year low in April at 12.48 pct
  • Angola LNG steps up exports ahead of maintenance
  • UAE trader looking to expand into gold refining in Africa
  • Egypt unemployment rate falls to 10.6 pct in Q1 – CAPMAS
  • Zimbabwe public workers reject higher govt salary offer
  • UAE’s ADNOC says exploring fertilizer JV with Morocco’s OCP

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

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