#Africa #Markets | 17 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares steady; euro hampered by Italian political risk
  • MSCI Asia-Pacific little changed
  • Euro wobbly after setting 5-mth low
  • Italian markets jolted by 5-Star, League coalition proposals
  • US 10-yr debt yield near 7-yr highs

Oil Markets

  • Oil markets firm as Brent edges ever closer to $80 per barrel on tight market
  • Drop in US inventories pushes up WTI crude
  • OPEC cuts, looming US sanctions against Iran lift Brent
  • But surging US production could meet fall in OPEC supplies
  • Brent crude futures up 4 cents at $79.32 per barrel (0027GMT)
  • US WTI crude futures up 0.3 pct at $71.68 a barrel

Precious metals

  • Gold prices steady as dollar hovers below 2018-peak
  • Spot gold nearly unchanged at $1,290.64 per ounce (0038GMT)
  • US gold futures for June delivery down 0.1 pct at $1,290.10 per ounce

Grains

  • Wheat firms, edges up from 1-mth low as US crops suffer further damage
  • Most active CBOT wheat futures up 0.1 pct at $4.53-1/2 per bushel (0109GMT)
  • Most active corn futures up 0.1 pct at $3.74-3/4 a bushel
  • Most active soybean futures up 0.2 pct at $10.30-3/4 a bushel
  • Most active rice futures up 0.04 pct at $12.21 a hundredweight

Soft commodities (16 May)

  • Cocoa rebounds from multi-week lows; coffee inches higher
  • July New York cocoa settled up 2.1 pct at $2,730 per tonne
  • July London cocoa settled up 1.3 pct at £1,895 per tonne
  • Ivory Coast has sold 1.1 mln tonnes of cocoa export contracts for 2018/19 and aims to sell 1.3 mln and 1.4 mln
  • July arabica coffee settled up 0.3 pct at $1.173 per lb
  • July robusta coffee settled up 0.5 pct at $1,737 per tonne
  • July raw sugar settled up 0.8 pct at 11.61 cents per lb

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

  • Burundi referendum vote today

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

  • Congo warns of “new phase” in Ebola outbreak after first urban case
  • Six Sigma Metals executes option agreement to acquire up to 80% stake in projects in Zimbabwe
  • Gunmen kill director of Dangote Cement plant in Ethiopia
  • World’s urban growth will surge most in India, China and Nigeria – UN
  • Egypt says US embassy move to Jerusalem causes instability
  • Sudan inflation rises to 57.65 pct in April
  • Kenya buries victims of rose farm dam burst
  • Could Libya’s nuclear pledge be a template for North Korea?
  • Egypt’s Sisi defends Cairo metro fare hikes after protests
  • Nigeria’s parliament passes record 9.12 trln naira 2018 budget
  • Congo receives first doses of Ebola vaccine amid outbreak
  • Africa Crude – Forcados pipeline down, Angola programme emerges
  • Dozens die in fighting between two Somali states over disputed land
  • First-time director brings “post-post-colonial” South Africa to Cannes
  • ‘Vicious cycle’ as conflict uproots millions in Africa
  • South Africa’s Tharisa taps Zimbabwean chrome reserves
  • Burundi to vote in referendum that could let president hold power to 2034
  • Angola sovereign wealth fund takes battle to UK court – source
  • Cape Town mayor returns to work in headache for South African opposition party
  • Egypt’s president Sisi pardons over 330 mostly youth prisoners
  • Kenya’s president signs cybercrimes law opposed by media rights group
  • First batch of ebola vaccines arrives in Congo to combat outbreak
  • Tanzania’s central bank approves merger of two state-owned banks
  • Mauritisu central bank postpones rates meeting to May 30 as new policymakers named
  • As wells dry, Zambia regulates use of groundwater
  • South Africa’s retail sales rise 4.8 pct y/y in March
  • Uganda’s 3-, and 15-year treasury bond yields rise at sale
  • Most workers back at Guinea’s SMB bauxite mine after strike
  • Nigeria’s Trans-Forcados oil pipeline shut due to leak – source
  • Mauritius offers 3-yr treasury bond for sale
  • China Railway Construction’s unit signs railway contract worth $6.68 bln in Nigeria
  • Uganda power distributor Umeme to spend $1.2 bln to expand grid
  • Zimbabwe entrenches state TV monopoly with second broadcasting licence
  • South Africa sells $2 bln of bonds in over-subscribed deal

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

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