#Africa #Markets | 18 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks edge higher, investors cautious on US-China trade talks
  • MSCI Asia-Pacific index up 0.1 pct, Nikkei rises 0.25 pct
  • Markets eye ongoing US-China trade negotiations
  • Dollar/yen hits near 4-mth high with US yields at 7-yr peak
  • Crude dips back from 2014 high, still poised for big weekly gain

Oil Markets

  • Oil steady on OPEC cuts, strong demand and looming Iran sanctions
  • Brent back below $80 after breaking through on previous day
  • Surge in US production to offset some disruptions
  • High oil prices could also dent crude demand
  • Brent crude futures up 5 cents at $79.48 per barrel (0041GMT)
  • US WTI crude futures up 6 cents at $71.55 per barrel

Precious metals

  • Gold prices unchanged amid firm US dollar, treasuries
  • Spot gold unchanged at $1,290.12 per ounce (0037GMT)
  • US gold futures steady at $1,289.50 per ounce

Grains

  • Soybean prices edge up, set for third straight weekly fall
  • Most active CBOT wheat futures up 0.5 pct at $4.99-3/4 per bushel (0131GMT)
  • Most active corn futures up 0.1 pct at $3.95-3/4 per bushel
  • Most active soybean futures up 0.8 pct at $10.02-1/2 per bushel
  • Most active rice futures unchanged at $12.50 per hundredweight

Soft commodities (17 May)

  • Cocoa futures drop over 3 pct as investors pile out, raw sugar retreats
  • ICE July New York cocoa settled down 3.3 pct at $2,639 per tonne
  • ICE July London cocoa settled down 2.1 pct at £1,856 per tonne
  • ICE July raw sugar settled down 0.4 pct at 11.56 cents per lb
  • ICE August white sugar settled up 1.3 pct at $326.70 per tonne
  • July robusta coffee settled up 0.8 pct at $1,750 per tonne
  • July arabica coffee settled up 0.5 pct at $1.179 per lb

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

  • Egypt’s Sisi orders Gaza border opened for Ramadan – Twitter account
  • IMF to approve payment of further $2 bln to Egypt – statement
  • Ghana to award nine new oil blocks off west coast – energy ministry
  • Fear casts shadow over Burundi vote on extending president’s rule
  • Zimbabwe lithium excites but projects face funding hurdle
  • Angola passes new law scrapping need for local investment partner
  • Ghana’s cocobod says ABN AMRO, Bank of China, others to arrange $1.3 bln loan
  • Ghana sells 749.9 mln cedis ($162.66 mln) worth of 3-yr domestic bond at 16.25 pct yield
  • AfDB approves $100 mln loan for Nigeria’s Indorama Eleme
  • Congo and WHO race to prevent runaway Ebola outbreak
  • Eritrea ‘poison pill’ complicates miner Lundin’s aspirations – sources
  • Regional court to judge Sierra Leone schools ban for pregnant girls
  • Africa Crude – Shell declares Bonny force majeure, but no lift yet to diffs
  • Death toll from listeria outbreak in South Africa rises to more than 200
  • Fitch rates Ghana’s USD Notes ‘B’
  • Yields on Kenya’s 182-day t-bill dips at auction
  • Fitch affirms Nigeria at ‘B+’; outlook negative
  • Fitch says Gabon politics uncertainty may have limited reform impact
  • Africa FX weekahead: Ghana, Zambia currencies to weaken, others to remain steady
  • Mauritius 2017 unemployment falls to lowest since 2008
  • UN staff on way to Congo to get experimental Ebola vaccine
  • Mauritius offers 4-yr central bank notes worth 2.5 bln rupees
  • Egypt c.bank keeps main interest rates unchanged – statement
  • China to help Uganda build nuclear power plants
  • South African drugmaker Aspen secures 3.4 billion euro credit line
  • UN deploys more peacekeepers to South Sudan’s Unity State
  • Nigeria’s Bonny Light crude deliveries delayed – traders
  • Egypt’s GDP growth for Q3 of 2017/18 fiscal year at 5.4 pct
  • WHO calls emergency meeting on Congo’s Ebola outbreak
  • China’s Jinchuan Int’l to double African copper, cobalt output – exec
  • African cities pledge to cut climate emissions to zero by 2050
  • Egypt’s military kills 19, arrests 20 in Sinai operation
  • Gunmen kill Ethiopia country manager of Nigeria’s Dangote
  • Tanzanite miner gets bill as Tanzania cracks down on lost mineral revenues

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

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