#Africa #Markets | 21 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • US stock futures jump after Mnuchin says trade war “on hold”
  • US stock futures up 0.6 pct, bond futures fall
  • Asian stocks tentative, Nikkei ticks up slightly
  • Trade war truce seen as positive for risk sentiment
  • Oil up after Venezuelan election

Oil Markets

  • Oil prices rise with global markets after China, US put trade war ‘on hold’
  • US, China drop tariff threats amid work on wider agreement
  • Oil markets tight amid OPEC-cuts, looming US sanctions vs Iran
  • Plunging output in Venezuela also a market concern
  • But surge in US production counters supply shortfalls
  • Brent crude futures up 0.5 pct at $78.87 per barrel (0045GMT)
  • US WTI crude futures up 0.6 pct at $71.68 a barrel

Precious metals

  • Gold slips as US-China trade war put ‘on hold’
  • Spot gold down 0.2 pct at $1,289.30 per ounce (0059GMT)
  • US gold futures for June delivery down 0.2 pct at $1,289.20 per ounce


  • US soybeans jump 2 pct at US-China trade deal
  • Most active CBOT wheat futures up 1.2 pct at $5.24-1/4 per bushel (0030GMT)
  • Most active corn futures up 1.1 pct at $4.06-3/4 per bushel
  • Most active soybean futures up 2.2 pct at $10.20-3/4 per bushel
  • Most active rice futures up 0.3 pct at $12.36 per hundredweight

Soft commodities (18 May)

  • Cocoa rebounds from multi-week lows on fund buying
  • July New York cocoa settled up 1.5 pct at $2,678 per tonne
  • July London cocoa settled up 1.4 pct at £1,882 per tonne
  • July raw sugar settled up 0.9 pct at 11.66 cents per lb
  • August white sugar settled up 1.1 pct at $330.20 per tonne
  • July robusta coffee settled up 0.7 pct at $1,762 per tonne
  • July arabica coffee settled up 0.1 pct at $1.18 per lb

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

  • Nigeria Q1 2018 GDP data expected [fcst. 3.1% yy, prev. 1.9%]
  • AfDB Meetings start in Busan, South Korea, today (21-25 May)
  • South Africa’s Ramaphosa to unveil Thuma Mina pledge today [Essentially about service delivery]
  • South Africa’s ruling ANC to brief media on outcome of land summit over the weekend

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

  • Intrepid Mines updates on Zambian ministry of mines and minerals development’s approval
  • Boat adrift with two dozen African migrants rescued off Brazil coast
  • Unemployed threaten Libya oilfields feeding Es Sider; production normal
  • Libyan youth group will shut oilfields unless demands met – statement
  • Congo to begin Ebola vaccinations on Monday
  • Egyptian television series prompts Sudanese protest
  • Thousands of Moroccans protest against US Jerusalem embassy move
  • Riyadh to release Saudi-Ethiopian tycoon detained in anti-graft swoop – Ethiopia PM
  • Comoros ex-president says govt actions endangering democracy
  • Egypt gets bids for coal-fired power plant, to announce winner next week
  • Kenyan investigators to question more than 40 people over ‘massive theft’
  • In Congo city where Ebola resides, fear but not panic
  • From camels to catfish, Algeria boosts fish farming in the Sahara desert
  • Egypt detains socialist activist, lawyers say
  • Saudi Arabia releases 1,000 Ethiopian prisoners
  • Comoros ex-president under house arrest after probe of passport scheme
  • Kenya oil production on course after agreement on revenue share
  • Congo’s Ebola not an international emergency, can be controlled – WHO
  • Congo northwest city Mbandaka confirms 3 new Ebola cases
  • Ebola experts from US Centres for Disease Control ready to go to Congo
  • Nigeria central bank injects $293 mln into currency market
  • Ghana’s 91-day bill yield eases to 13.34 pct
  • Malawi says World Bank, EU to unlock suspended budget aid
  • Egypt’s Sisi orders Gaza border opened for Ramadan, Palestinians travel
  • South Africa’s rand tumbles to 5-mth low, stocks led down by banking
  • US accuses Cameroon of ‘targeted killings’ of Anglophones
  • Africa Crude – Under pressure, despite Nigerian outages
  • WHO expects to get approval to use Zmapp Ebola drug in Congo
  • Golar’s Cameroon LNG project ships first cargo – sources, data
  • South Africa’s Eskom evacuates Kusile contractors after protest
  • Steinhoff flags H1 loss as restructuring wipes out sales again
  • Malawi GDP to grow 4.1 pct this year – finance minister
  • Mali’s gold revenues rise 23 pct in 2017
  • Algeria’s Islamist opposition urges national consensus on economic reform
  • Uganda invites bids for $1 billion expressway
  • South Africa’s 3-mth t-bill average yield rises to 7.15 pct
  • Bank of Kigali plans to list shares on Nairobi bourse
  • Export earnings, remittances support Ugandan shilling
  • Yields mostly fall at undersubscribed South African CPI-linked bond auction
  • Zimbabwe mines need $11 billion investment to modernise
  • At least 15 killed during Burundi referendum campaign – rights group
  • Zimbabwe will not require foreign mining companies to list locally
  • Zimbabwe lithium excites but projects face funding hurdle
  • Kenyan university lecturers end strike over low pay

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

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