#Africa #Markets | 28 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Oil sinks while stocks gain on North Korea, euro shaken by Italy
  • S&P 500 futures up 0.4 pct, South Korea up 0.7 pct
  • Investors relieved Trump and Kim in talks to hold June 12 summit
  • Euro off low but vulnerable to political worries in Italy, Spain
  • WTI hits 6-week low on expectations OPEC will ease output curbs

Oil Markets

  • Oil prices fall as supply from top 3 producers set to rise
  • Saudi Arabia, Russia set to raise supplies by 1 million bpd
  • US output has surged by over 27 pct in two years
  • But climbing supply from top producers comes amid record demand
  • Brent crude futures down 0.6 pct at $76.02 per barrel (0016GMT)
  • US WTI crude futures down 0.8 pct at $67.36 per barrel

Grains (25 May)

  • Wheat up almost 5 percent at end of last week, near 10-mth high
  • Dry weather threatens crops in US, other wheat areas
  • Soybeans rose after China book export purchases
  • CBOT July wheat futures rose 2.4 pct to $5.43 a bushel, gaining 4.8 pct for the week
  • CBOT July corn futures rose 1-3/4 cents to $4.06 a bushel to gain 0.9 pct for the week
  • CBOT July soybean futures rose 5-3/4 cents to $10.41-1/2 a bushel to end week up 4.1 pct

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

  • South Africa aims for ‘zero carbon’ buildings in green push
  • Labelled sorcerers, Cameroon children with sickle-cell disease face death
  • Anti-corruption group says Nigeria expanding use of opaque $670 mln “slush fund”
  • US proposes UN sanctions against six senior South Sudan officials – draft
  • Egypt’s top administrative court permits wheat with trace levels of ergot
  • Guinea’s president reshuffles govt as he faces strikes, civil unrest
  • South Africa’s opposition rejects report that party will split
  • Egypt detains prominent opposition leader, former Sisi supporter – sources
  • Libyan rivals set for crunch Paris talks to break political deadlock
  • Dozens killed in Cameroon’s restive Anglophone region
  • China wins back Burkina Faso, urges Taiwan’s last African ally to follow
  • Ethiopia pardons senior opposition leader sentenced to death
  • China, Burkina Faso sign agreement to establish diplomatic ties
  • Kenya moves to regulate fintech-fuelled lending craze
  • East African migrants escape from captors in Libyan smuggling hub
  • Cameroon court convicts Anglophone activists of rebellion and terrorism
  • South Africa’s Treasury says escaping “junk” a top priority
  • S&P affirms South Africa rating, keeps stable outlook
  • Africa Crude – Fresh Angolan on offer, Pertamina mops up some Nigerian
  • Ivory Coast needs over $1 bln for reforestation strategy
  • Kenyan filmmakers rise up against “archaic” 1960s restrictions
  • Nigeria’s Trans Ramos pipeline shut for past month due to leaks
  • South Africa’s Ramaphosa authorises graft probe into government departments
  • Germany’s ATON raises bid for South Africa’s Murray & Roberts, ups stake to 44 pct
  • Sierra Leone president to push review of mining law, contracts
  • Fear and suspicion hinder Congo medics in ebola battle
  • Algerian blogger accused of espionage sentenced to 10 years in prison
  • Botswana court backs regulator’s push for lower mobile call rates
  • South Africa investigates $80 million bitcoin scam
  • South Korean refiners replace Mideast crudes with US, Africa supply
  • Dozens killed in clashes between two Somali regions in land dispute
  • Kenyan shilling expected to weaken due to demand from companies

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

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