#Africa #Markets | 7 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Strong fundamentals support Asian shares, Euro, yields up after ECB comments
  • US stocks rally; Nasdaq sets fresh record high
  • Euro, bond yields jump after hawkish comments from ECB’s Praet
  • Oil futures recover after fall on surprise US stockpile build
  • G7, US-North Korea summit meetings also eyed

Oil Markets

  • Oil prices rise on Venezuelan supply troubles, but US output surges
  • PDVSA warns of force majeure as it struggles to meet obligations
  • Surging US crude output pulls WTI discount to Brent over $10/b
  • Brent crude futures up 0.4 pct at $75.69 a barrel (0101GMT)
  • US WTI crude up 0.6 pct at $65.11 a barrel

Precious metals

  • Gold inches up on weaker dollar
  • Spot gold up 0.1 pct at $1,296.91 per ounce (0124GMT)
  • US gold futures for August delivery nearly unchanged at $1,301.30 per ounce

Grains

  • Wheat prices jump more than 1 pct, hold near 1-wk top
  • Most active CBOT wheat futures up 1.2 pct at $5.26 per bushel (0031GMT)
  • Most active corn futures up 0.5 pct at $3.80-1/4 per bushel
  • Most active soybean futures unchanged at $9.94-1/4 per bushel
  • Most active rice futures down 1.1 pct at $11.43 per hundredweight

Soft commodities (6 Jun)

  • NY cocoa regains some ground, raw sugar also rises
  • July New York cocoa rose 0.9 pct at $2,310 a tonne at 1315GMT
  • July London cocoa rose 0.2 pct at £1,642 a tonne
  • July raw sugar up 1.2 pct at 12.16 cents per lb
  • August white sugar rose 0.9 pct at $346.70 a tonne
  • July arabica coffee dipped 0.1 pct at $1.1935 per lb
  • July robusta coffee unchanged at $1,747 a tonne
  • Farmers in Ivory Coast fear insufficient rainfall could still hamper remaining mid-crop

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

  • South Africa FX reserves data for May-18 expected [prev. $49.5B]
  • South Africa manufacturing production data for Apr-18 due [fcst. -1.1% yy, prev. -1.3%]

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

  • Soccer – Ghanaians in uproar at alleged soccer bribes documentary
  • Moroccan minister resigns over consumer boycott sympathy
  • Soccer – Egypt, Nigeria continue to splutter in World Cup warm-ups
  • Europe accused of failing migrants in Libya as human traffickers thrive
  • Tanzania charges telecoms executives with fraud in tax evasion crackdown
  • Nigeria recovers $98 mln with tax evasion amnesty – finance ministry
  • Steinhoff says get creditor support for two of its finance vehicles
  • UN says 46 Ethiopians drown en route to Yemen; 16 missing
  • Africa Crude – Diffs hold steady, but still too pricey, say traders
  • Ivory Coast artist makes sculptures from her own hair
  • US says it killed four IS militants in Libya strike
  • Sudan says it has cut all defence ties with North Korea
  • Kenya court suspends govt vetting of procurement officials
  • Uganda’s president Yoweri Museveni says to revive national airline
  • Nigeria March exports eased for first time in five months
  • Ethiopia’s PM says ending war, expanding economic links with Eritrea key for regional stability
  • World Court: Equatorial Guinea vs. France case may proceed
  • Egypt president Sisi pardons 712 prisoners
  • South Africa’s Seriti Resources interested in Optimum Coal as it looks to export
  • Zimbabwe’s Zimplats gives mining land to govt, ending dispute
  • Ethiopia loosens throttle on many key sectors, but privatisation still far off
  • Tunisia prime minister fires interior minister after migrant boat sinks
  • Africa’s largest fishing firm Oceana could lose fishing rights in Namibia
  • Tunisia sees sharp rise in boat migrants – ministry official
  • Kenya says five police officers killed in explosive device attack
  • South Africa’s Vodacom says interested in “attractive” Ethiopia
  • MTN says Ethiopia’s telecoms market “a natural fit” for South African firm
  • Angola to change diamond sector to attract investment – Lourenco
  • Uganda shilling weakens further as bank dollar demand weighs
  • South Africa’s business confidence index eases again in May
  • Kenya’s Mumias Sugar suspends CEO over ‘doubtful transactions’
  • Kenyan shilling steady amid high liquidity
  • Congo mining revenues triple in Q1; oil revenues down 11 pct
  • South Africa’s rand adds to losses after economy contracts
  • South Africa’s Harmony raises $82 mln via share sale
  • Ethiopia opens up telecoms, airline to private, foreign investors
  • South Sudan’s Sosywood: Coming soon to a screen near you?
  • Morocco’s Centrale Danone workers protest job losses due to boycott

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

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