#Africa #Markets | 11 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks edge up after G7 summit; c.bank meetings eyed
  • MSCI Asia-Pacific index up 0.15 pct, Nikkei by 0.3 pct
  • Stocks manage to shake off earlier losses after divisive G7
  • Markets awaiting US-North Korea summit, Fed and ECB decisions
  • S&P 500 futures trim bulk of earlier losses, last down 0.1 pct

Oil Markets

  • Oil prices dip on rising supplies from US, Russia
  • US drilling activity at highest level since March 2015
  • Russian output hit 11.1 mbpd in early June – Interfax
  • JP Morgan expects rising non-OPEC output to weigh on crude prices
  • Brent crude futures down 0.1 pct at $76.37 per barrel (0010GMT)
  • US WTI crude futures down 0.2 pct at $65.62 a barrel

Precious metals

  • Gold ticks up as dollar softens ahead of key cenbank meetings
  • Spot gold up 0.1 pct at $1,299.30 per ounce (0339GMT)
  • US gold futures for August delivery up 0.1 pct at $1,303.40 per ounce


  • Wheat rises on production concerns, soybeans pressured by crop-friendly US weather
  • Most active CBOT wheat futures up 1.3 pct at $5.26-1/2 a bushel (0041GMT)
  • Most active corn futures up 0.1 pct at $3.78-1/4 a bushel
  • Most active soybean futures up 0.1 pct at $9.69-3/4 per bushel
  • Most active rice futures down 0.2 pct at $11.16 per hundredweight

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

  • Nigeria’s Buhari in Morocco for state visit; arrived on Sunday
  • All eyes on North Korea summit in Singapore; starting at 0000GMT

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

  • Morocco, Nigeria agree on next steps for offshore/onshore gas pipeline
  • ‘Leave now, pay later’ migration scams lure Somali teens to their deaths
  • Egypt, Ethiopia agree to settle difference over Nile mega-dam
  • Egypt’s inflation falls further in May to 11.4 pct, more than IMF prediction
  • South Africa’s finance minister warns of challenges as rand tumbles
  • Libyan officials look to foreign currency fees to tackle exchange rate – cenbank
  • Thousands rally in Kinshasa for video link with exiled Congo politician
  • Soccer – Nigeria coach takes issue with ‘lies’ in pre-World Cup coverage
  • Poets and models star at world’s first refugee camp TEDx event in Kenya
  • Congo mining code regulations signed into law – aides
  • South African police raid Bank of Baroda in corruption investigation
  • Soccer – Ghana football boss resigns after being banned by FIFA
  • OPEC likely to reject Iran request for discussion of US sanctions
  • Congo ex-vice president Bemba acquitted of war crimes on appeal
  • Glencore faces additional legal challenge over Congo mine
  • Ghana’s 91-day bill yield edges up to 13.30 pct
  • Congo govt says Jean Pierre Bemba has the right to return home
  • South Africa’s rand caps dramatic week at 6-mth low, stocks weak
  • WHO chief says ebola outbreak in Congo is stabilising
  • Egypt arrests leave few vocal critics of Sisi
  • Nigeria eyes $1.3 bln from asset sales this year
  • Africa Crude – West African crude under pressure due to unsold cargoes
  • Kenyan rights group urge end to police killings in slums
  • Germany, Belgium, South Africa, Dominican Republic, Indonesia elected to UN Security Council
  • Soccer-Ghana football boss banned for 90 days by FIFA
  • Sound Energy to build pipeline to commercialise Moroccan gas
  • Landmark UN Libya trafficking sanctions need tough follow-up – experts
  • Thousands of Malians rally against President Keita before election
  • South African police raid Bank of Baroda in corruption investigation
  • East Libyan forces detain rival commander in Derna, UN raises alarm
  • South Africa’s Zuma says corruption charges should be dropped
  • Angola’s net reserves rise to $14.615 billion in May
  • South Africa’s Murray & Roberts asks antitrust body to restrict ATON voting rights
  • Uganda central bank sells dollars to support shilling – traders
  • Kenyan shilling weaker, undercut by surge in importer demand
  • Ethiopia’s prime minister replaces security chiefs as part of reforms
  • South African rand slumps to near 6-mth low, bonds weaken

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

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