#Africa #Markets | 13 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks step back as investors brace for Fed
  • Asia ex-Japan dips, Nikkei posts slim gains
  • Fed rate hike priced in, focus on pace of future tightening

Oil Markets

  • Oil prices fall on prospect of rising supplies
  • Many analysts expect OPEC, Russia to gradually increase output
  • OPEC, non-OPEC producers due to meet on June 22 in Vienna
  • Output from top 3 producers has been rising recently
  • Brent crude futures down 0.5 pct at $75.49 per barrel (0005GMT)
  • US WTI crude futures down 0.7 pct at $65.92 a barrel

Precious metals

  • Gold trades little changed ahead of Fed decision
  • Spot gold nearly unchanged at $1,295.22 per ounce (0051GMT)
  • US gold futures for August delivery 0.1 pct lower at $1,298.80 per ounce

Grains

  • Wheat prices hit 2-wk high as USDA lowers Russian forecast
  • Most active CBOT wheat futures up 0.2 pct at $5.35-3/4 per bushel (0034GMT)
  • Most active corn futures up 0.1 pct at $3.78 per bushel
  • Most active soybean futures up 0.1 pct at $9.55-1/4 per bushel
  • Most active rice futures down nearly unchanged at $11.92 per hundredweight

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

  • South Africa retail sales data for Apr-18 due [fcst. 4.0% yy, prev. 4.8%]
  • Nigeria inflation data for May-18 expected [fcst. 11.2% yy, prev. 12.5%]
  • Namibia interest rate decision expected [fcst. 6.75%, prev. 6.75%]

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

  • US official eyes Israel’s Egypt border for Mexico wall ideas – radio
  • “We are still at war” with Ebola – WHO chief
  • UK issues travel warning after Mozambique attacks
  • Congo’s Bemba ordered released after war crimes acquittal
  • Congo President Kabila will not seek third term – DRC PM
  • Africa Crude – Ample supply keeps lid on market
  • Kenya’s Nairobi looks for new water to ease its growing thirst
  • US Navy recovered 12 bodies, 41 survivors from migrant boat off Libya – charity
  • Egypt cuts electricity subsidies, raises prices by avg of 26 pct for FY 2018-19; in latest austerity move
  • More creditors give South Africa’s Steinhoff breathing space
  • IMF says South Africa should spell out land reform plans to remove uncertainty
  • African Trade Insurance sees annual portfolio doubling to $7 bln in 2022
  • Crews on South Africa’s armoured vans stage protest over heists
  • Uganda’s president, police vow crackdown after killing of MP
  • Nigeria thwarts World Cup child trafficking plot at airport
  • Uganda central bank holds key lending rate at 9.0 pct
  • Kenyan shilling edges down on liquidity surge, dollar demand
  • Madagascar’s president names consensus cabinet, promises fair election
  • Death toll rises to four at South Africa’s Sibanye mine
  • South Africa’s rand near 6-mth low as dollar rises

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

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