#Africa #Markets | 14 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares down on Fed hike, Sino-US trade anxiety
  • Fed raised rates as expected, sees 2 more rate hikes this year
  • Concerns about US-China trade war cast shadow
  • Dollar quickly loses steam after jump on Fed, focus on ECB

Oil Markets

  • Oil prices fall as US crude production hits another record
  • US crude output hits record 10.9 mbpd
  • OPEC, Russia also expected to gradually increase production
  • But rising supplies come amid record demand
  • Brent crude futures down 0.4 pct at $76.46 per barrel (0046GMT)
  • US WTI crude futures down 6 cents at $66.58 a barrel

Precious metals

  • Gold slips as Fed signals two more rate raises
  • Spot gold down 0.1 pct to $1,298.61 per ounce (0047GMT)
  • US gold futures for August delivery up 0.1 pct at $1,302.60 per ounce

Grains

  • Soybeans hit 10-mth low on worries over US-China ties
  • Most active CBOT wheat futures down 1.4 pct at $5.09-1/2 per bushel (0144GMT)
  • Most active corn futures down 1.1 pct at $3.71-3/4 a bushel
  • Most active soybean futures down 0.3 pct at $9.33-1/2 a bushel
  • Most active rice futures up 0.4 pct at $12.14 per hundredweight

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

  • Kenya’s 2018/19 budget statement today
  • South African unions to continue protests at Eskom plants
  • World Cup kicks off in Russia
  • South Africa mining production data for Apr-18 due [fcst. 0.2% yy, prev. -8.4%]

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

  • Nigeria inflation dips to lowest (11.61 pct) in more than two years in May
  • South African rand recovers after 4-day losing streak; stocks inch up
  • Tunisia raises interest rates by 100 bps to 6.75 pct
  • South African power supply hit by protests at Eskom plants
  • Soccer-Failure to get united African vote proves costly for Morocco
  • Kenya’s top prosecutor says anti-graft body’s evidence too weak to prosecute
  • Kenya small business payments boost from CBA-fintech tie-up
  • More creditors give South Africa’s Steinhoff breathing space
  • Kenyan lawmaker proposes bill to ban unprocessed coffee exports
  • South Sudan rebel leader to attend talks with president in Addis
  • Not all Eskom power stations operating at full strength
  • China’s CNOOC sees Ugandan oil production starting in 2021
  • Egyptian Electricity Holding signs $900 million syndicated loan – sources
  • Ugandan shilling weakeans to new low on elevated demand
  • Egypt says will “oblige” FIFA to let it broadcast World Cup games
  • South Africa’s retail sales up 0.5 pct y/y in April
  • France says aware of migration burden on Italy, signal leaders still to meet
  • “Shameful” handling of migrant ship shows need for EU asylum reform – UN
  • Kenya’s Centum to finalise power plant funding this year
  • South Africa’s Q2 business confidence falls 6 points to 39
  • South Africa’s Sea Harvest to buy Viking Fishing assets for $66 mln
  • Kenyan shilling steady on inflows, thin dollar demand
  • Tharisa deepens Zimbabwe exposure with platinum deal
  • South Africa’s Steinhoff Dutch shareholders file lawsuit against Deloitte
  • South Africa’s MTN aims to launch mobile service in Namibia around August

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

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