#Africa #Markets | 20 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks recover from earlier rout but trade war fears seen capping gains
  • Japan’s Nikkei up 0.1 pct, South Korea’s KOSPI up 1 pct
  • Shanghai Composite Index down 0.3 pct in early trading
  • Bitcoin down 1.8 pct at $6,614.39
  • S&P 500 futures, dollar against yen, largely flat

Oil Markets

  • Oil prices edge up on report of lower US crude inventories
  • Markets eyeing Jun. 22 OPEC meeting
  • Saudi Arabia, Russia pushing for modest output increase
  • Other OPEC-members like Iran resist increase in supply
  • Escalating US/China trade dispute keeps markets on edge
  • Brent crude futures up 0.3 pct at $75.30 per barrel (0008GMT)
  • US WTI crude futures up 0.4 pct at $65.34 a barrel

Precious metals

  • Gold holds steady amid firm dollar, stronger equities
  • Spot gold held steady at $1,273.82 an ounce (0054GMT)
  • US gold futures for August delivery down 0.2 pct at $1,276.10 per ounce


  • Soybeans struggle after hitting 10-yr low on US-China trade war
  • Most active CBOT wheat futures unchanged at $4.77-3/4 per bushel (0114GMT)
  • Most active corn futures down 0.1 pct at $3.53-1/4 per bushel
  • Most active soybean futures down 0.3 pct at $8.86-1/2 per bushel
  • Most active rice futures unchanged at $12.21 per hundredweight

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

  • South Sudan’s Kiir and rebel leader Machar to meet in Addis
  • South Africa inflation data for May-18 due [fcst. 4.6% yy, prev. 4.5%]
  • Nigeria’s Buhari to sign longsuffering 2018 budget today, cabinet cancelled

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

  • Morocco keeps benchmark interest rte unchanged at 2.25 pct
  • CAR minister says Boris Becker passport ‘fake’
  • Flooding kills at least 18 in Ivory Coast’s Abidjan – govt
  • Soccer-Senegal punish Poland errors to win 2-1 in Group H
  • South Africa’s Eskom offers 4.7 pct wage hike to unions
  • Morocco will be affected if trade dispute slows growth in Europe – central bank gov
  • South Africa’s rand at near 7-mth low on US-China trade war, stocks dip
  • Ethiopian Airlines eyes orders at Farnborough air show
  • Kenya opens up deals with private firms to public scrutiny
  • Libya port attack cut output by 400k bpd – NOC head
  • Africa Crude – Angolan crude exports to hit 2006 low in August
  • Storage tank at Libya’s Ras Lanuf oil port has collapsed – oil workers
  • Mali says some soldiers implicated after mass graves found
  • Italy wants EU border agency in Africa, not at sea
  • Forking out: Egyptians angered by new austerity after Eid feast
  • South African accounting body charges former Eskom CFO with misconduct
  • Nigeria’s Buhari to sign 2018 budget on Wednesday – presidency spokesman
  • Ugandan shilling weakens as commercial banks’ demand for dollars weighs
  • South Sudan civil war foes to meet in Ethiopia – Addis ministry
  • Total to start Uganda oil production in 2021 at the earliest
  • Suspects bailed in $100 mln Kenyan graft case
  • Kenyan shilling holds steady, seen trading in tight range
  • South Africa’s Murray & Roberts moves closer to Aveng tie-up
  • OPEC sees strong oil market, possible need for more output
  • Andarko Mozambique staff told not to leave LNG site – consultant
  • Attacks in northern Mozambique kill 39 since May – report
  • Turkey, South Africa CDS spike on trade war risk aversion
  • Egypt says to receive $2 bln IMF payment by end-July – newspaper
  • Saudi Aramco to supply Egytpian refineries for another 6 months – minister
  • South Africa’s rand falls to 6-1/2 month low as global trade war escalates

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

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