#Africa #Markets | 21 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares edge ahead, oil subdued before OPEC meeting
  • Asia markets make tentative gains, await news on trade
  • Growing talk of China stimulus underpins sentiment
  • Dollar index holds near 11-mth top, yen eases
  • Oil wary ahead of OPEC meeting on risk of expanded supply

Oil Markets

  • Oil prices dip as Iran signals support for small OPEC supply increase
  • OPEC to meet in Vienna on June 22 to agree output policy
  • Iran previously resisted any OPEC output rise
  • Supply rise would come along amid strong demand
  • US refinery runs hit record, crude stocks decline
  • Brent crude futures down 0.3 pct at $74.55 per barrel (0040GMT)
  • US WTI crude futures down 8 cents at $65.63 a barrel

Precious metals

  • Gold prices inch up, but firm dollar limits gains
  • Spot gold up 0.1 pct at $1,269.05 per ounce (0055GMT)
  • US gold futures for August delivery down 0.3 pct at $1,271.30 per ounce


  • Wheat up for second day on supply concerns, bargain-buying
  • Most active CBOT wheat futures up 0.1 pct at $4.88-3/4 per bushel (0037GMT)
  • Most active corn futures down 0.2 pct at $3.53-1/2 per bushel
  • Most active soybean futures up 0.1 pct at $8.90-1/2 a bushel
  • Most active rice futures unchanged at $12.65 per hundredweight

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

  • Kenya’s Kenyatta in Addis today for South Sudan talks under aegis of IGAD
  • Nigeria’s budget minister to make public presentation of 2018 budget highlights
  • South Africa’s Ramaphosa to address launch of “Indlulamithi South African Scenarios towards 2030”
  • South Africa Q1-18 current account data due [fcst. -2.4% of GDP, prev. -2.5%]

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

  • Dubai’s Abraaj sells LATAM, Africa businesses to Colony Capital
  • US strongly condemns attacks on Libyan oil ports – State Dept
  • Suicide bomber kills 4 east Libyan security force members – spokesman
  • Sanctions-hit Rusal restarts alumina refinery in Guinea – minister
  • South Sudan’s president and rebel leader meet for peace talks
  • Separatists have killed 84 troops since Sept. 2017 – Cameroon
  • Ugandan president unveils measures to curb crime wave, criticises police
  • Africa Crude – Traders await tender results, Nigerian supply
  • South Africa’s Basil Read applies for suspension of listing
  • Nigeria’s President Buhari signs off on record 2018 budget
  • Ten killed in collapse at Zambian copper mining dump
  • Eritrea welcomes Ethiopia’s olive branch, raising hopes of breakthrough
  • Zambia urges South African firms to invest in public projects
  • Egypt buys six of nine LNG cargoes via competitive tender – trade sources
  • South Africa’s rand recovers after soft CPI data, EM rebound
  • Avocado ‘green gold’ ripe and ready for South Africa’s farmers
  • Nigeria’s Buhari says concerned by lawmakers’ changes to 2018 budget
  • Kenyan shilling strengthens despite a surging dollar
  • Ebola outbreak in Congo “largely contained”, says WHO
  • S&P doesn’t see downside risks to South Africa’s sovereign rating
  • Libya has lost 450k bpd of oil output due to port clashes – NOC head
  • Uganda shilling extends losses on demand for dollars from banks, importers
  • Nigeria could borrow back its plundered Benin Bronzes – governor
  • South Africa’s CPI slows to 4.4 pct y/y in May

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

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