#Africa #Markets | 3 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares falter, China under renewed pressure on trade war fears
  • Trade war concerns grow as July 6 deadline nears
  • China stocks hover near more than 2 year lows
  • Merkel says compromise reached on migration issue
  • RBA seen to keep rates steady at record low

Oil Markets

  • Oil rises as Libya declares force majeure on supplies, but demand slowdown looms
  • Market held back by rising OPEC output
  • High fuel prices, trade disputes are slowing down demand
  • Brent crude oil futures up 1 pct at $78.06 per barrel (0112GMT)
  • US WTI crude futures up 1 pct at $74.69 per barrel

Precious metals

  • Gold prices edge higher on softer dollar, trade worries
  • Spot gold up 0.1 pct at $1,242.23 an ounce (0044GMT)
  • US gold futures up 0.1 pct at $1,243.10 an ounce


  • Soybean prices edge up as USDA pegs condition of crop below forecasts
  • Most active CBOT wheat futures up 0.8 pct at $4.84 per bushel (0111GMT)
  • Most active corn futures up 0.7 pct at $3.49-1/4 per bushel
  • Most active soybean futures up 0.2 pct at $8.71 per bushel
  • Most active rice futures down 0.3 pct at $11.38 per hundredweight

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

  • Algeria independence day
  • France’s Macron in Lagos today; to visit Fela’s African Shrine

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

  • With refrigerated ATMs, camel milk business thrives in Kenya
  • IMF urges Egypt to maintain tight monetary policy to ward off inflation
  • Tanzania’s Magufuli reshuffles cabinet, sacks home affairs minister
  • Seven injured by road-side bomb in Somalia’s Mogadishu
  • Nigeria’s mortgage agency seeks approval for $1.4 bn debt programme
  • Outside the law: Nigerians turn to radio show for justice
  • Ivory Coast eyes biomass power generation from cocoa waste
  • Africa Crude – Plenty of offers surface for Angolan; Total snaps up Qua
  • Africa’s Ecobank plans dollar bond after investor meetings
  • Poor countries face $168 billion interest bill due to climate change
  • Egypt’s smartphone maker sees market share rising by 2020
  • South Africa’s rand falls amid global trade disputes; stocks down
  • Uganda levies unpopular social media tax, criticised by Amnesty
  • EMEA syndicated loans steady at US$478bn
  • South Sudan’s warring sides accuse each other of attacks, 18 killed
  • Algeria raises production at eastern Alrar gas field
  • Malawi opposition calls for president to resign over graft allegations
  • Deaths surpass 1,000 this year after surge in attempts to cross Mediterranean
  • Republic of Benin sounds out banks for debut bond
  • Uganda shilling unchanged amid slowdown in appetite for dollars
  • Trade woes, soft data fuels emerging markets selloff
  • South African manufacturing activity weakens again in June – PMI
  • Eni denies talk of major discovery in Egypt
  • Kenyan shilling holds firm against the dollar
  • South African rand starts week on back foot
  • Kenya takes a look into the unknown: its underground water reserves

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

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