#Africa #Markets | 12 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks, commodities consolidate after latest trade war jolt
  • MSCI Asia-Pacific index gains 0.05 pct, Nikkei bounces 1.1 pct
  • Asian markets consolidate after previous day’s big tumble
  • Dollar stands tall amid trade fears, hits 6-mth high vs yen
  • Oil, copper rebound modestly

Oil Markets

  • Brent oil gains $1 to claw back some losses
  • Brent crude up 1.3 pct at $74.36 per barrel (0102GMT)
  • US WTI crude futures up 0.3 pct at $70.59

Precious metals (11 Jul)

  • Gold falls as threat of more tariffs on China boosts dollar
  • Spot gold gained 0.9 pct at $1,243.57 per ounce (1734GMT)
  • US gold futures for August delivery settled down 0.9 pct at $1,244.40 per ounce

Grains

  • Soybeans steady after steep fall on US-China trade fears
  • Most active CBOT wheat futures up 1 pct at $4.76-1/4 per bushel
  • Most active corn futures up 0.9 pct at $3.56-1/4 per bushel
  • Most active soy futures up 0.6 pct at $8.53-1/2 per bushel
  • Most active rice futures unchanged at $11.89 per hundredweight

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

  • 17th AGOA Forum concludes today in Washington DC (9-12 July)
  • Afreximbank annual meetings continue in Abuja (11-14 July)
  • South Africa’s Ramaphosa continues 3-nation visit; was in Nigeria yesterday, in Saudi Arabia today, UAE tomorrow
  • Nigeria’s Osinbajo in US on working visit promoting country’s innovation & creative sectors; visited Silicon Valley, Hollywood already

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

  • Nigeria’s President Buhari says will soon sign up to African free trade agreement
  • Congo accuses Uganda of killing 12 fishermen in border dispute
  • Africa Crude – IOC clears some cargoes
  • Oil plunges on Libya reopening ports, trade tensions
  • Kenya ride hailing taxi drivers reach deal for higher fares after week of strike
  • Ebola survivors suffer severe mental and neurological problems
  • South Africa’s rand ends winning streak on trade war fears
  • Ivory Coast’s Ouattara downplays political rift as new govt meets
  • Steinhoff in talks with creditors over deal to delay debt claims
  • Uganda police use tear gas to disperse protest against social media taxes
  • Steinhoff says makes progress with creditors over restructuring
  • Ethiopia says re-opening roads to Eritrea’s Red Sea ports a priority
  • South Africa’s Woolworths recalls frozen savoury rice product amid listeria outbreak in Europe
  • Barclays Africa returns to its South African roots with Absa rebranding
  • Eleven suspected militants killed in Egypt’s Sinai shootout – agency
  • Zimbabwe opposition marches on electoral agency to demand reforms
  • Glencore to cooperate with US corruption investigation
  • Uganda shilling firms due to tight liquidity, low dollar demand
  • Kenyan shilling holds steady against the dollar
  • Libyan NOC announces reopening of export terminals

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

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