#Africa #Markets | 20 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks unnerved by yuan slide, heightened trade war fears
  • MSCI Asia-Pacific index choppy, Hang Seng down over 0.5 pct
  • Spreadbetters expect European stocks to open lower
  • China state banks seen buying yuan after its fall to 1-yr low
  • Dollar sags after Trump shows displeasure towards Fed’s hikes

Oil Markets

  • Oil prices rise as concerns about oversupply ease
  • Brent up 0.3 pct at $72.80 (0034GMT)
  • US WTI crude futures up 0.7 pct at $69.97 per barrel

Precious metals

  • Gold prices slip for 6th session as dollar trades near 1-yr high
  • Spot gold down 0.3 pct at $1,218.72 an ounce (0352GMT), may test support at $1,204.45/oz
  • US gold futures down 0.5 pct at $1,218.30/oz

Grains

  • Corn set for biggest weekly gain in almost 3 months on strong demand
  • Most active CBOT corn contract up 3.1 pct for the week, the most since week ending 27 Apr
  • Most active soybeans gained 3.6 pct for the week, their biggest since 25 May
  • Most active wheat futures up 1.8 pct for the week, recouping some of last week’s deep losses

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

  • Mozambique president Filipe Nyusi in Rwanda for 3-day visit; arrived Kigali yesterday (19 July)
  • South Korean prime minister Lee Nak-Yeon in Kenya for 2-day visit; arrived Nairobi yesterday (19 July)
  • Key focus on China’s Xi trip across the African continent; in South Africa on 24 July for BRICS summit

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

  • Congo’s Kabila says election on track but stays mum on own future
  • US judge sets plea change for Algerian who recruited ‘Jihad Jane’
  • Investor group opposes General Electric plans for Kenyan power plant
  • US lets Somali immigrants stay 18 more months
  • North Korea, Eritrea have world’s highest rates of modern slavery – report
  • Mystery Egypt sarcophagus found not to house Alexander the Great’s remains
  • Africa Crude – Angolan crude sells quickly due to open arbitrage
  • South Africa’s rand retreats after lending rate unchanged, stocks steady
  • South Africa cenbank holds rates; sees inflation up, growth down
  • Guinea’s mining minister says there will be Simandou deal, talks go on
  • Egypt’s EFG-Hermes to buy Nigerian broker in frontier market push
  • Nigeria Wema Bank to sell 20 bln naira debt to boost capital ratio
  • Saudi oil exports to drop by about 100,000bpd in Aug – OPEC governor
  • Senegal convicts 13 for attempt to establish jihadist cell
  • Italian PM calls for EU body to coordinate migrant arrivals
  • Ethiopian Airlines says it is in talks for stake in Eritrean Airlines
  • As Sudan currency continues descent, inflation hits 64 pct in June
  • Cameroon arrests four soldiers suspected of executing women and children
  • South African reserve bank leaves repo rate unchanged at 6.5 pct
  • Ghana introduces higher income tax band to shore up revenue
  • Amid Kabila stand-off, Congo parliament extends privileges to former presidents
  • Kenyan shilling seen on back foot, others steady; in week ahead
  • Nigeria to need up to $300 mln for new national carrier – document
  • Freed Mauritanian anti-slavery activists vow to keep fighting
  • Uganda shilling a touch firmer as banks pare positions
  • Eritrean troops withdraw from Ethiopian border – Eritrean press agency
  • Zambia to share data on austerity measures with IMF – finmin
  • Ethiopian Airlines says in talks with to purchase stake in Eritrean Airlines
  • South African pharmacy Dis-Chem bolstered by solid sales growth in March-June
  • Steinhoff says around 90 pct of creditors support debt lock-up
  • Kenyan shilling weakens, undercut by oil importer demand
  • South Sudan’s Kiir says ready to accept peace deal
  • Kenyan court temporarily suspends “Robin Hood” tax on bank transfers
  • Namibia nets $218 million loan from African Development Bank
  • Ango American reports 6 pct rise in Q2 output
  • Alphabet to deploy balloon internet in Kenya with Telkom in 2019
  • Ethiopia appoints ambassador to Eritrea – Fana TV 

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

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