#Africa #Markets | 24 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia slips after US-China trade talks end without progress, Powell eyed
  • MSCI Asia-Pacific index down 0.6 pct, Nikkei up 0.3 pct
  • Fed Powell’s Jackson Hole speech eyed for near-term cues
  • Dollar buoyant against major peers, hits 2-wk high vs yen
  • Aussie continues to struggle amid domestic political woes

Oil Markets

  • Oil markets muted as US-China trade war remains unresolved
  • Brent crude oil futures up 7 cents at $74.50 per barrel (0105GMT)
  • US WTI crude futures up 10 cents at $67.93 per barrel

Precious metals

  • Gold steady, but rate hike views could dampen appeal
  • Spot gold up 0.1 pct at $1,186.35 an ounce (0058GMT)
  • US gold futures down 0.1 pct at $1,192.40 an ounce

Grains

  • Wheat headed for worst week in 2 years on slow US exports
  • CBOT wheat for December delivery down 0.7 pct at $5.38-1/4 per bushel (0131GMT)
  • CBOT December corn flat at $3.61 a bushel
  • Chicago soybeans up 0.2 pct at $8.55-1/4 per bushel

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

  • Zimbabwe constitutional court to rule on opposition presidential election petition today
  • South Africa’s state capture commission hearings continue; star witness Mcebisi Jonas testimony at 0800GMT today
  • Nigeria Q2 2018 GDP data expected [fcst. 1.6% yy, prev. 1.9%]
  • South Africa’s Ramaphosa to address biodiversity conference in Limpopo tomorrow (25 Aug)

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

  • Seizing land would send South Africa down the wrong path – US
  • South Africa accuses Trump of stoking racial divisions after land policy tweet
  • Ghana opposition seeks IMF view on $2 bln Chinese Bauxite deal
  • South Africa summons US official over Trump tweet – source
  • Spain returns to Morocco migrants who stormed enclave fence
  • Sierra Leone wants more girls in school – but not if pregnant
  • Fed up with costly, dirty fuels, Nigerians switch to cleaner alternatives
  • Africa Crude – Nigerian surplus shrinks ahead of hefty October supply
  • Golar eyes more Africa FLNG projects after Hilli success
  • South Africa’s rand slips after Trump land reform tweet, stocks up
  • Egypt arrests leading Sisi political opponents – security sources
  • South Africa’s Massmart HY profit muted by weaker consumer spending
  • Sibanye-Stillwater eyes bullion assets after swinging to profit
  • Comoros ex-president says innocent of charges against him on passports scheme
  • Somalia’s first FGM prosecution ‘hampered’ by victim’s parents
  • Migrant boat sinks off Tunisia, at least five dead
  • Ugandan lawmaker remanded in custody on treason charges
  • South African watchdog approves Glencore’s bid for Chevron assets
  • Trump tweet “based on false information” – South African minister
  • Ugandan police detain two lawmakers for defying house arrest
  • Kenyan shilling steady, expected to ease on importer dollar demand
  • Detained Uganda lawmaker taken into civilian custody on new treason charges
  • South African court postpones culpable homicide case against Zuma’s son
  • South Africa’s Eskom expects to reduce staff by 15 pct in five years
  • Trump tweet won’t affect South Africa, US relations – cabinet minister
  • Gunmen attack checkpoint in western Libya, killing four
  • South Africa’s Woolworths FY profit down 17.7 pct, misses estimates

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

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