#Africa #Markets | 28 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian markets cheer US-Mexico trade deal
  • MSCI ex-Japan up 0.6 pct, Nikkei jumps 0.7 pct
  • US, Mexico reach NAFTA deal, turn up pressure on Canada
  • Analysts treating the risk rally with caution
  • Some major currencies rally against the dollar

Oil Markets

  • Oil rise on expectations of tightening market
  • OPEC still cutting back more output than it agreed to
  • IEA warns of further production falls in Venezuela
  • Venezuelan crude exports have halved to below 1 mln bpd
  • US sanctions to target Iran’s oil sector from November
  • Brent crude futures up 0.4 pct at $76.51 per barrel (0037GMT)
  • US WTI crude futures up 0.4 pct at $69.11 per barrel

Precious metals

  • Gold prices steady as dollar sags on US-Mexico trade deal
  • Spot gold steady at $1,211.31 an ounce (0047GMT)
  • US gold futures up 0.2 pct at $1,217.90 an ounce

Grains

  • Corn prices ease as ample global supply drags
  • Most active CBOT wheat futures up 0.1 pct at $5.23 per bushel (0113GMT)
  • Most active corn futures down 0.2 pct at $3.60-3/4 per bushel
  • Most active soy futures unchanged at $8.48-1/4 per bushel
  • Most active rice futures unchanged at $10.51 per hundredweight

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

  • UK’s Theresa May in South Africa today for state visit; to visit Nigeria and Kenya subsequently
  • South Africa’s EFF & Malema to hold press conference on myriad issues
  • South Africa’s DA & Maimane to hold press conference; on NMB council, etc
  • Africa-Singapore Business Forum starts in Singapore; 28-29 Aug
  • South Africa’s state capture inquiry continues today; former ANC MP Mentor to continue testimony

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

  • Algeria’s Bouteflika in Geneva for medical tests – presidency
  • France says it kills top Islamic State official in Mali operation
  • Egyptian movement calls for release of opposition figures
  • Ethiopia arrests disgraced regional boss accused of rights abuses
  • Liberia set to secure ancestral land rights with long-waited law
  • South Africa connection charges could trigger job cuts – Telkom CEO
  • Ugandan court grants bail to lawmakers charged with treason
  • Egyptian security forces kill five suspected militants in shootout
  • South Africa scraps nuclear power expansion plans until 2030 – energy min
  • Ethiopia ousts state firm from Nile dam project after construction delays
  • Congo trial over killings of UN experts resumes after long suspension
  • Nigerian economy loses momentum in Q2 as oil sector contracts
  • Kenyan shilling steady, remittance inflows meet importer dollar demand

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

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