#Africa #Markets | 30 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks retreat; weakness in China outweighs NAFTA trade optimism
  • MSCI Asia-Pacific index down 0.3 pct, Nikkei up 0.05 pct
  • Spreadbetters expect mixed open for European stocks
  • China stocks drop amid lingering trade woes, dampens sentiment
  • Dollar sags, pound stands tall as ‘hard Brexit’ fears recede
  • Oil prices extend overnight rally

Oil Markets

  • Oil prices edge up on decline in US fuel inventories, looming Iran sanctions
  • Global oil markets to tighten towards end of 2018 – IEA
  • Brent crude oil futures up 7 cents at $77.21 per barrel (0114GMT)
  • US WTI crude futures up 14 cents at $69.65 a barrel

Precious metals

  • Gold steady as dollar dips; rate hike expectations cap gains
  • Spot gold largely unchanged at $1,205.58 an ounce (0028GMT)
  • US gold futures mostly steady at $1,211.82 an ounce

Grains

  • Wheat adds to steep rise on fears Russia may limit exports
  • Most active CBOT wheat futures up 0.9 pct at $5.46-3/4 per bushel (0138GMT)
  • Most active corn futures up 0.6 pct at $3.58-1/2 per bushel
  • Most active soy futures up 0.4 pct at $8.39-1/4 per bushel
  • Most active rice futures down 0.1 pct at $10.85 per bushel

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

  • UK’s Theresa May expected in Kenya today; after stops in South Africa and Nigeria
  • Germany’s Angela Merkel expected in Ghana today; arrived Senegal yesterday
  • South Africa’s state capture inquiry continues
  • South Africa producer inflation data for July due [fcst. 5.9% yy, prev. 5.9%]

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

  • South Africa’s credit demand growth slows to 5.41 pct in July
  • South Africa union signs wage agreement with state utility Eskom
  • Nigeria’s presidency rebuffs landmark oil reform bill in current form
  • Africa’s forests at risk if indigenous ‘rebels’ excluded – experts
  • Nigeria central bank orders MTN, banks to bring back $8.1 bln sent abroad
  • Nigeria vice president sees economy picking up after sluggish Q2
  • Worker strike halts operations at AngloGold’s Guinea mine
  • UK’s May on African tour, urges Nigeria to tap City of London expertise
  • Africa Crude – Demand flourishes for Nigerian Qua; IOC seeks October crude
  • South African unions declare dispute over wage talks with gold firms
  • Construction begins at Botswana’s first privately-owned coal mine
  • Mini power grids bring promise of jobs to rural Nigerians – report
  • At least 2 killed as foreign shop owners attacked in Soweto – South African police
  • Egypt says 20 suspected militants killed in western desert, Sinai
  • Zimbabwe’s Mnangagwa names team to probe soldiers role in post-election violence
  • South Africa’s rand slides as risk sentiment wavers, stocks rise
  • Hundreds of migrants trapped in detention centres in Libya capital after clashes
  • UK’s May pledges to help Nigeria get tougher on human trafficking
  • Two South African malls reopen after bomb threats
  • Steinhoff offer loans to Brazil farmers preserving land
  • Spain defends hard line on North African border immigration
  • Germany returns skulls from colonial-era massacre to Namibia
  • Egypt’s toursim revenue jumps 77 pct in first half – govt official
  • Trading suspension in Kenya’s ARM Cment extended
  • Congo ebola outbreak not yet stabilised – WHO chief
  • Kenyan court temporarily halts criminal action against deputy chief justice
  • South Africa launches electronic trading platform for govt bonds
  • Nigeria’s NNPC to conduct feasibility study for oil refinery
  • Milking it: solar coolers heat up earnings for Kenya’s dairy farmers
  • South Africa’s Adcock calls for medicine price hike as weaker rand bites
  • Kenya Airways expects better second half after H1 pretax losses narrow
  • As Nigeria elections loom, refugees ordered back to unsafe region
  • US air strike kills 3 al Shabaab militants – statement
  • “Ghetto President” shakes up Ugandan politics
  • South African farmers play chicken with Trump tariffs
  • Five soldiers killed in northern Kenya – military
  • Uganda shilling steady, interbank demand pressure eyed
  • Kenyan shilling edges down on end month demand
  • Steinhoff ex-CEO to appear in parliament next week over accounting scandal

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

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