#Africa #Markets | 7 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares hit 14-mth lows, yen advances on trade jitters
  • Asia shares ex-Japan lowest since July last year
  • Tech sector hit by drop in chip stocks, social media
  • Fears new US tariffs on China could come at any time
  • Yen and Swiss franc in favour as safe harbours

Oil Markets

  • Oil prices climb as US crude inventories drop
  • US crude inventories fall to Feb-2015 low of 401.49 mln bbls
  • But diesel, gasoline stocks rise after lacklustre driving season
  • US crude oil production at 11 mln bbls per day
  • Brent crude futures up 0.2 pct at $76.62 a barrel (0056GMT)
  • US WTI crude futures up 0.2 pct at $67.90 per barrel

Precious metals

  • Gold up as dollar slips against yen on trade issues
  • Spot gold up 0.2 pct at $1,202.43 (0049GMT)
  • US gold futures up 0.3 pct at $1,207.60 an ounce

Grains

  • Wheat poised to end week 6 pct lower
  • Most active CBOT wheat futures down 0.1 pct at $5.13-1/2 per bushel (0148GMT)
  • Most active corn futures down 0.3 pct at $3.65-1/4 per bushel
  • Most active soy futures nearly unchanged at $8.39 per bushel
  • Most active rice futures unchanged at $10.88 per hundredweight

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

  • South Africa’s state capture inquiry continues
  • South Africa FX reserves data expected [prev. $50.5B]

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

  • NHC says 50 pct chance of cyclone off west coast of Africa
  • Zambia aims to limit fiscal deficit to 5.1 pct of GDP by 2021
  • US should suspend military aid to Uganda – lawyer for critic of Museveni
  • Djibouti, Eritrea agree to normalise ties strained since 2008
  • Rand firms after South African current account narrows sharply
  • Africa Crude – BP heavy bidder again for Nigerian crude, tenders awarded
  • Egypt to get $1 bln for basic goods from Islamic Bank – ministry
  • Nigeria central bank debits StanChart, Citi over MTN funds – sources
  • Ethiopia PM says China will restructure railway loan
  • Libya to reopen Tripoli airport on Friday – govt
  • Kenya court suspends 16 pct VAT on fuel amid protests
  • South Africa launches new probe into state contract with Germany’s SAP
  • Nestle to buy coffee from Zimbabwe in development push
  • MTN faces possible Moody’s downgrade after Nigeria’s cash demands
  • White unionised workers strike at Sasol plant over black share scheme
  • Libya’s National Oil Corp 2018 revenue already above last year’s
  • South Sudan soldiers sentenced to jail for murder, rape in 2016 hotel raid
  • Kenyan police apologises over arrest of Chinese journalists
  • Athletics-Kenyan officials cleared of extortion charges
  • Moody’s places South Africa’s MTN on review for downgrade
  • SAP says cooperating with South African probe of water ministry contract
  • Ramaphosa says South Africa to recover from recession soon
  • South Africa payments start-up Yoco raises $16 mln
  • Kenya cancels import licence for fuel dealers over strike
  • Gambia president tells China previous Taiwan ties a “huge mistake”
  • Uganda’s national oil firm, China’s CNOOC sign exploration deal
  • Ugandan shilling a touch firmer on charity dollar flows
  • China says African countries don’t think cooperation adds to debt
  • South Africa current account deficit narrows to 3.3 pct/GDP – c.bank
  • Moody’s says South Africa recession shock credit negative
  • Egypt to offer 4.5 pct stake in cigarette maker Eastern Company
  • South Sudan to pay damages to foreign aid workers raped in hotel raid
  • Ethiopia reopens embassy in Eritrea in further warming of ties
  • South Africa’s FirstRand FY profit up 12 pct, beats forecasts
  • South African iron ore miner Assore reports profit fall on stronger rand
  • South African recession is “transitional issue” – Ramaphosa
  • South Africa’s Sanlam posts 10 pct rise in H1 profit

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

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