#Africa #Markets | 27 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares weather Fed rate hike, US bond yields fall
  • Asian shares resilient, outperform Wall Street
  • Kospi hits 3-mth highs, Nikkei gains as no immediate tariffs
  • Fed sees 5 more rate hikes by 2020, above neutral levels
  • Dollar mixed, EM currencies gain

Oil Markets

  • Oil prices rise ahead of US sanctions against Iran, which starts Nov. 4
  • Dubai crude futures spike
  • US crude output hits record
  • Brent crude futures up 0.9 pct at $82.04 per barrel (0104GMT)
  • US WTI crude futures up 1.1 pct at $72.35 a barrel

Precious metals

  • Gold prices inch up as investors look for bargains
  • Spot gold up 0.2 pct at $1,196.21 an ounce (0057GMT)
  • US gold futures up 0.1 pct at $1,200.40 an ounce

Grains

  • Soybean prices fall for first time in three sessions
  • Most active CBOT wheat futures down 0.3 pct at $5.15-3/4 per bushel (0020GMT)
  • Most active corn futures down 0.3 pct at $3.62 per bushel
  • Most active soy futures down 0.2 pct at $8.48-3/4 per bushel
  • Most active rice futures unchanged at $9.79 per hundredweight

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

  • South Africa producer inflation for August expected [fcst. 6.1% yy, prev. 6.1%]
  • Labour unions go on strike in Nigeria today over minimum wage
  • Crucial supplementary elections in southern Nigerian state of Osun today
  • South Africa’s state capture inquiry resumes today
  • UN General Assembly debate continues today; African heads of state scheduled to speak are those of Botswana, Equatorial Guinea, Sierra Leone, Guinea-Bissau, Comoros, Madagascar, Ivory Coast, Uganda, Mauritania, Cameroon, Tanzania, Djibouti, Ethiopia, & Togo

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

  • Half of South Africa’s stimulus plan to come from spending shift – finmin
  • US leans on Zimbabwe over media, security laws – US diplomat
  • Nigerian oil unions say talks planned with govt on Chevron labour issues
  • IMF sees Ethiopian economic growth rising to 8.5 pct in 2018/19
  • Cameroonian rail firm Camrail convicted over 2016 deadly train crash
  • Libyan widow trains as seamstresses to earn living in Benghazi
  • Nigeria’s main unions to strike over minimum wage
  • Ivory Coast proposes budget for 2019 8.6 pct larger than current year
  • Africa Crude – Demand stays healthy for Angolan; Mercuria offers Forcados
  • South Afria’s Motus Holdings to float 200 mln shares in November listing
  • Mozambique consulting IMF on economic reform, no loans on agenda
  • South Africa’s rand rallies on EM breather ahead of Fed, stocks fall
  • World Bank approves first grants to Somalia in 30 years
  • At least 15 Tuaregs killed in Fulani attack on Mali village
  • South Africa’s ICASA, minister settle spectrum litigation
  • Kenya central bank chief vows to keep fighting rate cap
  • Interest rate cuts would hurt South African economy, central banker says
  • Ex-Gunvor employee says firm bribed Congo Republic president, others – document
  • Old Mutual shareholders to get $3.5 bln from Nedbank spin-off
  • Hyatt Hotels to more than double its Africa hotels by 2020
  • Fastjet flags dwindling cash resources, may end Tanzania operations
  • Kenyan shilling steady a day after central bank holds lending rate
  • Dutch court will take on shareholders case againts Steinhoff
  • Demolition on the Nile puts squeeze on two Cairo districts
  • Tripoli airport reopens after closure due to clashes
  • Ugandan shilling steady, to gain ground helped by charity flows
  • Kenya’s lending rate cap “strangling” the economy – cenbank chief
  • Kenya central bank chief sees inflation contained even with new VAT
  • UK’s PZ Cussons says quarterly results in line despite Nigeria pressures
  • South Africa’s Capitec Bank H1 profit surges 20 pct on upbeat client growth

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

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