#Africa #Markets | 4 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Dollar lifted by yield surge, Asia stocks slugged
  • Dollar holds gains, nears major chart barrier on yen
  • Market pricing in more aggressive Fed on strong US data
  • 10-yr treasury yields highest since 2011 at 3.19 pct
  • Asian stocks stumble as borrowing costs rise

Oil Markets

  • Oil falls as Saudi and Russia quietly agree output rise, US stocks swell
  • Saudi, Russia agreed output rise without telling OPEC – sources
  • US crude inventories swell unexpectedly
  • Emerging market woes weigh on demand outlook
  • Brent crude oil futures down 0.5 pct at $85.85 per barrel (0104GMT)
  • US WTI crude futures down 0.4 pct at $76.11 a barrel

Precious metals

  • Gold hovers in narrow range as dollar rises on upbeat US data
  • Spot gold up 0.1 pct $1,198.16 an ounce (0103GMT)
  • US gold futures down 0.1 pct at $1,202.1 an ounce

Grains

  • Corn rises as rain forecasts stoke fears of harvest delay
  • Most active CBOT wheat up 0.2 pct at $5.16-1/2 per bushel (0041GMT)
  • Most active corn futures up 0.1 pct at $3.65 per bushel
  • Most active soy futures unchanged at $8.61-1/2 per bushel
  • Most active rice futures up 0.2 pct at $10.52 per hundredweight

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

  • Nigeria Stanbic IBTC Bank PMI for Sep-18 expected [prev. 56.1]
  • South Africa’s Ramaphosa to open pet Jobs Summit project today; 4-5 Oct
  • Nigeria govt to meet with labour unions and private sector stakeholders on minimum wage today; tripartite committee to be constituted

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

  • Under fire about the economy, South Africa’s Ramaphosa eyes jobs plan
  • Egypt’s Sarwa Capital private offering 10.83 times oversubscribed
  • Attack on ICRC ebola ambulance in Congo wounds three volunteers
  • US first lady Melania Trump lays wreath at slave castle in Ghana
  • Ethiopian PM pushes for unity after months of ethnic violence
  • Africa Crude – Total sells Nigerian, spot trade slows
  • Mozambique puts on trial 189 accused of deadly beheadings
  • Egypt’s security forces kill 15 suspected militants in Sinai shootout
  • Governor of Nigeria’s commercial hub Lagos defeated in bid for second term
  • Egyptians facing eviction should have right to stay – UN rapporteur
  • South Africa’s rand flat as dollar gains, stocks fall
  • Sudan’s main airport shut after military planes collide – civil aviation spokesman
  • South Africa’s Exxaro eyes South32’s coal assets, export quota – CEO
  • Africa bets on technology to lure youth to farming
  • Libyan state oil firm delays energy conference after HQ attack
  • South Africa’s Liberty begins consultations on possible job cuts
  • South Africa’s Zuma fired me for blocking Russian nuclear power deal – Nene
  • US first lady Melania Trump lays wreath at ‘emotional’ slave castle in Ghana
  • Guinea-Bissau coast guard fears 60 migrants drowned off the coast
  • South Africa’s Zuma also fired me for rejecting new route for state airline – finmin
  • South Africa’s NUM, UASA and Solidarity unions agree 3-yr Harmony Gold wage deal
  • Mauritius bank SBM says unit’s India operations hit by cyber fraud
  • Ugandan shilling posts sharp gains after rate hike
  • World Bank cuts sub-Saharan Africa’s 2018 growth forecast to 2.7 pct
  • Uganda central bank raises key lending rate to 10 pct
  • Congo govt sees GDP growth rising to 5.6 pct in 2019
  • Kenyan shilling holds steady on tourism, horticulture inflows
  • Goldman forecasts South African economic rebound in 2019
  • Kenya’s Safaricom loses head of Alpha innovation lab
  • South Africa’s service industry looks to cash-in on Brexit uncertainty
  • Tanzania law punishing critics of statistics “deeply concerning” – World Bank
  • South Africa Zuma tried to strike nuclear power deal with Putin in 2015 – finmin
  • Congo copper output seen up 12 pct to 1.2 mln T – chamber of mines
  • Tunisia’s phosphate production down by 25 pct this year
  • South Africa’s Aveng to sell rail business for $9.2 mln
  • Noble Energy cashes out of Tamar Petroleum after Egypt gas deal – report
  • South Africa’s finance minister says met several times with Guptas
  • South Africa mulls SOV, should not harming mining sector – minister
  • South Africa’s Zuma sacked me for rejecting Gupta deals – finmin
  • KPMG South Africa to hire external CEO after corruption scandal
  • Tunisia annual inflation rate falls in September to 7.4 pct
  • South Africa mining body welcomes new industry charter with reservations
  • ITE to buy Euromoney’s Mining Indaba, forecasts higher revenue
  • Egypt’s non-oil business activity weakens in Sept – PMI

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

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