By Rafiq Raji, PhD
Twitter: @DrRafiqRaji
Global Markets
- Rising US bond yields hit global markets, Asian stocks wobble
- Treasury yields rise to 7-yr highs, yield curve steepen
- 30-yr Treasuries signals higher yields – Doubleline’s Gundlach
- US junk bond spread over Treasuries narrowest since ‘07
- Oil continues retreat from 4-yr highs
- Investors await US jobs data for Sept due later on Friday
Oil Markets
- Oil prices rise ahead of US Iran sanctions, but outlook for 2019 less certain
- US sanctions set to take force on Nov. 4
- Financial markets have built up large long positions
- Emerging market woes dent demand outlook
- Goldman expects slight surplus in 2019
- Brent crude futures up 0.4 pct at $84.90 per barrel (0431GMT)
- US WTI crude futures up 0.6 pct at $74.76 a barrel
Precious metals
- Gold little changed ahead of US jobs report
- Spot gold flat at $1,199.20 an ounce (0119GMT)
- US gold futures up 0.1 pct at $1,202.90 an ounce
Grains
- Corn hits 2-mth high, set for biggest weekly gain since July
- Corn up 3.5 pct for the week
- Rains forecast, expected to slow harvest
- Soybeans firm, wheat up more than 0.5 pct
- Most active CBOT wheat futures up 0.6 pct at $5.21 per bushel (0432GMT)
- Most active corn futures up 0.3 pct at $3.68-1/2 per bushel
- Most active soy futures up 0.3 pct at $8.61-1/2 per bushel
- Most active rice futures down 0.8 pct at $10.69 per hundredweight
Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]
- Nigeria’s key opposition PDP party to elect presidential candidate during the weekend
- Day 2 and final day of South Africa jobs summit; initiative well-received thus far
Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]
- Guinea’s bauxite boom upending rural communities – HRW
- Last of South Sudan rebels in Congo exile leave for home, third countries – UN
- Sudan to set daily exchange rate, cancel import restrictions – cbank gov
- Ethiopia govt failing to protect people from ethnic violence – rights commission
- French army carries out air strikes in Burkina Faso after Islamist attack
- Foreign investment in Egypt falls, austerity plan hurts demand
- South Africa’s Ramaphosa announces plan to reduce sky-high unemployment
- South Africa’s rand on the ropes, stocks weaker
- African Crude – Trader eye tenders, some spot Nigerian moves
- Zimbabwe vaccinates 1.4 mln to combat worst cholera outbreak in a decade
- Melania Trump spotlights USAID reading programme in Malawi
- NBG completes sale of South African Bank of Athens
- South Africa’s Ramaphosa says jobs plan will create 275,000 jobs a year
- Congo accuses EU of election interference for maintaining sanctions
- Africa FX – In week ahead, Ghana’s cedi to hold ground while Zambia’s kwacha could strengthen
- Emerging market jitters hit Egypt, Saudi Arabia’s Alawwal up on merger
- Sudan cancels import restrictions on 19 foods, other items – cbank gov
- Rugby – South Africa team to face New Zealand
- Sudan forms body of bankers and exchange bureaus to set daily exchange rate – cbank gov
- As Cameroon votes, thousands are silenced by violence
- Blast at Egypt fuel depot kills one, injures others – sources
- Togo forecasts 5.1 pct GDP growth in 2019
- Ugandan shilling stronger, draws support from c.bank rate decision
- Attack on Congolese Red Cross ebola ambulance wounds three volunteers
- Zimbabwe’s budget deficit soars after pre-election splurge
- Surge in US yields drives emerging markets into a tailspin
- Kenya’s earnings from tourism to climb 15 pct this year, minister says
- Drunk police officer shoots dead two colleagues in Addis Ababa – state media
- South Africa’s rand weakens after World Bank cuts growth forecast
- Mining firms say Zambia’s tax hike plan would ruin economy
N.B. Full stories of above headlines are available on Reuters
