#Africa #Markets | 5 Oct

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

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