#Africa #Markets | 18 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks falter as China knocked by renewed trade war fears
  • Asian shares down; Chinese mainland stocks tumble
  • Treasury yields, dollar up after Fed minutes; Wall St stocks drop
  • Sept FOMC minutes show Fed united on rate hikes
  • US report doesn’t label China as currency manipulator
  • WTI crude dips below $70/bbl after large stock build

Oil Markets

  • Oil steadies amid Saudi tensions after plunge on jump in US stockpiles
  • US crude stocks up 6.5 mln bbls in fourth weekly build – EIA
  • US crude production dips to below 11 mln bpd
  • Fall in Iran oil exports helps support prices
  • Brent crude futures down 0.1 pct at $80.00 a barrel (0650GMT)
  • US WTI intermediate crude futures up 1 cent at $69.76 a barrel

Precious metals

  • Gold holds tight range as dollar firms, stocks ease
  • Spot gold up 0.1 pct at $1,223.78 an ounce (0403GMT)
  • US gold futures flat at $1,226.90 an ounce

Grains

  • Soybean prices edge down as US harvest pace picks up
  • Most active CBOT wheat futures down 0.4 pct at $5.15-1/4 per bushel (0009GMT)
  • Most active corn futures down 0.4 pct at $3.72-3/4 per bushel
  • Most active soy futures down 0.3 pct at $8.83 per bushel
  • Most active rice futures unchanged at $10.96 per hundredweight

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

  • South Africa mining production data for Aug-18 expected [fcst. -10.2% yy, prev. -5.2%]
  • Final day for Nigerian political parties to submit list of candidates to electoral agency

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

  • Hoegh Gallant LNG carrier leaves Egypt, sets US destination
  • South Africa’s rand retreats due to hawkish Fed, mining data ahead
  • South Africa’s Old Mutual sells all 5.5 mln shares in Nedbank
  • Tax byte: Africans fear trend towards levies on data, services
  • South African retailer Mr Price says CEO to retire by year-end
  • Wooing investors, Rwanda hosts first tantalum-tracking blockchain
  • Germany’s Voith to supply more turbines for Ethiopia’s Renaissance Dam
  • Congo’s ebola outbreak to worsen without stepped-up response – WHO committee
  • South Africa’s Ramaphosa orders inquiry at $142 bln state pension fund
  • Zambia’s finance minister says new mining taxes will not hit operations
  • Tanzania charges Acacia subsidiaries with tax evasion, corruption
  • Steinhoff’s investors to suspend legal battle as firm recovers
  • Morocco trade deficit expands by 8.2 pct Jan-Sept
  • Africa Crude – Offers for Nigerian edge up, buyers await Dec programmes
  • South African riots over poor services, poverty hit record in 2018
  • Nigeria central bank, MTN getting closer to settlement – minister
  • Congo accuses Angola of violent expulsions, Luanda denies
  • Troops kill two amid unrest in Comoros over constitutional change
  • Nigerian politician Ibori loses appeal against UK graft conviction
  • Congo summons Angola ambassador following expulsion of migrants
  • Egypt resumes restoration of historic al-Zahir Baybars mosque
  • Nigerian Senate backs $2.79 bln eurobond issue, warns of debt overhang
  • Buy a blender online in Mogadishu? E-commerce comes to Somalia
  • About a thousand workers protest over pay at South African arms maker Denel
  • Acacia Mining says another employee arrested by Tanzania anti-corruption body
  • South Africa’s retail sales jump 2.5 pct y/y as spending on consumer goods rises
  • Zika in Africa: Rare birth defect on the rise in Angola
  • Nigeria state oil company denies existence of $3.5 bln fuel subsidy fund
  • Ugandan shilling unchanged, commodity flows offer support
  • Workers strike over pay at South African arms dealer Denel
  • Egypt plans to issue international sovereign sukuk in 2019-2020
  • Danone quarterly sales growth slows on weak China, Morocco boycott
  • Insight – How Russia moved into Central Africa
  • South African pharmacy group Dis-Chem HY profit uip as market share increases

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

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