#Africa #Markets | 24 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks struggle as global woes persist, oil near 2-mth lows
  • MSCI Asia-Pacific index down 0.2 pct, Nikkei lost 0.35 pct
  • Asia stocks down but drop curbed after Wall St shows resilience
  • Crude sags after Saudi Arabia says it can increase supply

Oil Markets

  • Oil extends declines as Saudi Arabia commits to meet demand
  • Darkening economic outlook also weighs on markets
  • US crude stocks rise by 9.9 mln barrels – API
  • Brent crude futures down 7 cents at $76.37 a barrel (0031GMT)
  • US WTI crude futures down 12 cents at $66.31 a barrel

Precious metals

  • Gold prices inch up amid international economic, political worries
  • Spot gold up 0.1 pct at $1,231.27 an ounce (0102GMT)
  • US gold futures down 0.2 pct at $1,234.20 an ounce

Grains

  • Corn prices edge down amid brisk pace of US harvest
  • Most active CBOT wheat futures up 0.1 pct at $5.09-1/2 per bushel
  • Most active corn futures down 0.3 pct at $3.69 per bushel
  • Most active soy futures down 0.2 pct at $8.56 per bushel
  • Most active rice futures unchanged at $11.03 per hundredweight

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

  • South Africa inflation for Sep-18 data due [fcst. 4.8% yy, prev. 4.9%]
  • South Africa medium term budget policy statement today
  • Zambia independence day

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

  • Soccer – Al Ahly to meet Esperance in African Champions League final
  • Morocco eyes IMF deal on new credit line by end of year
  • Zimbabwe lifts import ban after cash crunch prompts panic buying
  • Kenya wins case against Cortec Mining on rare earths, niobium licence
  • Morocco may consider selling stakes in Maroc Telecom in 2019 – finmin
  • South African pension fund buys majority stake in Africa’s biggest cattle firm
  • South African markets falter as risk appetite wanes
  • Africa Crude – Angolan trade picks up; supply of Nigerian Bonny Light to rise
  • Train in deadly crash in Morocco was travelling at twice the spped limit – prosecutor
  • Kenya sets aside funds to develop domestic mobile phone industry
  • Ethiopian migrants die off Tanzania coast trying to sail to South Africa – police
  • UK’s Tullow to ramp up oil output in Ghana by end of year
  • Senior manager at Acacia Mining charged by anti-corruption body in Tanzania
  • Shoprite to pay South African customers for reusing plastic bags
  • Kenya’s ARM Cement creditors approve sale of assets to cut debt
  • Delayed state offering stalls Egypt’s surging share sales
  • Kenyan shilling expected to ease due to end-month importer demand
  • Uganda shilling steady, draws support from charity flows
  • Ghana central bank governor: Oil price rise, currency drop raise inflation threat – BBG TV
  • MTN says still in talks with Nigeria over $8.1 bln transfer row

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

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