#Africa #Markets | 26 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks, S&P futures slide as investors flee risk amid growth fears
  • MSCI Asia ex-Japan index -1 pct, hits 20-mth low
  • Index on track for 5th weekly loss as growth fears sap confidence
  • S&P futures drop 0.66 pct
  • Euro falls after Draghi reaffirms end of asset purchase program

Oil Markets

  • Oil prices drop as focus shifts to oversupply
  • Oil fundamentals remain tight on Iran sanctions
  • US sanctions against Iran start on Nov. 4
  • Iran oil exports already falling
  • Brent crude futures down 0.7 pct at $76.38 a barrel (0331GMT)
  • US crude futures down 1 pct at $66.68 a barrel

Precious metals

  • Spot gold little changed at $1,231.76 an ounce (0416GMT)
  • US gold futures up 0.2 pct at $1,234.60 an ounce

Grains

  • Wheat firms but set for biggest weekly drop since early Sept
  • Most active CBOT wheat futures down 4.4 pct so far this week
  • Soybeans down 1.5 pct this week thus far
  • Corn futures down 1.2 pct so far this week

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

  • South Africa investment conference continues (25-27 Oct); key opening event today

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

  • South Africa’s Ramaphosa seeks new investment pledges as economy struggles
  • Egypt’s PM envisages fewer civil servants, smaller cabinet
  • Nigeria’s Diamond Bank hit 4-mth high as traders eyes fresh capital
  • UN rights chief outraged by Burundi’s “slave trade” slur
  • Africa Crude – Nigerian crude diffs slip as shipping economics trap cargoes
  • Kenya’s Akasha brothers plead guilty to US drug charges – court records
  • South Africa’s rand eases further on budget worries, stocks bounce
  • Buyout firm firm DPI buys stake in Moroccan mattress maker Dolidol
  • Ivory Coast to invest in smart grid to boost power exports
  • Mainly white South African union protests over Sasol’s black share plan
  • Bidvest tank terminals and Petredec unveil construction of $70 mln LPG site
  • South Sudan frees five political detainees – intelligence agency
  • South African finance minister calls for debt action to avoid IMF
  • South Africa’s treasury has spoken with ratings agencies over budget
  • South Africa’s top court ruling curtails power of chiefs to cut mining deals
  • Sudan lifts partial ban on Egyptian imports – president
  • Kenyan shilling seen soft, most African currencies firm; in week ahead
  • South African finance minister doubts SAA will find equity partner in current state
  • Three days of violence empties Angolan town of Congolese
  • Libyan wealth fund asks Britain to halt IRA compensation bill
  • Kenyan shilling expected to ease due to importer dollar demand
  • South African state pension fund CEO denies corruption allegations
  • Ugandan shilling steady amid offshore investor flows
  • Ethiopia’s parliament approves Sahle-Work Zewde as first female president
  • BP expects Libya exploration with Eni to start in Q1 next year
  • Egypt’s external borrowing ceiling at $16.733 bln for 2018/19
  • Rising healthcare, beauty sales lift South African retailer Clicks’ annual profit
  • Kenyan central bank sets next rate-setting meeting for Nov. 27

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

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