#Africa #Markets | 8 Nov

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia cheered by post-election Wall St rally, dollar bounces
  • MSCI Asia-Pacific index up 0.75 pct, Nikkei climbs 1.9 pct
  • Dollar off lows as US yields rise amid improved risk appetite
  • US crude struggles near 8-mth lows

Oil Markets

  • Oil dips as soaring US production outweighs talk of OPEC output cuts
  • OPEC-led production cuts next year cannot be ruled out – sources
  • US crude output tripled since 2008
  • US crude output to break through 12 mln bpd by mid-2019 – EIA
  • Broad Iran sanctions waivers have prevented price spike
  • Brent crude futures down 14 cents at $71.93 a barrel (0301GMT)
  • US WTI crude futures largely unchanged at $61.68 per barrel

Precious metals

  • Gold prices hold steady, eyes on Fed meeting
  • Spot gold flat at $1,225.61 per ounce (0115GMT)
  • US gold futures down 0.2 pct at $1,226.6 per ounce

Grains

  • Soybean prices edge down as market waits for US govt forecasts
  • Most active CBOT soybean futures down 0.2 pct at $8.77-3/4 per bushel (0245GMT)
  • Most active corn futures down 0.2 pct at $3.71-1/2 per bushel
  • Most active wheat futures down 0.5 pct at $5.07-3/4 per bushel

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

  • #Africa #Investment Forum by #AfDB continues in Johannesburg today; 7-9 Nov
  • #PrinceCharles & wife state visit to #Nigeria (day 3)
  • #Africa #oil week in Cape Town continues; 5-9 Nov
  • South Africa manufacturing production data for Sep-18 due [fcst. 1.7% yy, prev. 1.3%]
  • South Africa mining production data for Sep-18 expected [fcst. -3.2% yy, prev. -9.1%]

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

  • Palestinians say Egyptian fire kills Gaza fisherman; Cairo denies
  • Malawi’s Mutharika dumps vice pres Chilima ahead of 2019 elections
  • At least 47 dead as two buses collide in Zimbabwe – ZBC
  • Libya commander Haftar visits Russia ahead of conference
  • Ex-Somali refugee’s US Congress win sparks debate in former home Kenya
  • Africa Crude – Surplus cargoes drag on spot trade and diffs
  • Egypt’s economy grew about 5.3 pct y/y in Q1 of fiscal 2018-19 – planning minister
  • Sisi’s hot potato: Egyptians hit back after remarks on austerity
  • AfDB nears approval of $600 mln loan package for Ghana’s Cocobod
  • South Africa’s financial stability threatened by MTN’s $10 billion Nigeria bill – cenbank
  • Nigeria to get first new listing in 4 years ending IPO drought
  • Vote count begins as Madagascar chooses president
  • Nigerian Shiite leader denied bail after supporters killed during protest
  • Major South African union opposes state arms firm stake sale
  • FGM rates drop for African girls but teens still at risk
  • South Africa likely to hold elections in May next year
  • Libya Coast Guard picks up 315 migrants attempting sea crossing
  • France and Comoros agree to end migration row
  • South Africa’s Vodacom and Telkom agree to share networks
  • Burundi to set up capital market for firms next year
  • South Africa’s Eskom plans executive layoffs to cut costs
  • Lenders to Mozambique want similar restructuring deal to bondholders – spokesman
  • Gabon to scrap corporate tax, launches offshore oil exploration round
  • Ghana approves state oil company as partner in Exxon deepwater field
  • Ugandan shilling steady, to ease due to uptick in importer demand
  • South African business confidence index rises in October
  • Kenyan shilling steady as remittance flows meet thin importer demand
  • Algerian firm Cevital to invest and create 1,000 jobs at PSA French site
  • All 78 child hostages released in Cameroon, two teachers held
  • Feature – Kenyan farmers try to sweep away landslide risks with bamboo
  • South Africa’s net foreign reserves slip to $42.194 bln in October
  • After years in exile, an Ethiopian politician returns home with hope and fear

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

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