#Africa #Markets | 9 Nov

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks retreat from 1-mth high as Fed tempers rally
  • MSCI Asia-Pacific index loses 1.3 pct, Nikkei sheds 1.05 pct
  • Fed stands pat but still on track to gradually hike rates
  • Dollar supported with short-term US yields at decade highs
  • Prospect of swelling global supply keeps crude near 8-mth lows

Oil Markets

  • Oil in bear market as supply rises, demand outlook weakens
  • Oil prices hit 4-yr highs in early October
  • Crude has since slumped as supply rises, demand slows
  • Iran sanctions impact dampened by broad exemptions
  • Asia gasoline margins turn negative
  • Brent crude oil futures up 19 cents at $70.84 a barrel (0629GMT)
  • US WTI crude futures up 6 cents at $65.73 a barrel

Precious metals

  • Gold edges down as Fed’s interest rate view strengthens dollar
  • Spot gold down 0.1 pct at $1,221.78 per ounce (0124GMT)
  • US gold futures down 0.2 pct at $1,223 per ounce

Grains

  • Corn edges lower, set to finish week in positive terrain
  • Most active CBOT corn futures up about 0.5 pct for the week
  • Most active soybean futures down 1 pct for the week
  • Most active wheat futures down nearly 0.5 pct for the week

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

  • Final day of #Africa #Investment Forum by #AfDB in Johannesburg today; 7-9 Nov
  • Final day of #Africa #oil week in Cape Town today; 5-9 Nov

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 Gold Fields third-quarter production falls 3 pct
  • FOCUS-Carmakers lure ride-hailer, delivery drivers in Africa
  • South Africa’s Life Healthcare flags higher profits
  • Ethiopia says mass grave with 200 bodies uncovered in strife-torn region
  • US concerned about ebola outbreak in Congo conflict zone – official
  • Libyans want truly national govt, wealth distribution – NGO study
  • Libya should start process for elections in spring – UN envoy
  • 400 buffalo drown after stampede into river between Botswana and Namibia
  • Cameroon child kidnappers warned victims not to go to school
  • Morocco’s Attijariwafa bank to eye new Africa acquisitions from late 2019
  • South Africa’s Discovery to raise $132 mln in new share issue
  • Morocco to sell La Mamounia hotel, power plant to cut 2019 budget deficit
  • African islands call for help as climate change worsens health
  • Scientists angry at UK visa denials for African, Asian researchers
  • Dangote Cement approached about Kenya’s ARM Cement – source
  • Africa Crude – Sellers face off against high freight and excess oil
  • South Africa’s rand falls on subdued risk sentiment; stocks down
  • Nigeria plans London roadshow ahead of $2.8 bln eurobond sale – sources
  • In week ahead, traders expect Kenyan shilling, Ghana’s cedi to come under pressure
  • Ex-leader leads preliminary results in Madagascar presidential poll
  • Tunisia trade deficit widens to record $5.5 bln
  • Tanzania frees two members of CPJ journalists’ advocacy group
  • Algeria’s Sonatrach appeals to Sufi preachers to give gas plans a lift
  • Kenya lawmaker targets foreign firms, decries China “invasion”
  • Tunisia president accepts new ministers, easing high-level standoff
  • Nigerian central bank to meet MTN lenders over $8 bln fund transfer – source
  • Mozambique says eurobond restructuring a relief for its budget
  • Zambia sees fiscal deficit at 7 pct of GDP in 2018 – finmin
  • South Africa retailer TFG reports 8.3 pct rise in H1 earnings
  • Mozambique’s eurobond restructuring plan has good terms – finmin
  • Zimbabwe sees 2019 budget deficit at 4 pct of GDP
  • South Africa’s manufacturing output up 0.1 pct
  • Kenya shilling steady, remittances meet importer demand
  • South Africa’s Standard Bank to launch secondary listing on A2X bourse
  • Zimbabwe’s Econet to list banking, mobile money unit seperately
  • Uganda expects first oil production in 2021, refinery by 2023
  • South African anti-graft watchdog investigating Ramaphosa ally Gordhan
  • IMF says has good relations with Mozambique
  • Sudan and US to hold further talks on removing Khartoum from terrorism sponsor list

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

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