#Africa #Markets | 10 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks extend slump as global growth worries mount
  • MSCI Asia-Pacific index down 1.4 pct, Nikkei sheds 2.25 pct
  • Latest flare-up in US-China trade tensions take toll
  • Dollar drops broadly after soft US jobs data

Oil Markets

  • Brent oil prices rise after OPEC-led group announces 1.2 mln bpd supply cut
  • OPEC to curb supply by 800k bpd from January
  • Group of non-OPEC members led by Russia to cut 400k bpd
  • Fuel demand-growth set to slow next year amid economic woes
  • Brent crude oil futures up 0.2 pct at $61.81 per barrel (0016GMT)
  • US WTI crude futures down 0.5 pct at $52.35 per barrel

Precious metals

  • Gold steady near 5-mth peak, soft US jobs data supports
  • Spot gold steady at $1,247.80 per ounce (0103GMT)
  • US gold futures up 0.2 pct at $1,254.6 per ounce


  • Soybeans fall as US-China trade war escalates
  • Most active CBOT wheat futures down 0.5 pct at $5.28-1/2 per bushel (0123GMT)
  • Most active corn futures down 0.3 pct at $3.84-1/4 per bushel
  • Most active soy futures down 0.6 pct at $9.11-1/4 per bushel
  • Most active rice futures down 0.7 pct at $10.70 per hundredweight

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

  • Nobel peace prize ceremony today; big day for Africans
  • Nigeria GDP data for Q3-2018 expected [fcst. 0.8% yy, prev. 1.5%]

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

  • Libya is shutting down El Sharara after field seized by tribesmen – sources
  • More than 150 govts to adopt UN migration pact in Morocco
  • Nigeria opposition says govt has frozen VP candidate’s accounts
  • Opposition parties in Tanzania say proposed law will criminalise them
  • Egypt aims to kickstart African trade as it takes AU chair
  • Motion filed to impeach Somalia president – statement
  • Egypt’s Carbon Holdings secures $1.25 bln to build petrochemical complex
  • World Bank shifts focus to Egypt’s private sector with $1 bln loan
  • Nobel Peace prize winners seek justice for war rape victims
  • Congo’s outgoing president Kabila doesn’t rule out running again in 2023
  • Egypt approves BP purchase of 25 pct of Nour gas concession
  • Mubadala buys 20 pct interest in Egypt’s Nour oil concession
  • Libya’s NOC warns of “catastrophic” consequences if Sharara oilfield halted
  • At least 7 officials killed in Sudan helicopter crash – news agency
  • Protesters force shutdown at Libyan El Sharara oilfield – sources
  • Cities to work together to tackle migration ahead of UN pact
  • Libyan state oil firm scrambles to keep El Sharara oilfield open amid “occupation”
  • Gold output on hold at Randgold’s Loulo mine over pay dispute – union
  • UN climate negotiators sweat over detail and divides
  • IMF approves $3.7 bln credit facility for Angola
  • Roadside blast injures three in northeast Kenya – official
  • Fifteen civilians killed in ethnic attack on Mali village
  • Egypt says police kill two suspects in November attack on Christians
  • Air fares in Sudan soar due to local currency’s devaluation
  • Telecom Egypt, Liquid Telecom sign data centre, infrastructure deal
  • Belgium’s Africa Musuem reopens to confront its colonial demons
  • 3 Sudanese miners dead, 10 trapped in collapsed gold mine – company
  • Zambian court says Lungu can run for president in 2021, opposition cries foul
  • Nigeria oil minister expects green light for Bonga oilfield by February
  • Cocoa companies fail on pledge to stop Africa deforestation – report
  • Militants kill at least 18 civilians in Congo’s ebola zone
  • Africa Crude – Angolan cargoes sell slowly, Qua offer steady
  • Kenya Pipeline Company’s CEO arrested over loss of funds
  • Mozambique loan holders will not get future gas revenues in debt overhaul – legal counsel
  • Fastjet has only enough cash to fly for a week
  • South Africa’s minimum wage to apply from January 2019
  • South Africa axes board at state nuclear firm Necsa
  • Senegal opens new art musuem honouring black civilization
  • Nigeria’s cabinet agrees to send 2019 budget to parliament
  • Egyptian court to hear petition to cancel presidential term limits
  • Nearly half of Tanzania’s banks vulnerable to financial shocks – IMF
  • Kenya shilling firms on liquidity tightness
  • Tunisia PM says he expects new foreign exchange law
  • Kenya’s Ascent Capital looks to raise $120 mln for second fund
  • Amnesty says executions rising in South Sudan, govt denies it
  • Congo arrests army colonel in connection with killing of UN monitors – lawyer
  • South Africa’s Distribution and Warehousing sees bigger loss
  • Seawalls and forests aim to save the living – and dead – in Tanzania
  • South Africa’s Absa bank aims to lift lagging return on equity in 2021
  • Kenya’s NIC Bank shares surge 32 pct on merger talks with CBA
  • Kenya finance minister welcomes NIC Bank, CBA merger talks
  • South Africa’s Nov net foreign reserves rise to $42.577 bln

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

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