By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

• Asia tenses for Fed call, oil slide boosts bonds
• All eyes on Fed meeting, markets wager on a ‘dovish’ hike
• Fed seen dropping “gradual increases”, lowering dot forecast
• Latest plunge in oil prices drags on inflation outlook
• Asian stocks hesitant as investors rush to bonds

Oil Markets

• US oil prices climb after tumble, but oversupply worries drag
• Producer deal to cut output does not kick in until January
• US crude oil inventories rose last week – API
• Pessimism over global economic growth also drags
• Markets look to outcome of Fed meeting
• Brent up 0.9 pct at $56.75 per barrel (0122GMT)
• US WTI up 0.8 pct at $46.24 per barrel

Precious metals

• Gold scales over 5-mth peak, investors await Fed outlook
• Holdings in SPDR Gold Trust rose over 1 pct on Tuesday
• Spot gold may test resistance at $1,253/oz – technicals
• Spot gold up 0.1 pct at $1,250.20 per ounce (0405GMT)
• US gold futures up 0.1 pct at $1,254.60 per ounce

Grains

• Soybeans edge lower, Chinese purchases limit losses
• Most active CBOT wheat futures down 0.6 pct at $5.29-1/2 per bushel (0131GMT)
• Most active corn futures down 0.2 pct at $3.84-3/4 per bushel
• Most active soy futures down 0.2 pct at $9.05-3/4 per bushel
• Most active rice futures up 1.3 pct at $10.67 per hundredweight

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

• Nigeria labour statistics for Q3 2018 to be released today
• Nigeria’s Buhari to deliver 2019 budget speech

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

• 2 Madagascar ex-presidents compete in run-off election
• South African rand rise as dollar slides ahead of Fed meeting
• Glencore’s Katanga pays $22 mln to settle Canada regulator probe
• Libya’s NOC declares force majeure on El Sharara oilfield
• Africa crude – Nigerian diffs supported as lower offers bring in buyers
• Italy judges say Saipem knew about, aided bribes in Algeria
• Probe decries Zimbabwe’s army’s deadly post-vote crackdown
• All crew kidnapped by pirates off Nigerian coast in October freed – statement
• Pernod Ricard invests in Africa’s online retailer Jumia
• French pair invent plastic-to-fuel recycler fit for African bush
• Morocco’s central bank says IMF funding recognition of Morocco’s fundamentals
• Kenya’s Airtel gains mobile share in 3^rd quarter, Safaricom slips
• Zimbabwe inquiry finds use of live bullets to stop election violence unjustified
• Nigeria’s first gold refinery plans to triple capacity in 5 years
• Italy deputy PM won’t comment on Nigeria graft case, respects Eni CEO
• UN launches $2.7 bln appeal for Africa’s biggest refugee crisis
• Kenya grants Standard Investment Bank online forex trading licence
• Sierra Leone’s doctors end nationwide strike
• FIFA bans Gambia football head for 4 years for corruption
• Botswana’s retailer Choppies replaces CFO
• Ivory Coast to raise up to $2.5 bln in 2019 – minister
• Siemens to invest additional 500 mln euro in Africa
• Ugandan shilling flat as importer demand ebbs
• IMF approves $3 bln precautionary and liquidity line for Morocco
• Cash-strapped South African Airways expands Emirates code sharing
• Kenyan shilling gains on tight money market liquidity
• Rediscovering truth: African storytellers tap into rich tradition
• South African lender Nedbank’s shares slip on news of probe into associate

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