#Africa #Markets | 19 Dec

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 3rd 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

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