#Africa #Markets | 4 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Markets now wagering on Fed rate cut, China-US trade talks calm nerves
  • US, China to hold trade talks Jan 7-8
  • Treasuries rally, 2-year yields below Fed rates
  • Dollar on defensive vs yen, near 9-mth lows
  • Safe-haven gold around 6-1/2 mth peak

Oil Markets

  • Oil stabilises on China-US trade talks, OPEC cuts
  • OPEC cuts to provide oil price support – FGE
  • Brent crude futures barely changed at $55.93 a barrel (0345GMT)
  • US WTI crude futures up 0.1 pct at $47.15

Precious metals

  • Gold scales over 6-1/2 mth high on global growth fears
  • SPDR Gold holdings rise on Wednesday
  • Spot gold up 0.2 pct at $1,296.35 per ounce (0301GMT)
  • US gold futures up 0.4 pct at $1,299.50 per ounce

Grains

  • Wheat up for 3rd session on US export prospects
  • Most active CBOT wheat futures up 0.2 pct at $5.14-3/4 per bushel (0137GMT)
  • Most active corn futures up 0.2 pct at $3.80-1/2 per bushel
  • Most active soy futures little changed at $9.12-1/2 per bushel
  • Most active rice futures down 0.1 pct at $10.43 per hundredweight

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

  • Nigerian labour unions to meet authorites on strike threat over minimum wage
  • Nigeria Stanbic IBTC PMI data for December [prev. 55.5]
  • South Africa Standard Bank PMI data for December [prev. 48.2]

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

  • Ex-Credit Suisse bankers arrested on US charges over Mozambique loans
  • One candidate clearly won Congo election – Catholic Church
  • Libya’s NOC sees Sharara oilfield output losses of 11,000 bpd after restart
  • UN says Algerian security move has stranded vulnerable Syrians in desert
  • OPEC sends fewest oil cargoes to US in at least 5 years
  • Kicked out of Somalia, UN envoy publicly raises poll concerns
  • Africa Crude – Sasol issues buy tender, spot activity muted
  • South African rand steadies after being hit by global selloff
  • Arrest of ex-Mozambique finance minister linked to debt crisis – lawyer
  • Senegal presidential hopeful loses appeal against jail time
  • Sudan unrest disrupts Bashir’s push for vital financial support
  • Sudan forces fire tear gas at protesters trying to deliver anti-govt petition
  • Congo eleciton mishaps kept many from voting – domestic observers
  • 2 militants in Tunisia blow themselves up as security forces storm hideout
  • Kenya, Tanzania, Uganda currencies seen weakening next week
  • Ethiopia expects Nile dam GERD to be ready to start operation in late 2020
  • Congo govt defends trouble-hit election process
  • New Barrik eyes several options to end Tanzania tax dispute – CEO
  • Egypt to auction $750 mln in 1-yr dollar t-bills – c.bank
  • Niger troops kill more than 280 Boko Haram fighters – govt
  • Zambia says mines have failed to show impact of higher taxes
  • Uganda shilling loses some ground as banks exert demand
  • Kenya shilling weakens slightly on uptick in importer demand
  • Libya’s closed Sharara oilfield losing 8,500 bpd to looting – NOC

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

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