#Africa #Markets | 8 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares propped up by hopes for Sino-US trade deal, cautious Fed
  • Nikkei gains 1 pct, ex-Japan Asia-Pacific up 0.1 pct
  • Optimistic comments on China-US trade talks lifts mood
  • Fed’s flexible stance, strong US data underpin shares

Oil Markets

  • Oil stable on trade talk optimism and OPEC cuts, but slowdown looms
  • OPEC-led crude supply cuts support oil prices
  • US crude output could already be above 12 mln bpd – JBC Energy
  • Brent crude futures up 0.1 pct at $57.43 per barrel (0218GMT)
  • US WTI crude futures up 0.2 pct at $48.62 per barrel

Precious metals

  • Gold steady as dollar sags on Fed rate pause bets
  • SPDR Gold holdings near August highs
  • Palladium holding near record highs hit on Monday
  • Spot gold little changed at $1,287.70 per ounce (0148GMT)
  • US gold futures eased slightly at $1,288 per ounce

Grains

  • Soybeans snap winning streak, retreat from 3-wk high
  • Most active CBOT wheat futures down 0.2 pct at $5.15-3/4 per bushel (0125GMT)
  • Most active corn futures up 0.1 pct at $3.82-3/4 per bushel
  • Most active soy futures down 0.2 pct at $9.22-1/4 per bushel
  • Most active rice futures up 0.2 pct at $10.69 per hundredweight

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

  • South Africa FX reserves data for December expected [prev. $50.7B]
  • South Africa SACCI business confidence data for December due [prev. 96.1]
  • South Africa’s ruling ANC’s birthday today; top officials on the road
  • Nigeria’s labour unions on countrywide protest today

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

  • Ex-president Jammeh was ‘trouble’ for Gambia from the start – 1st Commission witness
  • Mozambique indicts 18 people in connection with $2 bln loan scheme
  • More than 800 detained in Sudan protests – govt
  • Egypt foreign reserves drop to $42.551 bln in Dec, first time post-devaluation
  • Africa Crude – IOC issues new tender, no spot activity
  • Strong euro hurts Paris wheat as traders await Algeria tender
  • Gabon thwarts military coup attempt in President’s absence
  • Zimbabwe teachers to strike over pay as currency crisis deepens
  • 2 suspects killed, 7 captured in failed Gabon coup attempt
  • Egypt reopens 5 ports shut by bad weather, 2 remain closed
  • Tunisia tourism revenues jump by 45 pct with record number of visitors in 2018
  • France condemns Gabon coupt attempt, urges its citizens not to move around capital
  • Congo mining company leaves ITSCI certification scheme over cost
  • Egypt to implement price indexation mechanism on gasoline starting April
  • Kenya’s earnings from tourism surge 31.2 pct in 2018
  • Ugandan shilling weakens slightly on manufacturing demand
  • Gabon dollar bonds tumble amid apparent coup attempt
  • Kenyan shilling firms against the dollar
  • Egypt’s Sisi acknowledges close coordination with Israel in Sinai
  • Nigeria military raids paper after Boko Haram article

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

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