#Africa #Markets | 11 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks reach 5-wk high, yuan makes weekly gains
  • Powell says Fed can be patient as US economy evolves in 2019
  • China’s top trade negotiator to visit US in January
  • Yuan hits 5-mth high, to make biggest weekly gain since 2005
  • Trump threatens to use emergency power to fund Mexico wall

Oil Markets

  • Oil slips on economic worries, but still set for strong weekly gain
  • Oil prices supported by OPEC-led supply cuts
  • But surging US production could undermine OPEC efforts
  • Brent crude futures down 0.2 pct at $61.55 per barrel (0333GMT)
  • US WTI crude futures down 0.1 pct at $52.52 per barrel

Precious metals

  • Gold prices inch up as dollar softens on Fed rate outlook
  • Spot gold up 0.2 pct at $1,288.83 per ounce (0117GMT)
  • US gold futures up 0.2 pct at $1,289.40 per ounce

Grains

  • Soybeans edge higher, set for first weekly fall in three weeks
  • Most active CBOT wheat futures up about 0.1 pct at $5.14 per bushel (0202GMT)
  • Most active corn futures up 0.3 pct at $3.77-1/4 per bushel
  • Most active soy futures up 0.3 pct at $9.09-1/4 per bushel
  • Most active rice futures unchanged at $10.85 per hundredweight

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

  • Top officials of South Africa’s ruling ANC on the road across country for 107th anniversary activities

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

  • In Cairo, Pompeo blasts Obama’s Middle East policies
  • South Africa’s Steinhoff says creditor challenges debt restructuring
  • Sudan forces fire tear gas to break up Omdurman protests
  • Congo’s president-elect steps out of father’s shadow but doubts persist
  • EU wheat at 1-wk low as Egypt tender leaves export hangover
  • Company led by ex-MTN Nigeria CEO Wood exits 9mobile
  • Africa Crude – Chinese demand for Angola heats up; Europeans seek Nigerian
  • Miss Algeria trolled for skin colour after winning title
  • Ethiopia charges ex-head of military firm METEC with corruption
  • Zimbabwe unions reject 10 pct pay rise offer
  • Egypt’s urban inflation drops to 12 pct as food prices fall
  • Egypt’s current account deficit narrows in July-Sept quarter – cbank
  • Egypt’s core inflation increases to 8.3 pct y/y in December – cbank
  • Ivory Coast cocoa grind up 9 pct through December – exporter stats
  • South Africa’s Woolworths pulls baby carriers after copying scandal
  • Congo Catholic church disputes presidential election outcome
  • South Africa calls for restraint over DRC election result
  • Tanzania fines Acacia Mining for breaching environmental regulations
  • South Africa’s manufacturing output rises 1.6 pct y/y in November
  • Ex-Mozambique finimin court case postponed – legal team
  • Ugandan shilling unchanged as demand from banks ebbs
  • South African business confidence index falls in December
  • Kenyan shilling firm amid high liquidity
  • Belgium to raise doubts about Congo vote result at UN
  • Zimbabwe doctors end strike without deal as unions meet govt
  • Congo presidential loser’s supporters cry foul after surprise result
  • Kabila advisor accepts election defeat; says democracy triumphed
  • Sibyanye-Stillwater expects gold output to miss forecast amid wage strike
  • French foreign minister questions Congo election result
  • Egypt non-oil private sector activity shrinks in December, but at slowing rate

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

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