#Africa #Markets | 15 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • China shares prop-up Asia on stimulus hopes, sterling braces for Brexit plan
  • Asian shares recoup earlier losses as cyclicals gain
  • China policymakers signal supportive measures
  • Pound off 2-mth high ahead of UK parliament vote
  • Sterling implied volatilities lower compared to 2016 referendum

Oil Markets

  • Oil rises 1 pct on supply cuts, but economic slowdown weighs on outlook
  • Price climb comes after bigger fall the previous day
  • HSBC cuts its 2019 Brent forecast by $16 to $64/bbl
  • Brent crude futures up 1.1 pct at $59.64 per barrel (0257GMT)
  • US WTI crude futures up 1.2 pct at $51.09 per barrel

Precious metals

  • Gold steady as dollar gains on fears of economic slowdown
  • Spot gold flat at $1,291.24 per ounce (0114GMT)
  • US gold futures little changed at $1,291.3 per ounce

Grains

  • Soybeans rebound from near 2-wk low
  • Most active CBOT wheat futures up 0.4 pct at $5.16-1/4 per bushel (0116GMT)
  • Most active corn futures up 0.5 pct at $3.80-1/2 per bushel
  • Most active soy futures up 0.3 pct at $9.06-1/2 per bushel
  • Most active rice futures unchanged at $10.59 per hundredweight

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

  • South Africa’s Zondo state capture inquiry resumes today
  • South Africa mining production data for Nov-18 due [fcst. 0.1% yy, prev. 0.5%]
  • South Africa retail sales data for Nov-18 expected [fcst. 0.6% yy, prev. 2.2%]
  • South Africa central bank MPC 3-day MPC meeting starts; decision on 17 Jan

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

  • Islamic State insurgents overrun northeast Nigerian town – security sources
  • Libya halves budget deficit thanks to rise in oil revenues
  • Fuel price protests in Zimbabwe turn deadly
  • Gabon’s president returns home after extended medical leave
  • Congo under mounting foreign pressure for vote recount
  • Israel will begin exporting gas to Egypt in a few months’ time – energy minister
  • Russia’s Alrosa returns to diamond exploration in Zimbabwe
  • Goldman models risk of 1000bps Eskom blowout for South Africa
  • Ethiopia protesters block main highway to the sea
  • Indonesian jets force Ethiopian cargo plane to land over airspace breach
  • Africa Crude – Spot dwindles as new programmes due to emerge
  • Northwestern Congo ethnic violence killed at least 400 in December – local activists
  • Ethiopia charges METEC head with additional corruption case
  • Former Ivorian leader seeks acquittal on war crime charges
  • Public mistrust after Congo election raises ebola epidemic anxiety
  • Russian diamond Alrosa opens Zimbabwe subsidiary
  • Airline Fastjet cancels flights to Zimbabwe due to unrest
  • Libya should hold elections even if draft constitution rejected – parliament chief
  • Senegal blocks popular opposition candidates from presidential race
  • South Africa’s AMCU union to expand Sibanye-Stillwater strike to platinum operations
  • Algeria eyes Exxon deal, trading JV in first half
  • Tanzania court rejects plea to halt draft law curbing opposition
  • Egypt reopens four ports shut by bad weather
  • Sudan’s Bashir says protests will not lead to change in govt
  • Angola’s net reserves fall to $11.121 bln in December
  • Nigeria’s top judge asset declaration trial postponed to Jan. 22
  • Egypt picks banks to manage sale of stakes in state-owned companies – official
  • Zimbabwe deploys police in Harare to control fuel price protests
  • Ugandan shilling steady as tax payments crimp dollar demand
  • Another African bloc wants Congo election recount
  • Zimbabwean protesters burn tyres, block roads over fuel price hike
  • India’s Bharti Airtel in talks to buy Telkom Kenya – sources
  • Egypt yet to set details of Asian market bond issue – finance ministry
  • Kenya shilling gains against the dollar
  • South African rand falls on subdued risk appetite

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

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