#Africa #Markets | 31 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks scale 4-mth peak as Fed turns more cautious; dollar sags
  • Stocks lifted as Fed signals potential end to rate hike cycle
  • Prospect of rate hikes ending weighs on dollar and bond yields

Oil Markets

  • Oil rises as Saudi Arabia cuts supply to US
  • Venezuela struggles to keep up exports
  • But US crude oil stocks still rise at record 11.9 mln bpd
  • Brent up 1 pct at $62.24 per barrel (0445GMT)
  • WTI up 0.7 pct at $54.63 per barrel

Precious metals

  • Gold near 8-mth highs on Fed rate pause, eyes 4th monthly gain
  • Spot gold steady at $1,319.87 per ounce (0042GMT)
  • US gold futures up 0.7 pct at $1,319.30 per ounce

Grains

  • Soybeans hold steady, set to finish the month up 3 pct
  • Most active CBOT wheat futures up 0.3 pct at $5.18-1/4 per bushel (0127GMT)
  • Most active corn futures down about 0.1 pct at $3.81 per bushel
  • Most active soy futures nearly unchanged at $9.20-3/4 per bushel
  • Most active rice futures down 0.1 pct at $10.62 per hundredweight

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

  • South Africa producer inflation data for Dec-18 due [fcst. 6.5% yy, prev. 6.8%]
  • South Africa trade balance data for Dec-18 expected [prev. ZAR3.49B)
  • Nigeria foreign exchange reserves data for Jan-19 expected [prev. $43.23B]
  • South Africa state capture inquiry continues

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

  • Nigeria opposition candidate to consider amnesty for corruption suspects
  • Nigeria opposition candidate says he is willing to probe corruption in military
  • Sudan opposition leader’s daughter detained as professors protest
  • Sudan’s army says it will ‘not allow state to fall’ amid protests
  • Algeria’s Sonatrach has held talks to buy oil trader Gunvor – Bloomberg
  • Drought threatens thousands of flamingo chicks in South Africa
  • Nigeria opposition candidate to create $25 bln fund for infrastructure
  • Zimbabwe public workers divided over strike after talks fail
  • Africa Crude – Sellers hold out as buyers face strong Nigerian diffs
  • South Africa deputy finance minister denies corruption allegations
  • Egypt’s GDP grew 5.4 pct in first half of fiscal year, minister says
  • 38 migrants confirmed dead off Djibouti after boats capsize
  • Ethiopia charges former regional president, others of instigating ethnic violence
  • Tanzania hunts child abductors over suspected witchcraft-linked killings
  • South African franchise restaurant chain Spur lifts H1 sales
  • Nigeria court rules suspended chief judge can be tried on conduct charges
  • South Africa’s largest labour union plans nationwide strike over mass layoffs
  • Bashir’s hometown split as anti-govt protests hit Sudan
  • South African miners want restructuring of powe firm Eskom
  • Kenya bourse aims to launch derivatives market in first half 2019
  • Uganda shilling stronger on offshore investor and charity flows
  • Sudan opposition leader’s daughter detained – family
  • South Africa’s PIC says 3 board members implicated in new graft allegations
  • Renewable power surge in Africa faces a shortout: not enough workers
  • Kenyan shilling seen easing against the dollar
  • Zimbabwe govt, unions in last-ditch talks to avert national strike
  • Egypt to offer foreign currency bond this quarter, minister says
  • South Africa’s Lewis Q3 sales gain on upbeat merchandise sales growth
  • Tanzania MPs grant govt sweeping powers over political parties
  • South Africa Dec credit demand growth slows to 5.1 pct m/m

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

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