#Africa #Markets | 12 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stock index rises 0.3 pct, Nikkei up 2 pct
  • Investors cautiously optimistic on US-China trade deals

Oil Markets

  • Oil prices rise on OPEC output cuts, as US sanctions bite
  • OPEC cuts, US sanctions tighten supply of heavy crude
  • Part-closure of Keystone pipeline props up WTI
  • But surge in US crude supply to cap prices – MS
  • Brent up 0.8 pct at $62.01 per barrel (0329GMT)
  • US WTI up 0.7 pct at $52.78 per barrel

Precious metals

  • Gold inches down as trade worries boost dollar
  • Spot gold down 0.2 pct at $1,306.51 per ounce (0102GMT)
  • US gold futures down 0.1 pct at $1,310.20 per ounce

Grains

  • Soybeans rebound from 3-wk low, fears of trade talk failure cap gains
  • Most active CBOT wheat futures up 0.1 pct at $5.19 per bushel (0204GMT)
  • Most active corn futures up 0.4 pct at $3.74-1/4 per bushel
  • Most active soy futures up 0.4 pct at $9.08-1/2 per bushel
  • Most active rice futures up 0.4 pct at $10.31 per hundredweight

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

  • Nigeria Q4 2018 GDP data expected [fcst. 0.2% yy, prev. 1.8%]
  • South Africa Q4 2018 unemployment (rate) data due [prev. 27.5%]
  • South Africa state capture inquiry continues
  • Nigeria court of appeal to continue suspended chief justice Onnoghen case today
  • South Africa manufacturing production data for Dec 2018 due [fcst. 3.4%, prev. 1.6%]

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

  • South Africa’s Harmony Gold half-year profit slumps 94 pct
  • South Africa power firm Eskom to cut 3,000MW from national grid
  • East Libya forces say they have full control of El Sharara oilfield
  • Africa Crude – Qua Iboe clears, Angolan nearly gone
  • South Africa’s Eskom says 4 generating units back in service
  • Egypt to see gas boost from BP fields, Zohr as Cairo returns to export market
  • Young Egyptians trudge through mud to clean up Nile
  • Algeria’s Sonatrach signs $1 bln gas plant deal with India’s Larsen & Toubro
  • Undervalued Nigerian stocks seen poised for post-election rally
  • Algeria’s Sonatrach shortlists 4 firms for trading joint venture
  • South Africa president says Eskom power cuts ‘most worrying’
  • South Africa rand hits near 3-wk low as Eskom steps up blackouts
  • BP to invest about $1.8 bln in Egypt this year – CEO
  • The men who would lead Nigeria: the presidency, power and petroleum
  • Egypt sells $1.014 bln in 1-yr dollar tbills – central bank
  • Uganda shilling holds steady as tax payments curb demand
  • South Africa Eskom dollar bonds fall after company says to step up power cuts
  • Algeria unemployment unchanged at 11.7 pct in Sept 2018
  • Tanzania row overshadows Acacia’s upbeat output, cost figures
  • South Africa’s Gordhan meeting Eskom executives over power crisis
  • Zimbabwe vice president receiving treatment in India – official
  • UN expert says suspension of Nigeria chief judge breaches human rights
  • BofA appoints new head of equities in global markets South Africa unit – source
  • Kenya shilling steady; seen easing due to importer dollar demand
  • South Sudan to return to pre-war oil production levels by mid-2020: minister

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

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