By Rafiq Raji, PhD
Twitter: @DrRafiqRaji
Global Markets
- Asian shares retreat as China targets slower growth
- China says 2019 growth 6.0-6.5 pct vs 2018 target of 6.5 pct
- Beijing pledges cuts in tax, more spending and lending
- Valuations hardly cheap, on par with levels seen early Oct
Oil Markets
- Oil falls as China trims economic growth target, but OPEC-led cuts support
- Oil demand growth tepid amid economic slowdown
- Soaring US supply widens WTI-Brent crude price spread
- Brent down 0.5 pct at $65.33 per barrel (0426GMT)
- WTI down 0.6 pct at $56.28 per barrel
Precious metals
- Gold hovers near 5-wk lows as firm dollar, trade optimism dent appeal
- SPDR Gold holdings fall 0.76 pct on Monday
- Gold may fall to $1,271/oz – analyst
- Spot gold up 0.2 pct at $1,288.46 per ounce (0552GMT)
- US gold futures up 0.2 pct at $1,289.80 per ounce
Grains
- Soybeans extend gains as trade deal possibility ups demand hopes
- Most active CBOT wheat futures down about 0.1 pct at $4.55-1/4 per bushel (0220GMT)
- Most active corn futures up 0.2 pct at $3.75-1/2 per bushel
- Most active soy futures up 0.1 pct at $9.17 per bushel
- Most active rice futures down 0.3 pct at $10.65 per hundredweight
Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]
- South Africa’s state capture inquiry continues
- Legal challenge to Nigeria’s Buhari re-election by main opposition PDP party today
- Kenya’s Kenyatta to open devolution conference
- South Africa’s EFF to table motion to rename Cape Town airport in honour of Winnie Mandela
- South Africa Q4-2018 GDP data to be released [fcst. 2.0% qq saa, prev. 2.2%]
- South Africa Standard Bank PMI data for Feb-19 expected [prev. 49.6]
- Nigeria Stanbic IBTC PMI data for Feb-19 due [prev. 54]
Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]
- Rest of Africa drives Nedbank earnings growth of 14 pct
- South Africa’s Clover posts 5 pct rise in H1 profit
- South Africa’s Nedbank posts 14 pct rise in earnings
- Egypt Feb non-oil private sector activity slowest since Sep 2017 – PMI
- Trump extends US sanctions against Zimbabwe by a year
- UK urged to pull its weight to support African refugees
- Libya’s NOC lifts force majeure at El Sharara oilfield
- Nigeria’s central bank head to end 5-yr term in June
- Morocco’s trade deficit widens 8.6 pct y/y in January
- Nigeria’s Forcados crude loadings delayed by leak – sources
- Africa Crude – Delays hit Forcados, Bonny Light flows partly shut
- South Africa appoints experts to lead Eskom reform
- Algeria students protest against Bouteflika offer to shorten new term in power
- Morocco’s OCP plans African chemical plants, fertiliser blenders
- Unknown attackers threaten to worsen ebola epidemic in Congo
- Former Algeria minister quits as lawmaker of ruling party
- South Africa’s Bidvest confirms Madisa as CEO-in-waiting
- Uganda says Rwanda partially lifts trade blockade
- Helicopter crash in Kenya kills four Americans and their pilot
- Zimbabwe central bank borrows $985 mln from African banks
- Egypt’s foreign reserves rise to $44.06 bln in February, central bank says
- Uganda shilling holds steady on lower demand for dollars
- France notes Bouteflika candidacy, says up to Algeria people to decide future
- Ivory Coast issues 2 bonds worth 125 bln CFA ($217 mln) in debt
- Egypt releases award-winning photojournalist jailed since 2013
- Nigeria blast did not involve Nembe Creek Trunk Line – Aiteo
- No force majeure on Nigerian Bonny Light crude exports after incident – Shell
- Egypt to sell stake in state oil company in first half of 2019 –report
N.B. Full stories of above headlines are available on Reuters
