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