#Africa #Markets | 5 Mar

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

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