#Africa #Markets | 6 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • China stocks rally on stimulus hopes, weak GDP growth hits Aussie
  • Spreadbetters expect European stocks to open slightly lower
  • Shanghai stocks near 9-mth high on stimulus hopes
  • But renewed North Korea tensions cap broader gains
  • Australia dollar hits 2-mth low as domestic growth slows

Oil Markets

  • Oil dips on US stocks build, production outlook
  • Chevron, Exxon Mobil raises shale oil output forecast
  • US crude inventories up by 7.3 mln bbls last week – API data
  • Market eyes US-China trade talks
  • Brent crude futures down 0.8 pct at $65.36 per barrel (0440GMT)
  • US WTI crude futures down 0.8 pct at $56.11 per barrel

Precious metals

  • Gold steadies above 5-wk lows as market rally pauses
  • SPDR gold holdings down 2.7 pct this year
  • Gold expected to hover above $1,283/oz support level – analyst
  • Spot gold steady at $1,286.75 per ounce (0528GMT)
  • US gold futures up about 0.3 pct at $1,287.90 per ounce

Grains

  • Soybeans edge up, checked by fears over US-China trade deal
  • Most active CBOT wheat futures down about 0.1 pct at $4.62-1/2 per bushel (0341GMT)
  • Most active corn futures up 0.2 pct at $3.76-1/2 per bushel
  • Most active soy futures up 0.2 pct at $9.15-1/4 per bushel
  • Most active rice futures down 0.3 pct at $10.68 per hundredweight

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

  • South Africa central bank chief Kganyago to deliver public lecture at Stellenbosch
  • Rwanda’s Kagame in Cape Town, South Africa, for Young Presidents’ Organisation flagship event
  • Leaders of Ethiopia, Kenya and Somalia meet in Nairobi to ease tensions between latter two countries
  • Kenya devolution conference continues
  • Ghana independence day

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

  • South African rand falls as dollar hovers near 2-wk high
  • Kenya’s KCB Group full-year pretax profit jumps 16 pct
  • Strike over labour dispute grounds flights at Kenya’s main airport
  • Libya to hold elections by year-end – Tripoli PM
  • Senegal’s president officially declared election winner
  • Botswana retailer Choppies forecasts full-year income drop
  • CAR peace deal faces setback
  • Liberia bankers charged after probe into missing millions
  • Africa Crude – Chevron awards Cabinda, market waits for tender results
  • Zimbabwe allows mines, others to import own fuel as shortages bite
  • Nigeria’s Access Bank gets approval for Diamond Bank takeover
  • Rwanda accuses Uganda of supporting rebels
  • Algerian protesters demand Bouteflika quits, army chief issues warning
  • South Africa’s mines minister calls on police to quell violence in Sibanye mine
  • AngloGold Ashanti to sell Northern Colombia exploration project
  • Army chief of staff vows to secure Algeria, prevent bloodshed
  • Kenya in talks with IMF over new standby facility – Mikkelsen
  • Burundi forces United Nations to shut human rights office – UN
  • Farming boosts South Africa’s fourth-quarter GDP growth
  • Sudan lowers customs exchange rate to 15 pounds per dollar
  • Kenya shilling steady, forecast to gain ground
  • Nigeria’s central bank head to end five-year term in June
  • South Africa’s gross spending up 1.6 pct in fourth quarter
  • South Africa’s economy grew 1.4 pct in Q4 2018
  • Nedbank counters weak South Africa with earnings growth elsewhere
  • South Africa’s Exxaro says expects rise in full-year earnings
  • Kenya police summon finance minister over dams scandal
  • South Africa’s Clover posts 5 pct rise in H1 profit
  • South Africa’s Nedbank psots 14 pct rise in earnings

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

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