#Africa #Markets | 7 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares sluggish as global growth concerns return; ECB meeting eyed
  • Wall St stocks fall to 3-wk low on growth worries
  • OECD cuts global growth forecasts again
  • US goods trade deficit hits record high in 2018
  • ECB in focus; set to lower outlook, could hint new TLTROs

Oil Markets

  • Oil edges up on OPEC cuts, US sanctions against Venezuela and Iran
  • OPEC has led supply cuts this year to tighten market
  • Venezuela’s PDVSA struggles to export oil amid US sanctions
  • US crude oil inventories rise amid record output – EIA
  • Brent crude futures up 0.6 pct at $66.36 per barrel (0234GMT)
  • US WTI crude futures up 0.4 pct at $56.45 per barrel

Precious metals

  • Gold firm as risk sentiment takes backseat; strong dollar caps gains
  • Gold may hover above $1,283/oz support – analyst
  • Platinum touch lowest since Feb. 22 at $819/oz
  • Spot gold steady at $1,286.25 per ounce (0521GMT)
  • US gold futures down 0.1 pct at $1,286.70 an ounce

Grains

  • Wheat steadies, but tepid US export demand caps gains
  • Most active CBOT wheat futures up 0.1 pct at $4.50-1/2 per bushel (0335GMT)
  • Most active corn futures down 0.3 pct at $3.71-1/2 per bushel
  • Most active soy futures unchanged at $9.02 per bushel
  • Most active rice futures unchanged at $10.87 per hundredweight

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

  • Kenya 6th devolution conference to close; by DP Ruto
  • South Africa’s Ramaphosa to answer questions in parliament
  • South Africa current account balance data for Q4-2018 expected [fcst. -3.2% of GDP, prev. -3.5%]

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 net foreign reserves rise to $43.7 bln in February
  • South Africa’s MTN to raise $1 bln from asset sales, FY profit surges 85 pct
  • South Africa’s top insurer Sanlam FY earnings drop by 8 pct
  • Libya’s NOC, oil majors set up $20 mln fund to support local near oilfield
  • South African leader condemns violence against women as assault film goes viral
  • Nigeria opposition to inspect vote materials after Buhari’s win
  • Sudan’s Bashir appoints new central bank governor – presidency
  • South Africa’s Sasfin, Hello Paisa launch bank for thousands without accounts
  • Sudan opposition party says security officials thwart its news conference
  • Algeria war veterans back protests demanding end to Bouteflika’s rule
  • Africa Crude – Traders await tender result, spot demand slows
  • Algeria labour union branches oppose Bouteflika’s re-election – statement
  • People with albinism protest in Malawi as attacks spike ahead of polls
  • South Africa central bank says unrealistic to target specific employment level
  • France monitoring Algeria protests, says up to people to decide future
  • Traffickers used Russia’s World Cup to enslave us, say Nigerian women
  • Egypt activists and media targeted by phishing attacks – Amnesty
  • Flights resume after strike at Kenya’s main airport grounds thousands of passengers
  • Tunisia to hold autumn parliamentary and presidential elections
  • Zimbabwe says rapprochement with West still on despite US sanctions
  • Kenya’s KCB Group reports rebound in annual earnings, shares up
  • Cameroon risks further slide into violence – UN rights chief
  • South Africa central bank still sees 2019 growth at 1.7 pct
  • Debt inflows, remittances support Kenyan shilling
  • Uganda shilling weakens as dividend payments weigh
  • South Africa business confidence falls to 5-mth low in Feb
  • African fuel retailer Vivo Energy posts higher profit, volumes
  • Foreign holdings in Egypt treasuries at $15.8 bln – finmin
  • Zambia plans to swap Chinese debt from dollars to yuan – minister

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

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