#Africa #Markets | 19 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares flat as Fed looms, May’s Brexit deal in chaos
  • Wall St advance, dollar flat as traders brace for a dovish Fed
  • Pound drifts as UK parliament bans vote on same Brexit deal

Oil Markets

  • Oil nears 2019 highs on OPEC supply cuts, US sanctions
  • OPEC cancels April meeting, extends output cuts until June
  • Rising US production, economic slowdown cap prices
  • Shanghai crude jumps above Brent
  • Brent up 10 cents at $67.64 per barrel (0314GMT)
  • WTI largely unchanged at $59.10

Precious metals

  • Palladium strikes record high on supply squeeze; gold gains
  • Palladium hits a record high of $1,591/oz
  • Gold edges up for a 3rd consecutive session
  • SPDR gold holdings post biggest daily gain since Jan 2018
  • Spot gold up 0.3 pct at $1,306.76 per ounce (0339GMT)
  • US gold futures up 0.4 pct at $1,306.80

Grains

  • Wheat trades firm near 12-day high
  • Most active CBOT wheat futures up 0.7 pct at $4.59-3/4 per bushel (0152GMT)
  • Most active corn futures up 0.2 pct at $3.72-1/4 per bushel
  • Most active soy futures up about 0.1 pct at $9.06-1/4 per bushel
  • Most active rice futures up about 0.2 pct at $10.74 per hundredweight

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

  • Malawi presidential campaigns start
  • South Africa state capture inquiry continues
  • South Africa PIC inquiry continues
  • South Africa’s Gordhan & Eskom executives’ briefing on loadshedding

Key African events or data releases (15-18 Mar) & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Ethiopia and Indonesia crash parallels heap pressure on Boeing
  • Hundreds protest in Sudan, keep up pressure on Bashir
  • Firestone Liberia to lay off 800 staff on low rubber prices
  • Nigeria’s defeated main opposition candidate challenges election result
  • Algeria suspends all Boeing 737 MAX 8 and 9 flights – Ennahar TV
  • Mali weekend attack killed 23 soldiers in total – army
  • South Sudan ‘superhero’ wins award for work with children born of hope
  • Death toll in Mozambique cyclone, floods could surpass 1,000 – president
  • UN hosting Western Sahara talks in Switzerland this week
  • Libya agrees $34 bln budget for 2019 after months of disputes
  • Algeria’s Bouteflika defies pressure to step down immediately
  • Africa Crude – Angola to boost crude exports in May; Senegal seeks Nigerian
  • South Africa’s rand weakens on power cuts, stocks rise
  • Congo suspends seating of new senators following disputed election
  • Algeria’s Bouteflika says national conference to take place shortly – TV
  • Botswana’s Debswana to extend life of Jwaneng diamond mine to 2035
  • Tanzania sets up mineral trading centres to curb illegal gold exports
  • Algeria army should be responsible for finding solution to crisis – chief of staff
  • Former Steinhoff chairman Wiese open to talks over $4 bln claim
  • In Kenya push, France seals business deals worth over 2 bln euros
  • Russia diamond miner Alrosa wants controlling stake to mine in Zimbabwe
  • Kenya dollar bonds reach 10-mth high as rally resumes
  • South Africa power cuts to continue as Eskom battles shortages
  • Swiss Re says helped insure Boeing, Ethiopian Airlines
  • 3 Egypt companies aiming for IPO in 2019 – bourse head
  • Egypt signs $2 bln deal to buy Russia fighter jets – Kommersant
  • Uganda shilling unchanged amid flat appetite for dollars
  • Uganda ruling party MPs back country’s aging leader for another term
  • Algeria deputy PM to make foreign tour to discuss events at home
  • Kenya shilling under pressure from importer demand
  • At least 89 dead in Zimbabwe as Cyclone Idai leaves trail of destruction
  • Algeria unions refuse to support PM’s efforts to form govt
  • South Africa’s Eskom to continue rolling blackouts this week
  • Gunmen attack Mali army base, kill at least 16 soldiers
  • US agencies have not validated Ethiopia Airlines black box data – US officials
  • Algeria PM starts talks on new cabinet as gas field workers protest
  • France’s BEA says Ethiopian jet’s flight data successfully recovered
  • Workers in Algeria’s Hassi Rmel gas field protest, output unaffected – Sonatrach official
  • Egypt pound appreciates to highest in over 2 years
  • After weeks of protest, Algeria PM starts talks on new govt
  • Algeria PM has started talks to form new govt – state news agency
  • Algeria c.bank raises reserves requirements for banks to 12 pct – APS agency
  • OPEC’s Barkindo says compliance with supply cut deal improving
  • OPEC’s Barkindo says rebound in oil investments “very minimal”
  • Ethiopia crash probe advances with voice download, fresh details
  • Ethiopia jet asked permission to climb then vanished – source
  • South Africa’s Eskom ups power cuts as storm hits Mozambique imports
  • Ethiopia Airlines says crash victim DNA tests will take up to 6 months
  • 10 Airlines fear long grounding of Boeing 737 MAX jets after Ethiopian crash
  • Algerians demand Bouteflika quits in biggest protest yet
  • Nigeria school building collapse killed 20 – Lagos health official
  • Excavators may be damaging Ethiopia crash site – diplomats
  • 75 protesters arrested, 11 policemen injured in Algiers – police
  • Congo ex-leader Kabila’s coalition wins decisive senate majority
  • Zuma-era officials feature on South Africa’s ANC election list
  • PwC investigation finds $7.4 bln accounting fraud at Steinhoff, company says
  • US diplomat urges transparent land reform in South Africa
  • Africa Crude – IOC issues new tender, Angola programme awaited
  • US “very enthusiastic” about Zimbabwe’s new govt – deputy secretary of state
  • South Africa’s rail service places four executives on paid leave amid graft allegations
  • Athletics – Kenya, Ethiopia urge IAAF not to cut Diamond League races
  • South Africa’s Competition Tribunal approves Glencore’s bid for Chevron subsidiary
  • South Africa court blocks mine union’s plan for industry-wide strike
  • South Africa’s Tsogo Sun CEO to retire, hotel business spin-off to go ahead
  • Botswana’s Debswana targets diamond output of 24 mln carats in 2019
  • Zimbabwe inflation quickens to 59.39 pct y/y in February
  • Nigeria consumer inflation falls slightly to 11.31 pct in Feb – stats office
  • A leader of Algeria’s ruling FLN party says Bouteflika is “history now”
  • Kenya’s Commercial Bank of Africa says shareholders accept NIC Group

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

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