#Africa #Markets | 28 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Bond yields keep falling, stocks try to steady
  • US 10-yr yields hit 15-mth lows, German less than zero
  • Equities mixed on worries curve inversion augurs recession
  • Sterling slapped as Brexit votes go nowhere

Oil Markets

  • Oil extends losses into 2nd session as US stocks rise
  • Brent down 0.3 pct at $67.63 a barrel (0045GMT)
  • WTI down 0.4 pct at $59.18 per barrel

Precious metals

  • Palladium extends losses, hits 5-wk low as investors book profits
  • Spot gold little changed at $1,311.29 per ounce (0541GMT)
  • US gold futures steady at $1,310.10 an ounce


  • Soybeans linger near 3-mth low; all eyes on trade talks
  • Most active CBOT wheat futures down 0.5 pct at $4.67 per bushel (0344GMT)
  • Most active corn futures down 0.1 pct at $3.73-1/4 per bushel
  • Most active soy futures unchanged at $8.87-3/4 per bushel
  • Most active rice futures down 0.6 pct at $11.08 per hundredweight

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

  • Togo’s Gnassingbe in South Africa; last day of 3-day working visit
  • South Africa’s Ramaphosa launches Business Leadership SA & SA SME CEO fund circle
  • South Africa state capture inquiry continues
  • South Africa PIC inquiry continues
  • South Africa to decide interest rates [fcst. 6.75%, prev. 6.75%]
  • South Africa producer inflation data for Feb 2019
  • Nigeria’s Adamawa governorship rerun election to be concluded today
  • International Coffee Organisation meeting in Nairobi continues; to 29 Mar
  • Uganda’s Museveni to conclude 2-day visit to Mombasa, Kenya
  • South Africa’s Ramaphosa to launch special court for gender-based violence
  • Kenya central bank governor Njoroge post-MPC press conference

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

  • Egypt 2019/20 budget assumes rate of 18 Egyptian pounds to dollar
  • South Africa’s rand slides tracking Turkish lira
  • South Africa’s Capitec Bank FY profit jumps on strong client growth
  • Public mistrust thwarts Congo’s ebola responses as cases climb
  • Morocco govt set to sack striking teachers
  • Libya’s NOC February revenues down 21 pct on January
  • Sudan suspends daily exchange rate setting mechanism – report
  • Paris wheat at 2-wk low as Egypt setback cools export hopes
  • Half urban population of sub-Saharan Africa still living in slums – study
  • Algeria army, police bust militant cell planning attacks – Ennahar TV
  • Nigeria aims to borrow at home and abroad to fund 2019 budget – finmin
  • Rescued migrants hijack merchant ship off Libya
  • Bouteflika’s key allies back army plan to oust him
  • South Africa names former Alexander Forbes CEO as head of tax collection agency
  • Urban middle class may offer lifeline to rural Africa
  • South Africa’s ANC elders criticise “tainted” officials on election list
  • South Sudan lawmaker, 2 other killed in ambush
  • Amid ruined lives, Mozambique’s cyclone survivors face cholera, diarrhoea
  • South Africa mining firms seek charter changes over past black ownership deals
  • Algeria’s ruling party backs army’s call for end to Bouteflika’s rule
  • Emerging market debt trading fell 7 pct in Q4, dipped in 2018 – EMTA
  • UN to investigate massacre of 157 Mali villagers
  • Gabon oil workers’ strike halts Vaalco terminal output – union
  • Kenya central bank holds main lending rate, says inflation expectations within target
  • Namibia’s economy to rebound from recession this year – finmin
  • Algeria’s biggest union urges Bouteflika to leave
  • Nigeria bond yields drop after surprise central bank rate cut
  • South Africa’s Sibanye-Stillwater will consider changing primary listing
  • Algeria protests leader rejects army proposal on Bouteflika
  • Saudi King Salman meets Libya’s General Haftar
  • Algeria’s ruling coalition partner RND urges Bouteflika to resign – statement
  • Mozambique says five cases of cholera confirmed after cyclone
  • Kenya shilling holds steady against end-mth dollar demand
  • Algeria awaits constitutional signal on Bouteflika’s fate
  • South Africa’s Steinhoff raises $332 mln from KAP Industrial stake sale

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

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