#Africa #Markets | 29 Mar

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks gain, progress in US-China talks eyed
  • News of progress in US-China talks lifts mood
  • S&P 500 could make biggest quarterly gain since 2009
  • European stocks seen rising 0.4-0.5 pct
  • Turkish lira under renewed pressure ahead of elections

Oil Markets

  • Oil set for strongest quarter in a decade on OPEC cuts, sanctions
  • OPEC has led production cuts since start of the year
  • US is targeting Iran, Venezuela oil exports with sanctions
  • But weak economic outlook could weigh on oil prices soon
  • BoAML warns of recession in 2020
  • Brent up 0.5 pct at $68.16 per barrel (0559GMT)
  • WTI up 0.6 pct at $59.68 a barrel

Precious metals

  • Gold faces worst month in eight; palladium recovers
  • Palladium set for worst month since end-2016
  • Gold on path for 2nd straight quarterly rise
  • Market eyes US-China trade talks
  • Spot gold flat at $1,290.34 per ounce (0620GMT)
  • US gold futures down 0.1 pct at $1,288.70 per ounce

Grains

  • Soybeans edge higher, set to post biggest monthly fall in 7 mths
  • Most active CBOT wheat futures down 0.2 pct at $4.63-3/4 per bushel (0121GMT)
  • Most active corn futures down 0.1 pct at $3.73-1/2 per bushel
  • Most active soy futures up 0.1 pct at $8.90-1/2 per bushel
  • Most active rice futures unchanged at $10.91 per hundredweight

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

  • South Africa state capture inquiry continues
  • Misconduct trial of Nigeria’s suspended chief justice Onnoghen continues
  • Moody’s to announce rating decision on South Africa
  • South Africa M3 data for Feb-19 [act. 5.3% yy, fcst. 5.3%, prev. 5.1%]
  • South Africa PSCE data for Feb-19 [act. 6.0% yy, fcst. 5.9%, prev. 6.5%]
  • Nigeria foreign exchange reserves data for Mar-19 [prev. $42.3B]
  • South Africa trade balance for Feb-19 [prev. ZAR -13.1B]

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 rand edges higher ahead of Moody’s rating review
  • Investigators believe anti-stall system activated in Ethiopian crash – WSJ
  • South Africa Feb credit demand growth slows to 6.03 pct m/m
  • South Africa on edge before Moody’s rating review amid power crisis
  • At least 3 dead in gunfight in Comoros after opposition moves to unseat president
  • Ghana tackles floods, waste and pollution with Accra resilience plan
  • US lawsuit filed against Boeing over Ethiopia Airlines crash
  • Algeria protesters turn focus on political elite, not just Bouteflika
  • UN urges Eritrea to probe killings, missing detainees
  • Trump extends Liberians’ protected immigration status by one year
  • Top backer of Algeria’s Bouteflika resigns as business forum head
  • Al Shabaab car bomb outside Somali hotel kills at least 15 – medics
  • US safety officials review Ethiopia black box data – sources
  • Egypt central bank keeps key interest rates unchanged
  • Uganda returns seized gold consignment to African Gold Refinery
  • Opponents say Egypt’s constitutional changes will cement “absolute rule”
  • Steinhoff to provide South Africa capital markets watchdog with documents
  • US orders all govt personnel to leave Comoros after gunfire in capital
  • Africa’s Sahel conflict sees surge in militia killings – group
  • Nigeria court orders arrest of southeastern seperatist leader
  • South Africa starts to resume beef exports after foot and mouth outbreak
  • Public mistrust thwarts Congo’s ebola response as cases climb
  • South Africa says inflation risks balanced as holds rate
  • Uganda shilling weakens on demand from charities
  • South Africa central bank keeps repo rate at 6.75 pct
  • Rwanda’s Bank of Kigali 2018 pretax profit up 25 pct
  • Comoros opposition forms parallel transition body to unseat president
  • Big phone bill? New car? Wealthier Egyptians lose subsidies, prompting complaints
  • Storm-slammed Mozambique must rebuild for ‘tomorrow’s climate’
  • Gabon oil workers suspend VAALCO terminal strike
  • Egypt bases 2019/20 budget on early March exchange rate
  • Mozambique to start cholera vaccinations next week after cyclone
  • Algeria constitutional council has not met on Bouteflika – state radio
  • Kenya shilling strengthens against the dollar
  • Algeria’s political crisis deepens underlying fiscal challenges – Moody’s
  • Steinhoff sells South Africa auto showrooms unit to France’s CFAO
  • South Africa’s Capitec Bank cuts fees to compete with digital newcomers

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

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