#Africa #Markets | 11 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Growth woes, trade tension douse rally in Asian shares
  • MSCI ex-Japan falters from near 8-mth highs led by China
  • Dollar eases for a fourth straight day after weak CPI, Fed minutes
  • Sterling firmer after Europe extends Brexit deadline

Oil Markets

  • Oil prices slip on economic worries, surging US crude supply
  • US crude inventories rise to highest since Nov 2017 – EIA
  • US crude output remains at record 12.2 mbpd
  • Global markets remain tight amid OPEC cuts, US sanctions
  • Brent down 0.3 pct at $71.52 per barrel (0642GMT)
  • WTI down 0.4 pct at $64.34 per barrel

Precious metals

  • Gold holds near 2-wk high on dovish central banks
  • Gold should see support toward $1,300-$1,305/oz level – MKS
  • Spot gold down 0.2 pct at $1,304.99 per ounce (0733GMT)
  • US gold futures down 0.4 pct at $1,309.30 an ounce

Grains

  • Corn prices supported by US planting delays; wheat rebounds
  • Most active CBOT wheat futures up 0.6 pct at $4.60-1/2 per bushel (0708GMT)
  • Most active corn futures unchanged at $3.61-3/4 per bushel
  • Most active soy futures up about 0.1 pct at $9.02-1/2 per bushel
  • Most active rice futures up about 0.1 pct at $10.24 per hundredweight

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

  • South Africa manufacturing production data for Feb-19 [fcst. 1.1% yy, prev. 0.3%]
  • South Africa mining production data for Feb-19 [fcst. -3.1% yy, prev. -3.3%]
  • South Africa state capture inquiry resumes
  • South Africa’s Ramaphosa on campaign trail in Alexandra, Johannesburg
  • Kenya’s Kenyatta in Mauritius

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

  • Nigeria military forced a town of 10,000 people to relocate for security operation, UN says
  • Govt sources, provincial minister say Sudan’s Bashir stepped down
  • Sudan military expected to announce end to Bashir rule – sources
  • Tens of thousands march through Sudan capital Khartoum
  • Kenya shilling weakens due to importer demand, excess liquidity
  • Military deploys in Sudan’s capital, anti-Bashir protest grows – Reuters witness
  • How mass rape in genocide transformed Rwanda’s response to AIDS
  • Libya – Thousands flee Tripoli homes as battle rages on outskirts
  • France blocks EU call to stop Haftar’s offensive in Libya
  • Hundreds of Morocco teachers protest for job security
  • 11 killed in Sudan protests including six ‘state forces’ – govt spokesman
  • Nigeria plans special economic zones to double manufacturing by 2025
  • Algeria to hold July 4 presidential election after mass protests
  • Egypt blocks campaign site opposing constitutional changes – monitor
  • Africa Crude – India’s IOC mops up some slow-selling cargoes
  • Ivory Coast 2018 gold output falls 3.5 pct due to strikes
  • Egypt’s annual headline inflation eases slightly to 14.2 pct in March
  • WHO experts to decide whether Congo ebola outbreak is international emergency
  • Zimbabwe mulls ‘use it or lose it’ approach to mining rights
  • Algeria army chief says judiciary will reopen Sonatrach investigation – state tv
  • Egypt’s core inflation falls to 8.9 pct y/y in March – cbank
  • Algeria army chief says judiciary to start prosecuting “the gang” – Ennahar TV
  • Algeria army chief says will support transitional period – Ennahar
  • EU parliament head says Europe divided over Libya
  • Algeria interior ministry allows 10 new political parties – Ennahar TV
  • Uganda shilling weakens on surge in importer and banks’ demand
  • Absa sees Nigeria expansion plan ready for second half
  • South Africa business confidence drops to 7-mth low in March
  • France expresses regret over expulsion of AFP’s Algeria bureau chief
  • Nearly 2,000 Zambia villagers can sue Vedanta in England – Supreme Court
  • South Africa reports farm outbreak of African swine fever – OIE
  • Uganda seizes 8 suspects over American tourtist’s kidnap
  • Kenya shilling gains ground, helped by remittances
  • Nissan South Africa to invest $213 mln to build new Navara model
  • Refugees in Egypt struggle to live as economic hardships deepen

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

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