#Africa #Markets | 23 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Oil traces to near 6-mth highs on Iran sanctions, stocks rise
  • Oil surges; US to end Iran export sanction waivers
  • European stocks expected to follow Asia, open higher

Oil Markets

  • Oil prices hit 2019 highs after US says to end all Iran sanction waivers
  • Iran’s main oil buyers initially received sanction exemptions
  • US reiterates its goal to cut Iran oil exports to zero
  • Market amply supplied to cope with sanctions – analysts
  • Brent up 0.7 pct at $74.58 per barrel (0628GMT)
  • WTI up 0.8 pct at $65.10 a barrel

Precious metals

  • Gold eases as strong equities check support from Iran sanctions
  • Gold down more than 5% from Feb highs
  • Platinum off a 2-wk peak hit in the previous session
  • Palladium steadies after dropping as much as 3.5% on Monday
  • Spot gold down 0.2 pct at $1,272.66 per ounce (0557GMT)
  • US gold futures down 0.2 pct at $1,274.60 an ounce

Grains

  • Wheat falls to 6-wk low on US conditions report
  • Most active CBOT wheat futures down 0.2 pct at $4.41 per bushel (0059GMT)
  • Most active corn futures down 0.3 pct at $3.62-1/2 per bushel
  • Most active soy futures barely changed at $8.77-1/4 per bushel
  • Most active rice futures down 0.1 pct at $10.44 per hundredweight

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

  • Qatar emir in Rwanda for 3-day state visit; last day
  • Malawi pilot malaria vaccination exercise
  • Emergency AU troika summit on Libya & Sudan in Cairo, Egypt; South Africa’s Ramaphosa attending
  • Ethiopia’s Abiy Ahmed heads to BRI forum in China
  • Botswana’s Masisi townhall meeting with Econet chairman Strive Masiyiwa on youth entrepreneurship in Gaborone
  • Kenya parliament resumes; Kenyatta’s SONA speech debate, presentation of budget estimates, etc on agenda
  • Kenya’s Kenyatta & Odinga head to China for BRI forum & seek funding for SGR extension
  • South Africa PIC inquiry resumes

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, bonds little changed, stocks set to open higher
  • Eastern Libyan forces plan to intensify Tripoli offensive
  • Opponents of Egypt’s constitutional reforms call for ‘no’ vote
  • 5 Algeria billionaires arrested in anti-graft investigation
  • Egypt expects borrowing needs to hit $48 bln in fiscal 2019/20 – document
  • Uganda police disperse backers of lawmaker with presidential ambitions
  • Mali’s Keita names finance minister as new PM
  • Sudan’s military council and opposition wrangle over transition
  • Morocco’s annual inflation rises 0.8 pct in March
  • Sudan’s military council warns against road blocks amid continuing protests

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

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