#Africa #Markets | 2 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares flatline after Fed’s neutral message
  • Japan & China markets shut for public holidays
  • MSCI ex-Japan down 0.1 pct, Australian shares off 0.7 pct
  • Dollar gains overnight as Fed says neutral

Oil Markets

  • Oil prices weighed down by record US output, inventories
  • US oil output & stock levels surge
  • No immediate OPEC output cut in sight
  • Iran, Venezuela exports slump
  • Brent down 61 cents at $71.57 per barrel (0837GMT)
  • WTI down 60 cents at $63.00 per barrel

Precious metals

  • Gold falls to 1-wk low as Fed ambiguity clouds rate-cut bets
  • Platinum touches lowest in nearly a month
  • Silver near 4-mth low
  • Spot gold down 0.3 pct at $1,272.01 per ounce (0610GMT)
  • US gold futures down 0.9 pct at $1,273.20 an ounce

Grains

  • Corn hits 5-wk high on planting delay concerns
  • Most active CBOT corn futures up 0.1 pct at $3.68-3/4 per bushel (0131GMT)
  • Most active soybean futures little changed at $8.51-1/2 per bushel
  • Most active wheat futures up 0.1 pct at $4.36-1/4 per bushel

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

  • 26th World press freedom day celebrations in Addis Ababa, Ethiopia; 1-3 May
  • South Africa state capture inquiry resumes
  • South Africa Absa manufacturing PMI for Apr-19 [prev. 45.0]
  • South Africa total new vehicle sales for Apr-19 [prev. 47.718K]
  • World Bank’s Malpass in Africa (Madagascar, Ethiopia, & Mozambique); 29 Apr – 3 May
  • UK foreign secretary Hunt in Africa (Ethiopia, Kenya, Senegal, Ghana, & Nigeria); 29 Apr – 3 May
  • South Africa’s Ramaphosa of the ANC on campaign trail in Tshwane
  • South Africa’s Maimane of the DA on campaign trail in KZN
  • South Africa’s IEC to give update on election preparedness #SAElections2019
  • Namibia financial stability report release
  • South Africa constitutional court to decide on independent candidacy in New Nation Movement NPC v President of RSA case
  • Africa travel indaba opens in Durban, South Africa

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

  • Haftar’s ally UAE says “extremist militias” control Libya capital
  • Solar tracking bracelets protect nomadic Kenya mothers and babies
  • South Africa’s rand firmer after US Fed holds lending rates
  • Libya’s NOC chief warns of risk of terrorist infiltration into oil fields – TV
  • Germany’s Merkel bolsters support for west African states
  • Algeria’s army chief of staff says military will prevent violence in country – TV
  • New CEO of Algeria’s Sonatrach says foreign energy partnerships essential
  • Olympic champion Semenya loses appeal over testosterone rules
  • Africa Oil – Marketing starts for new Angolan grade
  • World Bank approves $250 mln loan to Kenya for affordable housing
  • In parched South Africa, water-storing football fields give drought the boot
  • Libya coast guard detains 113 migrants during lull in fighting
  • South Sudan denies kidnapping, executing prominent critics
  • Widows of hanged Nigeria activists can continue case vs Shell – Dutch court
  • “The food is going”: thousands stranded in cyclone-hit Mozambique
  • Tunisia raises minimum wages, pensions to tackle discontent
  • BP enters Gambia with exploration deal in disputed A1 block
  • Anger at corruption dents faith in South African president, ANC before poll
  • African Union tells Sudan military council to hand power to civilians within 60 days

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

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