#Africa #Markets | 8 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks slip, bonds rally on fear China-US trade deal could unravel
  • Asia tracks Wall Street’s overnight slide
  • MSCI Asia-Pacific index hits lowest since late March
  • European stocks futures most lower in early trade
  • Risk aversion supports bonds, US 10-yr yield at 1-mth low
  • New Zealand cuts interest rates, kiwi weakens

Oil Markets

  • Oil rises amid surging China crude imports, US sanctions
  • US sanctions have tightened global oil markets
  • Sanctions come amid record Chinese oil demand
  • Brent up 0.6 pct at $70.31 a barrel (0658GMT)
  • WTI up 0.9 pct at $61.96 a barrel

Precious metals

  • Gold hits 1-wk high as trade jitters dampen risk appetite
  • Indian gold buying seen supporting physical demand
  • Spot gold up 0.3 pct at $1,287.73 per ounce (0607GMT)
  • US gold futures up 0.3 pct at $1,288 an ounce


  • Soybeans up for 2nd session, US-China trade talks in focus
  • Most active CBOT wheat futures up 0.2 pct at $4.40-1/4 per bushel (0110GMT)
  • Most active corn futures up 0.3 pct at $3.67-1/2 per bushel
  • Most active soy futures up 0.2 pct at $8.32-1/2 per bushel
  • Most active rice futures down 0.2 pct at $10.92 per hundredweight

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

  • 2019 South Africa national & provincial elections today; public holiday
  • Nigeria presidential election tribunal inaugural sitting
  • 22nd inter-governmental committee of senior officials & experts for West Africa (#ICE2019WA) in Robertsfield, Liberia; 8-10 May
  • UNGA president Maria Garces in Nigeria

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

  • Scandal-hit Steinhoff posts $4 bln operating loss for fiscal 2017
  • Kenya shilling weakens due to oil importer demand
  • South Africa’s ANC seeks to reverse sliding support in tough election
  • Voting begins in South African elections – Reuters witness
  • Sudan military rulers want Sharia law to guide legislation under interim govt
  • Former head of Ethiopian intelligence charged in absentia
  • Ugandan journalists reassigned after govt upset by opposition coverage
  • WHO experts recommend ramping up ebola vaccine after Congo cases surge
  • Aid workers race to contain cholera outbreak in cyclone-hit Mozambique
  • Private property rights at stake in South Africa ballot
  • Africa Crude – Angolan dwindles, Nigerian offers steady
  • Amid tensions with France, Libya’s Serraj to meet Macron on Wednesday
  • Tanzania plans cable car for Mount Kilimanjaro
  • Kenya house committee opposes Kenya Airways’ takeover of main airport
  • Angola president calls for resolution to fuel crisis
  • South Africa’s MTN registers Nigerian business shares before listing
  • Gulf pledges offer scant reprieve for Sudan’s economy
  • UK soldier killed in counter poaching operation in Malawi – UK defence ministry
  • Zimbabwe central bank sees official, black market exchange rates converging in 3 months
  • Uganda shilling steady, expected to gain due to tea, coffee inflows
  • Egypt expects IMF loan final tranche in July – deputy finmin
  • Egypt upholds death sentence for 13 members of disbanded militant group
  • MTN Nigeria registers to list 20.4 bln shares at 0.02 naira each
  • Egypt’s 9M budget deficit for year to June drops to 5.3 pct of GDP – finmin
  • Sudan protesters’ sit-in inspires cultural outpouring
  • South African business confidence rise in April on post-election hopes
  • Egypt moves to cancel planned increase in stock exchange duty
  • MTN met deadline to respond to $2 bln Nigerian tax demand – judge
  • Bush fire razes four villages in South Sudan, kills 33
  • Egypt spent $3.51 bln on fuel subsidies on first nine months of FY 2018-2019 – minister
  • Kenya shilling strengthens, helped by inflows into govt bonds

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

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