By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

• Asian stocks tank on nearing tariff threat, drag down Europe
• European equities poised for lower open, Asia at 8-wk lows
• Beijing vows retaliation after USTR sets tariff hike in motion
• Trump says China “broke the deal”; talks resume on Thursday

Oil Markets

• Oil prices fall as trade row fears eclipse US inventory decline
• Brent, WTI futures drop 1 pct
• Brent down 0.7 pct at $69.91 a barrel (0600GMT)
• WTI down 0.6 pct at $61.76 per barrel

Precious metals

• Gold prices hold firm ahead of US-China trade talks
• Gold facing strong resistance at $1,290 levels – analysts
• Spot gold up 0.1 pct at $1,281.19 per ounce (0542GMT)
• US gold futures up 0.1 pct at $1,282.10 per ounce

Grains

• Corn drops for 2^nd session as US weather improves; soybeans down
• Most active CBOT wheat futures down 1 pct at $4.34-3/4 per bushel (0124GMT)
• Most active corn futures down 1 pct at $3.60-1/2 per bushel
• Most active soy futures down 0.7 pct at $8.21-3/4 per bushel
• Most active rice futures down about 0.1 pct at $10.95 per hundredweight

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

• 22^nd inter-governmental committee of senior officials & experts for West Africa (#ICE2019WA) in Robertsfield, Liberia; 8-10 May
• South Africa state capture inquiry resumes
• UN General Assembly president Maria Garces in Ghana
• South Africa 2019 national & provincial elections; results trickle in, final expected on Saturday (11 May)
• Guinea’s Conde in Namibia on state visit
• South Africa mining production (Mar-19) [fcst. -7.3% yy, prev. -7.5%]
• South Africa manufacturing production (Mar-19) [fcst. 0.1% yy, prev. 0.6%]
• South Africa FX reserves (Apr-19) [act. $49.5B, prev. $49.7B]

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

• Uganda launches 2^nd round of competitive bidding for oil blocks
• Kenya’s Equity Group posts 6 pct rise in Q1 pretax profit
• AngloGold Ashanti to review divestment options for South African assets
• Egypt headline inflation drops to 13.0 pct in April – CAPMAS
• South Africa net foreign reserves fall to $43.245 bln in April
• South Africa’s MTN first-quarter service revenue rises
• South Africa counts votes as Ramaphosa’s ANC looks to retain power
• Angola president sacks chair of state energy firm Sonangol
• UN report finds likely use of armed drone in Libya by Haftar or ‘third party’
• South Sudan president says formation of unity govt should be delayed a year
• Sudan’s protest coalition calls for disobedience campaign
• France seeks Libya ceasefire, migrant centre struck
• UNAIDS chief charged with enabling ‘culture of harassment’ joins Mali govt
• South Africa’s ANC seen winning election but support faltering
• Congo recaptures one of two fugitive suspects in UN experts’ killings
• IMF praises Congo Republic efforts to manage debt after China deal
• Amid criticism, South Sudan signs new deal with US lobbyists
• Nigeria court dismisses oil export claims against Eni, Petrobras
• Africa Oil – US imports, gap left by Iran sanctions boost West African crude
• MTN Nigeria gets listing approval, securities regulator says
• Kenya to upgrade old rail track to deliver Uganda link
• Libyan PM meets Macron, shell hits migration centre
• Zimbabwe court says main opposition leader illegitimate, party to challenge ruling
• Zambia’s 2019 maize output seen 16 pct down at 2 mln tonnes
• Anadarko’s final investment decision on Mozambique LNG project due on June 18
• Politics: no laughing matter in poverty-hit Zimbabwe
• From crime to corruption, South African voters speak out
• Clashes in ebola-affected Congo city kill at least 9
• WHO experts recommend ramping up ebola vaccine after Congo cases surge
• Egypt expects 5.8 pct economic growth in Q4 of FY 2018-19 – minister
• Chinese logging takes heavy toll on farmers in Guinea-Bissau
• Uganda shilling weakens on surge in offshore demand
• Corruption, payment delays stifle Kenya manufacturers – survey
• Former head of Ethiopia intelligence charged in absentia
• Kenya shilling weakens due to oil importer demand

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