#Africa #Markets | 10 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • US stock futures slip after tariff hike, Asia shares eke out gains
  • S&P 500 mini futures fall, Asia stocks stay up in volatile trade
  • Some investors pin hopes on Friday’s US-China trade talks
  • Most stock markets on track for heavy weekly losses
  • US treasuries & yen supported
  • European shares seen up 0.5-0.6 pct

Oil Markets

  • Oil gains despite mounting US-China trade tensions
  • WTI on track for first weekly gain in three
  • Though Brent heading for second weekly loss
  • Brent up 34 cents at $70.73 a barrel (0643GMT)
  • WTI up 39 cents at $62.09 a barrel

Precious metals

  • Gold prices buoyed as US-China trade tensions mount
  • Spot gold steady at $1,284.65 per ounce (0142GMT)
  • US gold futures unchanged at $1,285.70 an ounce

Grains

  • Soybean prices edge away from 10-yr low, but trade tensions drag
  • Most active CBOT wheat futures up 0.8 pct at $4.33 per bushel (0101GMT)
  • Most active corn futures up 0.4 pct at $3.54-3/4 per bushel
  • Most active soy futures up 0.6 pct at $8.17-1/2 per bushel
  • Most active rice futures down about 0.1 pct at $10.93 per hundredweight

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

  • Roadshow for Kenya 12-yr, 31-yr dual-tranche eurobond in London & US ongoing
  • Nigeria – Judgement of sacked chief justice Onnoghen’s appeal of misconduct conviction today
  • 22nd inter-governmental committee of senior officials & experts for West Africa (#ICE2019WA) in Liberia; 8-10 May
  • South Africa state capture inquiry continues
  • UN general assembly Maria Garces in Ghana
  • Vote count of 2019 South Africa national & provincial elections continue

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

  • Miner Lonmin says delays in Sibanye-Stillwater deal to hurt sales
  • South African rand steady as ruling party takes lead in elections
  • South Africa’s ANC poised for election victory but support ebbs
  • US air strike kills 13 Islamic State fighters in Somalia – US military
  • After ousting Bashir, Sudan’s activists struggle to loosen military’s grip
  • ANC takes commanding lead in South Africa’s election but support ebbs
  • Kenya court sentences Briton to four years on terrorism charges
  • ANC set to retain power in South Africa but support slips
  • Libya govt threatens to suspend foreign firms to pressure Europe
  • IMF provisionally agrees 3-yr loan deal with Congo Republic
  • Nigeria central bank head nominated for second term
  • Libya gives 40 foreign firms 3 months to renew licenses
  • Sudan forces seize 241 kg gold from plane
  • Acacia Mining hits back at parent Barrick in Tanzania row
  • Africa Oil – West African diffs steady amid strong demand
  • Congo Republic’s economy expected to grow more than 5 pct in 2019 – IMF
  • UK gravely concerned at situation in Libya
  • Egypt court fines ex-interior minister $29 equivalent for abuse of funds
  • How Total’s CEO pounced on Anadarko’s African energy assets
  • Togo term limit law allows president 10 more years of rule
  • Egypt headline inflation drops to 13.0 pct in April – CAPMAS
  • Libya plans to increase oil output from existing fields to 1.4 mln bpd this year
  • Kenya’s shilling to strengthen, Uganda’s to weaken; in week ahead
  • Kenya’s Equity Bank eyes more profit from subsidiaries after subdued Q1
  • South Africa’s manufacturing output up 1.2 pct y/y in March
  • Tanzania opposition activist found beaten, dumped in village
  • South Africa listed Steinhoff shares tumble after release of 2017 results
  • Zimbabwe warns of power cuts as dam levels fall, ageing plants stutter
  • AngloGold Ashanti plans to sell up in South Africa
  • Uganda shilling forecast to weaken due to importer, commercial bank demand
  • Kenya starts roadshow for 12-, 31-yr dual-tranche eurobond
  • Uganda launches second round of competitive bidding for oil blocks

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

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