By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

• Asia stocks grapple with trade anxiety even as Huawei gets reprieve
• Asia stocks shaky, MSCI Asia-Pacific index in and out of red
• European stock futures slightly higher in early trade
• Oil dips on US stockpile rise, Saudi assurance on market balance

Oil Markets

• Oil prices drop on swelling US stockpiles, but markets remain tense
• US crude stocks rise by 2.4 mln barrel to 480.2 mln – API
• Saudi Arabia pledges to keep oil markets balanced, sustainable
• Global oil demand growth slows amid trade tensions – BoAML
• But oil markets remain tight
• Brent down 0.5 pct at $71.79 per barrel (0658GMT)
• WTI down 0.9 pct at $62.54 per barrel

Precious metals

• Gold hovers near 2-wk low on strong dollar ahead of Fed minutes
• SPDR Gold holdings rise 0.4% on Tuesday
• Spot gold down 0.1% at $1,273.47 per ounce (0704GMT)
• US gold futures unchanged at $1,273.20 an ounce

Grains

• Corn extends gains into 8^th session, near 1-yr peak
• Most active CBOT wheat futures unchanged at $4.78-3/4 per bushel (0016GMT)
• Most active corn futures up about 0.3 pct at $3.95-1/4 per bushel
• Most active soy futures up 0.4 pct at $8.25 per bushel
• Most active rice futures down 0.2 pct at $11.29 per hundredweight

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

• Nigeria’s Buhari to dissolve cabinet
• South Africa’s Ramaphosa & MPs of 6^th parliament swearing-in
• South Africa inflation Apr-19 [act. 4.4% yy, fcst. 4.4%, prev. 4.5%]
• Vote-counting of Malawi elections ongoing; results expected on 29 May
• South Africa PIC inquiry continues
• Zambia central bank to decide interest rates [fcst. 9.75%, prev. 9.75%]
• Nigeria presidential election tribunal to hear HDP petition & determine main opposition PDP request for tribunal chair Bulkachuwa to recuse herself

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

• South Africa consumer inflation slows to 4.4% in April
• South Africa’s Tiger Brands revenue falls short after challenges at meat unit
• South Africa deputy president will not be sworn-in as MP today
• Ivory Coast sends request for proposal for bond issue
• Acacia says sidelined from Barrick-Tanzania govt tax dispute talks
• South Africa’s Tiger Brands H1 earnings fall 12%
• South Africa’s Sasol increases cost estimate for US chemicals plant around $1 bln
• French EDF Renewables wins tender to build 800MW solar plant in Morocco
• Angola awards fuel tender to Total, Trafigura
• South Africa minister says Mozambique ex-finance minister to be extradited home
• MTN close to paying off 330 bln naira fine in Nigeria – NCC
• With Sudan talks deadlocked, protest group calls strike
• Latest low-fee, digital accounts shake up South African banking
• Former Sudan intelligence chief’s guards block his arrest – prosecutors
• French widow sues Boeing for at least $276 mln over Ethiopian crash
• Africa Oil – Sonangol said to finalise July term allocations
• Vedanta, KCM seek urgent Zambia talks, court appoints liquidator
• Countries fueling Libya conflict must be stopped – UN envoy
• Tanzania says to start cancelling inactive mining licenses
• Egypt security forces kill 16 suspected militants in Sinai
• Egypt govt debt surges in 2018
• Zimbabwe hikes fuel prices again; new currency slides
• Tunisia court temporarily releases UN official after 2-mth detention
• Zimbabwe’s small businesses reel from power cuts
• Nigeria central bank holds benchmark interest rate at 13.5 pct
• Zimbabwe’s new currency drops 31% after fuel subsidy ended – traders
• Zimbabwe hikes diesel, petrol prices by up to 47% – energy regulator
• Egypt to raise power prices by 14.9% for FY 2019-2020 – minister
• Yields mostly lower in South Africa govt bond auction
• Malawians vote in tough election for President Mutharika
• Zambia court appoints provisional liquidator of Vedanta’s Konkola copper mines
• Nigeria’s Trans Forcados pipeline remains closed after fire
• Libya’s NOC concerned about theft and lawlessness affecting oil industry
• Water supplies restored to besieged Libya capital
• Kenya shilling holds steady, expected to firm due to remittances
• ARM Cement’s Kenyan assets sold for $50 mln – statement

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