#Africa #Markets | 22 May

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 8th 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 6th 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

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