#Africa #Markets | 23 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia feels chill from Sino-US tech cold war
  • Nikkei falls 0.5%, Asia ex-Japan near 16-wk low
  • Yen, sovereign bonds buoyed by safe-haven bid
  • Pound under pressure on reports PM May to quit

Oil Markets

  • Oil prices dip on swelling US crude stocks, but global markets still tight
  • Slowing oil demand also weighs on prices
  • OPEC cuts, Middle East tension keep markets on edge
  • Brent down 0.1 pct at $70.90 per barrel (0007GMT)
  • WTI down 3 cents at $61.39 per barrel

Precious metals

  • Gold prices steady, buoyed by worries over Sino-US trade tensions
  • Spot gold broadly unchanged at $1,273.84 per ounce (0112GMT)
  • US gold futures down 0.1 pct at $1,273.30 an ounce

Grains

  • Corn snaps 8-session rally on profit taking, overall weakness
  • Most active CBOT wheat futures up about 0.1 pct at $4.73 per bushel (0128GMT)
  • Most active corn futures down 0.1 pct at $3.94 per bushel
  • Most active soy futures down 0.2 pct at $8.26-1/2 per bushel
  • Most active rice futures unchanged at $11.34 per hundredweight

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

  • South Africa central bank MPC decision [fcst. 6.75%, prev. 6.75%]
  • South Africa state capture inquiry resumes
  • South Africa National Council of Provinces to swear-in newly elected members
  • Egypt central bank MPC decision [prev. 15.75%]
  • Vote-counting in Malawi elections ongoing; some results already released, others expected today

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

  • Botswana lifts ban on big game hunting
  • Morocco set to reintroduce customs duty on soft wheat – industry body
  • Somalia protests after its officials deported by Kenya
  • Libya commander Haftar told Macron no ceasefire for now – France presidency
  • Congo wants more use of Merck vaccine rather than J&J newcomer – minister
  • UN declares Algeria and Argentina free of deadly malaria
  • Armed group kills 34 civilians in CAR
  • Mozambique ex-finmin should be extradited to US – embassy
  • South Africa’s newly-elected Ramaphosa promises to work for all
  • Ivory Coast awards Total and Eni new oil and gas blocks
  • BNP Paribas must face revived lawsuit over Sudan genocide – US appeals court
  • South Africa’s Steinhoff postpones shareholder hearing over petition
  • Africa Oil – Spot trade sidelined by tenders
  • Sudan military wants to cede power quickly – general
  • Charities fear for children seperated from parents in cyclone-hit Mozambique
  • Algeria’s army chief says he has no political ambitions
  • Armed gang kills at least 18 in northwest Nigeria
  • Soccer – Ghana’s Gyan available for Nations Cup after president intervenes
  • South Africa drugmaker Aspen in talks with potential European partner
  • Gabon president fires VP, forests minister over hardwood scandal
  • Zambia’s central bank raises benchmark rate by 50 bps to 10.25 pct
  • Zimbabwe mine output subdued in first quarter as dollar crunch bites
  • New Kenya body to help drive mortgage lending aims to raise 5 bln shillings
  • Tunisia parliament approves $800 mln bonds plan – lawmakers
  • Ghana producer prices flat at 7.1 pct in April – stats office
  • Tanzania’s China-backed $10 bln port plan stalls over terms – official
  • Kenya writer Wainaina, challenger of African stereotypes, dies at 48
  • Uganda shilling unchanged amid offshore investor flows
  • Kenya shilling weakens due to end-mth dollar demand
  • Slack consumer spend sees South Africa inflation slow in April
  • South Africa consumer inflation slows to 4.4 pct in April
  • Ivory Coast sends request for proposal for bond issue

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

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