#Africa #Markets | 24 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares at 4-mth low on deepening US-China trade war
  • Trump: ‘Dangerous’ Huawei could be included in China trade deal
  • Wall St stocks slide, 10-yr treasury yield hits lowest in 17 mths
  • Dollar hits 2-yr high, pound at 4-1/2 mth low
  • Oil plummets 5.7%, MSCI Asia-ex-Japan down 0.9% WTD

Oil Markets

  • Oil prices stabilise after sharp falls earlier in week
  • Crude prices plummeted on swelling supply, trade concerns
  • Asian refiners plan run cuts amid fuel glut
  • OPEC cuts, Mideast tension prevent prices from falling further
  • Brent up 0.4 pct at $68.05 per barrel (0044GMT)
  • WTI up 0.6 pct at $58.27 per barrel

Precious metals

  • Gold hovers above $1,280 as dollar recoils on US data blow
  • Spot gold broady unchanged at $1,283.18 per ounce (0056GMT)
  • US gold futures down 0.2 pct at $1,282.40 an ounce

Grains

  • Corn prices edge up, extend 2-wk gains to more than 10 pct
  • Most active CBOT wheat futures up 0.2 pct at $4.71-1/4 per bushel (0032GMT)]
  • Most active corn futures up 0.5 pct at $3.91-1/2 per bushel
  • Most active soy futures up 0.1 pct at $8.22-1/4 per bushel
  • Most active rice futures down 0.1 pct at $11.54 per hundredweight

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

  • South Africa state capture inquiry continues
  • South Africa’s Ramaphosa inauguration tomorrow; 25 May
  • Vote-counting of Malawi elections ongoing; some results to be announced
  • Bank of Ghana to conclude 3-day MPC meeting; decision on Monday (27 May)

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

  • Libya coast guard rescues 290 migrants off eastern coast of Tripoli
  • UN creates new ebola chief role to tackle security, political issues in Congo
  • Libya’s NOC calls on eastern forces to free head of oil union
  • Zambia’s mines minister orders regular audits at all mines
  • Vedanta says to challenge appointment of provisional liquidator of Zambia’s KCM
  • South Africa retailer TFG looks to technology to adapt to retail changes
  • Egypt court orders the release of Al-Jazeera journalist
  • Africa Oil – Nigerian crude taken in Indian tender
  • Senegal imports turbines for West Africa’s first big wind farm project
  • Zambia state power company expects to restrict power from June – company source
  • South Africa’s rand slides after central bank holds rates, stocks down
  • Gabon sends request for proposal for international bond – sources
  • Divisions emerge as South African central bank holds rates, cuts growth outlook
  • Kenya’s Safaricom CEO Bob Collymore to stay on an extra year
  • Zambia’s mines minister says to undertake regular audits at all mines
  • Safaricom, Vodacom plan $13 mln purchase of M-Pesa rights from Vodafone
  • Egypt’s central bank keeps key interest rates unchanged
  • South Africa’s central bank leaves repo rate unchanged at 6.75%
  • In Egypt’s Nile Delta, fishermen’s families hope for a bigger catch
  • Kenya shilling seen weaker, while Zambian kwacha has further upside; in week ahead
  • South Africa’s TFG reports annual sales up almost 20%
  • Tourism, energy inflows boost Egypt’s pound as most EM currencies struggle
  • Veteran Zimbabwean nationalist Dabengwa, critic of Mugabe, dies – newspaper
  • Sovereign investors favour unlisted tech as private market surges – report
  • Senegal’s Salt Queen tastes success in a man’s world
  • President Mutharika takes lead in Malawi election with 75% of votes counted
  • BP nears sale of stake in Egypt oil firm to Dragon Oil – sources
  • Zambia’s Chamber of Mines warns of ‘drastic’ fall in copper output
  • UN ebola chief to tackle security, political issues in Congo
  • Tanzania’s China-backed $10 bln port plan stalls over terms – official
  • Kenya shilling seen under pressure from end-mth dollar demand
  • Zimbabwe awards platinum concession to firm linked to Nigerian billionaire

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

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