#Africa #Markets | 27 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks flat, euro holds firm after fragmented Europe vote
  • Pro-Europe vote limits nationalist gains in EU election
  • Volumes thin with UK, US markets closed for market holidays

Oil Markets

  • Oil under pressure as US-China trade war weighs, but OPEC cuts still support
  • Speculators cut long positions in crude
  • But OPEC’s supply cuts still provide crude with support
  • Brent up 4 cents at $68.73 per barrel (0412GMT)
  • WTI down 21 cents at $58.42 per barrel

Precious metals

  • Gold gains on simmering US-China trade spat
  • Money managers cut net longs in gold in week to May 21 – CFTC
  • Gold may retest resistance at $1,290 – analyst
  • Spot gold up 0.2 pct at $1,287.03 per ounce (0455GMT)
  • US gold futures up 0.2 pct at $1,286.50 an ounce

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

  • Ghana central bank MPC to decide interest rates [fcst. 16.0%, prev. 16.0%]
  • Kenya central bank MPC to decide interest rates [fcst. 9.0%, prev. 9.0%]
  • Nigeria’s Buhari to sign 2019 budget into law
  • South Africa state capture inquiry resumes
  • South Africa PIC inquiry resumes
  • South Africa’s Mpumalanga & Northwest provinces to inaugurate premiers
  • Kenya court to rule on housing levy case

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

  • South Africa’s rand steady, focus on cabinet appointments
  • South Africa’s Telkom cuts 13% jobs despite FY profit surge
  • Algeria to block Total from buying Anadarko’s Algerian assets – minister
  • Head of Sudan’s military council meets Abu Dhabi crown prince
  • South African carbon tax finally becomes law
  • Algeria prosecutor refers former PMs to supreme court over alleged corruption – state TV
  • Libya’s Haftar rules out Tripoli ceasefire, dismisses UN-led talks – newspaper
  • Egypt buys 2.7 mln tonnes of local wheat so far this season – state newspaper
  • Sudan military chief meets Egypt’s Sisi on first trip since Bashir ouster
  • Botswana cancels 100MW solar power tender, plans to reissue
  • Malawi election results delayed after injunction over alleged irregularities
  • Uganda protests Rwanda military incursion on its territory
  • Former Botswana president quits ruling party in row with ex-ally
  • S&P keeps South Africa in ‘junk’ status, sees post-election reforms
  • Promising jobs and justice, Ramaphosa sworn in as South Africa’s president
  • MTN Nigeria listing being investigated by Nigerian financial crimes agency
  • South African govt withdraws sulphur dioxide emissions changes ahead of carbon tax
  • Soccer – Advantage Esperance in African chamipions league final
  • Sudan protest groups calls for strike starting next Tuesday
  • CEO of Kenya Airways resigns, to leave at year end – internal memo
  • South Africa’s Eskom CEO resigns for health reasons
  • Barrick’s offer for Acacia Mining reflects Tanzania risks – CEO
  • Field for Nigeria’s Amenam oil exports slow resuming – Total
  • Nigeria’s Trans Forcados oil pipeline resumes operations – source
  • Africa Oil – Diffs remain firm, tenders dominate
  • Thousands of Algerian protesters demand reforms, presidential vote delay
  • Soccer – FIFA bans former South Sudan FA chief Alei for 10 years
  • Russia to send military specialists to Congo Republic – Kremlin
  • Vedanta’s Zambia liquidation case adjourned until June 4
  • Mali offical gold exports increase 15% in 2018 to over 61 T
  • Kenya shilling holds steady against the dollar
  • Europeans and Egypt send air support as Israel battles wildfires
  • Kenya’s National Cement to invest $36 mln after buying ARM assets
  • Vedanta – Konkola liquidation case adjourned – lawyer
  • Libya’s NOC says plans to develop North Hamada oilfield
  • South Africa’s Old Mutual suspends CEO after ‘breakdown in trust’
  • Rockets hit hotel in Libyan capital
  • Libya coast guard rescues 290 migrants off eastern coast of Tripoli

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

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