#Africa #Markets | 28 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • China gains, auto sector lift Asian shares, but sentiment fragile
  • MSCI Asia ex-Japan +0.38%, Nikkei +0.37%
  • European markets seen opening higher
  • Analysts see widespread uncertainty, continued risk aversion
  • Brent crude wavers around $70 per barrel

Oil Markets

  • Brent oil rises above $70 as OPEC cuts
  • US sanctions outweigh trade war worries
  • OPEC has been leading production cuts since start of year
  • US sanctions Iran, Venezuela have also tightened supply
  • But economic slowdown amid trade war keeps markets on edge
  • Brent up 0.2 pct at $70.24 per barrel (0602GMT)
  • WTI up 1.1 pct at $59.26 per barrel

Precious metals

  • Gold eases as dollar bounces back from multi-week lows
  • Spot gold off 1-wk high hit in previous session
  • Spot gold down 0.1 pct at $1,283.38 per ounce (0531GMT)
  • US gold futures down 0.1 pct at $1,282.70 an ounce

Grains

  • Corn climbs to near 2-yr high on US planting delays
  • Most active CBOT wheat futures up 2.4 pct at $5.01-1/4 per bushel (0626GMT)
  • Most active corn futures up 2.4 pct at $4.13-3/4 per bushel
  • Most active soy futures up 1.8 pct at $8.44-1/2 per bushel
  • Most active rice futures up 0.5 pct at $11.61 per hundredweight

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

  • South Africa’s Mabuza to be sworn-in as MP; signalling he may remain deputy president
  • Tanzania’s Magufuli in Namibia on state visit
  • Mombasa governor Joho to appear before Kenyan Senate public accounts and investments committee
  • Sudan workers’ strike
  • South Africa state capture inquiry continues
  • South Africa PIC inquiry continues
  • 1st UN Habitat assembly in Kenya; 27-31 May
  • Nigeria’s Buhari cabinet to dissolve automatically today; new government tomorrow (29 May)
  • Kenya’s central bank MPC press conference

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

  • South Africa’s MTN to sell interest in Amadeus to HarbourVest for $83 mln
  • South African deputy president to be sworn-in as lawmaker after delay
  • Kenya engages World Bank for $750 mln loan for budget support
  • Egypt security forces commit war crimes in Sinai – HRW
  • Sudan opposition pushes ahead with 2-day strike from Tuesday
  • Russia’s VTB considers selling stake in its Angolan unit
  • Gambia sentences former soldiers over coup plot
  • South Africa’s rand drifts weaker on cabinet caution, stocks flat
  • Ex-jail head accused of torture deported to Ethiopia
  • Malawi’s Mutharika narrowly wins presidential race with 38.57% of the vote
  • At least nine illegal Zimbabwean miners die after mine collapse
  • Malawi to release presidential poll results after court lifts injunction
  • Algeria discovers new gas field in southwest
  • Mali to suspend gold dredging and panning for environmental reasons
  • Kenya central bank holds main lending rate, eyes on inflation
  • Zimbabwe presses exporters, power utility as economic crisis mounts
  • Algeria to seek “good compromise” over Total’s Anadarko deal – minister
  • Zimbabwe exporters keeping $900 mln in offshore banks – treasury official
  • Nigeria president signs $29 bln 2019 budget into law
  • Uganda shilling steady, inflows from charities to offer support
  • Vedanta CEO open to dialogue with Zambia
  • South Africa’s Telkom cuts 12.5% jobs, mobile boosts profit
  • Kenya shilling holds steady
  • Activists sue Bollore over conditions at Cameroon palm oil plantation

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

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