#Africa #Markets | 29 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares falter, bonds rally on global risk aversion
  • MSCI ex-Japan off 0.5%, Chinese blue-chip index down
  • E-minis for S&P 500 fall 0.4%
  • US treasury yields at the lowest since Sep 2017

Oil Markets

  • Oil prices fall as economic concerns outweigh supply risks
  • Brent down 0.4 pct at $69.85 per barrel (0101GMT)
  • WTI down 0.7 pct at $58.70 per barrel

Precious metals

  • Gold steady as global economy fears buoy safe-haven assets
  • Spot gold unchanged at $1,279.12 per ounce (0123GMT)
  • US gold futures up 0.2 pct at $1,279.70 an ounce

Grains

  • Corn futures jump to 3-yr high as US farmers struggle to plant
  • Most active CBOT wheat futures up 2.3 pct at $5.16-1/4 per bushel (0131GMT)
  • Most active corn futures up 3.0 pct at $4.32-3/4 per bushel
  • Most active soy futures up 2.7 pct at $8.79 per bushel
  • Most active rice futures unchanged at $11.65 per hundredweight

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

  • Nigeria’s Buhari inauguration
  • South Africa’s Ramamphosa cabinet awaited
  • Tanzania’s Magufuli in Zimbabwe
  • Odinga ally Wetangula to questioned by Kenya DCI over fake gold scam
  • 2019 Euromoney East Africa Conference in Nairobi, Kenya; CBK governor Njoroge speaker
  • South Africa PIC inquiry continues
  • South Africa state capture inquiry continues

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 Naspers to list consumer internet business on Euronext in July
  • Top militant suspect transferred to Egypt from eastern Libya – state TV
  • Sudan’s opposition observes first day of strike, military says communication not suspended
  • WHO counts down Africa polio clock despite fears of new outbreak
  • Don’t take our troops for granted, France warns West African states
  • Algeria’s gas exports fall to 51.5 bln cubic metres in 2018
  • East Congo villagers kill ebola health worker, loot clinic
  • Morocco miner Managem says it retrieved gold seized by Sudan authorities
  • South Africa’s rand slumps to 2-mth low low as Mabuza sworn in to parliament
  • Africa Oil – Nigerian crude offered at high differentials
  • Tanzania says construction of LNG plant to start in 2022
  • Mariners set to strike at South African ports from Thursday
  • Algeria to seek “good compromise” over Total’s Anadarko deal – minister
  • Rights group accuses Egypt forces of war crimes in Sinai
  • Bombardier consortium named preferred bidder for $3.4 bln Egypt monorail
  • South African deputy president surivives “disrepute” accusation
  • Tanzania, Zambia plan $1.5 bln oil products pipeline – Tanzania minister
  • Malawi’s Mutharika calls for unity after fractious presidential election
  • Algeria’s annual inflation slightly down to 4 pct in April
  • Egypt could cut taxes for stock exchange investors – bourse chairman
  • Kenya need to begin reorganising debt, room for borrowing has shrunk – central bank chief
  • Sudan’s opposition observes first day of strike
  • Zambia to cancel, delay more project loans as debt soars – finmin
  • Egypt considering selling power plants to private investors – minister
  • Northwest Nigeria violence drives 20,000 into Niger – UNHCR
  • South Africa – Lonmin shareholders approve takeover by Sibanye-Stillwater
  • Nigeria to reduce JV oil assets to 40 pct in 2019 – budget document
  • MTN to open ‘market place’ in step towards Africa’s biggest bank goal
  • WHO sees high risk as polio breaks out in CAR
  • Uganda’s tungsten mine sues International Tin Association for defamation
  • Airtel Africa looks at $1 bln London listing
  • Kenya shilling forecast to weaken due to oil importer dollar demand
  • Delayed rains to lower Kenya’s expected growth in 2019 – cenbank chief
  • South Africa’s rand falls as trade war concerns hurt sentiment
  • South Africa’s MTN to sell interest in Amadeus to HarbourVest for $83 mln
  • Kenya engages World Bank for $750 mln loan for budget support

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

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