#Africa #Markets | 30 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Fears of prolonged trade war weigh on Asia stocks; bonds rally
  • MSCI Asia-Pacific index brushes new 4-mth low
  • Weak market sentiment supports dollar
  • Risk aversion drives 10-yr German bond yield near record low
  • European stock futures modestly higher in early trade

Oil Markets

  • Oil rises on declining US crude stocks, but trade war worries linger
  • US crude inventories fal by 5.3 mln barrels – API
  • Expectations were for 0.9 mln barrel fall – Reuters poll
  • Iran oil exports drop to 400,000 bpd
  • Escalating trade war a risk to oil demand – Bernstein
  • China’s April refined fuel demand drops 2.4% – NDRC
  • Brent up 0.6 pct at $69.85 per barrel (0700GMT)
  • WTI up 0.8 pct at $59.29 per barrel

Precious metals

  • Gold slips as strong dollar, bond rally offset boost from growth woes
  • SPDR Gold holdings rise 0.5 pct on Wednesday
  • Platinum falls to over 3-mth lows
  • Spot gold down 0.2 pct at $1,277.29 per ounce (0536GMT)
  • US gold futures down 0.4 pct at $1,276.30 an ounce

Grains

  • Corn retreats from 3-yr high, planting delay caps losses
  • Most active CBOT wheat futures down 0.3 pct at $4.89-1/4 per bushel (0115GMT)
  • Most active corn futures down 0.7 pct at $4.15-3/4 per bushel
  • Most active soy futures down 0.2 pct at $8.70 per bushel
  • Most active rice futures down 0.3 pct at $11.68 per hundredweight

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

  • AfCFTA takes effect
  • South Africa cabinet swearing-in
  • South Africa M3 Apr-19 [fcst. 7.0% yy, prev. 7.0%]
  • South Africa PSCE Apr-19 [fcst. 6.2% yy, prev. 6.1%]
  • South Africa PPI Apr-19 [fcst. 6.0% yy, prev. 6.2%]
  • South Africa state captures inquiry continues
  • Remains of father of DRC’s Tshisekedi expected from Belgium
  • Tanzania’s Magufuli in Zimbabwe
  • UN Habitat Assembly continues in Nairobi, Kenya
  • Nigeria’s Buhari heads to Saudi Arabia for OIC summit
  • Egypt M2 money supply Apr-19 [prev. 11.4% yy]

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 Amplats settles strike at Mototolo mine
  • South Africa’s Life Healthcare posts 2.2 pct rise in first half core profit
  • Burundi raises 2019/20 spending by 8 pct, finance minister says
  • South Africa’s rand steady, markets digest cabinet news
  • Congo’s ebola epidemic inflicts heavy toll on children
  • South Africa’s FirstRand cuts fees as ‘war’ with new rivals escalates
  • South Africa’s Ramaphosa retains Mboweni, Gordhan in new, leaner cabinet
  • Sudan – Khartoum banks shuttered on second day of opposition strikes
  • Athletics – South Africa’s Semenya files appeal to Swiss supreme court
  • Nigeria’s Buhari kicks off challenge-filled second term with low-key inauguration
  • Kenya’s NSE gets regulatory approval for derivatives market
  • In Nigeria, empowering women means exposing them to violence
  • Africa Oil – Brent-Dubai spread seen hurting Asian demand
  • Shell pledges to reveal the taxes it pays in every country
  • Weak South African economy prompting higher debt defaults – cenbank
  • Africa Soccer – Security committee established for Nations Cup, says CAF president
  • South African airline Comair appoints joint CEOs as part of diversification drive
  • Vedanta’s Agarwal says willing to invest in Zambia
  • Banks shuttered as Sudan opposition stages second day of strikes
  • South African airline Comair appoints joint CEOs
  • Chairman of South Africa’s Sibanye-Stillwater to resign
  • Namibia says China can buy Rio’s uranium stake if it respects laws
  • Zambia turns up the nationalist heat on its copper miners: Andy Home
  • Kenya’s capital markets regulator approves bourse to start derivatives market
  • Total to hold talks with Algeria over Anadarko assets
  • Algeria to take months to make final Total deal decision
  • Nigeria’s president sworn in for second term
  • Pouyanne says Anadarko Africa assets at heart of Total’s strategy
  • Kenya shilling inches down against the dollar
  • South African consumer confidence recovers slightly in Q2, survey show

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

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