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