#Africa #Markets | 31 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks decline, bonds surge on Trump’s Mexico threat
  • Trump menaces Mexico with tariffs in surprise tweet
  • Markets see recession risk, price in deeper Fed rate cuts
  • China PMI disappoints with drop to 49.4 in May
  • Europe stocks tumble, US futures in the red
  • Bonds jump on safe-haven rush, US yields at fresh lows

Oil Markets

  • Oil poised for biggest monthly drop in 6 mths on trade wars
  • Analysts fear trade conflict will weigh on oil demand
  • US crude stocks draw less than expected
  • Brent down $1.15 at $65.72 per barrel (0844GMT)
  • WTI down 74 cents at $55.85 per barrel

Precious metals

  • Gold set for 1st monthly gain in 4 on Trump tariff threat, Fed cut hopes
  • Spot gold has risen 0.7% so far this month
  • Platinum heading for biggest monthly loss since Nov. 2015
  • Silver on track for fourth straight monthly loss
  • Spot gold up 0.3% at $1,292.78 per ounce (0617GMT)
  • US gold futures up 0.4 pct at $1,292.60 an ounce


  • Corn falls on Trump Mexico tariff, but set for 6% weekly gain
  • Most active CBOT wheat futures down 1.8 pct at $5.05-1/2 per bushel (0124GMT)
  • Most active corn futures down 1.2 pct at $4.31-1/4 per bushel
  • Most active soy futures down 0.4 pct at $8.85-3/4 per bushel
  • Most active rice futures unchanged at $11.66 per hundredweight

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

  • South Africa state capture inquiry continues
  • South Africa M3 money supply Apr-19 [act. 8.8% yy, fcst. 7.0%, prev. 7.0%]
  • South Africa PSCE Apr-19 [act. 8.0% yy, fcst. 6.2%, prev. 6.1%]
  • South Africa ABSA manufacturing PMI May-19 [prev. 47.2]
  • South Africa ruling ANC holds NEC meeting
  • Malawi’s Mutharika inauguration
  • Former prime minister Tshisekedi mourning ceremony in Kinshasa, DRC; Rwanda’s Kagame attending. [Burial tomorrow, 1 June]

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

  • Zimbabwe says mines can pay for power in foreign currency to secure supply
  • Vedanta say execs unable to visit KCM Zambia operation, engage with management
  • South Africa’s rand weaker, stocks down in post cabinet drift
  • South Africa budget retailer Mr Price expects tough first half
  • South Africa credit demand growth jumps to 7.95 pct in April
  • Zimbabwe’s forests fall, timber shortage tightens screws on carpenters
  • Sudan’s military rulers say protest site threatens stability – TV
  • Out of sight, out of mind: Zimbabwe locks up its disabled
  • Sudan security orders offices of Qatar-based Al Jazeera TV close – office director
  • Three men admit to the murder of two Scandinavian hikers in Morocco
  • Eastern Libya forces release head of oil workers union
  • Body of Etienne Tshisekedi returns to Congo two years after death
  • Children under five dying at higher rate in Congo ebola epidemic – WHO
  • African refugees evacuated from Libya to Italy, more help needed – UN
  • South Africa’s rand backtracks, stocks ride cabinet cheer higher
  • Zambia’s Konkola mines case a ‘warning’ to foreign investors
  • Africa Oil – Trading muted pending tender results, backwardation weighs
  • Congo forces kill 26 Islamist rebels in ebola zone shootout
  • Rwanda’s Bank of Kigali in talks to buy local insurer Sonarwa
  • Nigerian Senate approves $422 mln payment for fuel subsidy backlog
  • Ethiopia PM presses plan to return displaced people after violence
  • South Sudan reopens oilfield in the north, adds 5,000 bpd production
  • South Africa’s Standard Bank shareholders vote down climate risk resolution
  • Egypt’s M2 money supply growth slows to 11.33% y/y in April – c.bank
  • Zimbabwe power cuts may deepen as water levels fall at Kariba Dam
  • Kenya shilling forecast to ease due to oil importer demand
  • Congo forces kill 26 ADF rebels while repelling attack – army
  • Copper market faces larger shortages, supply issues simmer
  • MTN Uganda’s deported CEO allowed to return – official
  • Kenyan bank KCB wins shareholder backing for NBK takeover
  • Zimbabwe says it owes foreign fuel suppliers $200 mln
  • Living off trash: South Africa’s waste pickers reclaim the streets
  • South African airline Comair appoints joint CEOs as part of diversification drive
  • South Africa’s Amplats settles strike at Mototolo mine
  • South Africa’s Life Healthcare posts 2.2% rise in first-half core profit
  • Zambia turns up the nationalist heat on its copper miners: Andy Home

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

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