#Africa #Markets | 3 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks, commodities slide as Trump’s trade threats fan recession worries
  • S&P 500 futures down 0.5% at 3-mth lows
  • European stocks seen falling 0.4-0.7%
  • Money market futures price in 50% chance of Fed rate cut by July
  • Oil plunge, Shanghai copper at 2-yr low

Oil Markets

  • Oil prices fall as trade wars fan fears of economic slowdown
  • US petroleum demand is falling – Barclays
  • May saw biggest price drop since Nov
  • Surging US oil supply also weighs
  • Brent down 1.1% at $61.28 per barrel (0659GMT)
  • WTI down 0.8% at $53.09 per barrel

Precious metals

  • Gold hits 2-mth high as recession concerns burnish safe-haven appeal
  • Speculators raise net longs in COMEX gold in week to May 28
  • SPDR Gold holdings gain 0.3% on Friday to 743.21 T
  • Spot gold up 0.5% at $1,312.37 per ounce (0308GMT)
  • US gold futures up 0.5% at $1,317.50 an ounce

Grains

  • Wheat rises 1% as heavy rains stoke fears of crop damage
  • Most active CBOT wheat futures up 1.0% at $5.08-1/4 per bushel (0207GMT)
  • Most active corn futures up 0.2% at $4.27-3/4 per bushel
  • Most active soy futures up 0.7% at $8.84 per bushel
  • Most active rice futures down 0.5% at $11.40 per hundredweight

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

  • Kenya’s Kenyatta attending gender equality conference in Canada; Ethiopia’s Zewde also
  • Nigeria high court to hear suit challenging appointment of acting chief justice
  • South Africa ABSA manufacturing PMI May-19 [prev. 47.2]
  • South Africa state capture inquiry resumes
  • South Africa total new vehicle sales May-19 [prev. 36.8K]
  • Final day of South Africa’s ruling ANC 3-day lekgotla

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

  • Sudan protest leader says to step up civil disobedience after “coup”
  • South African rand starts week flat amid trade tumult
  • Sudan forces storm protest camp, three people dead – medics
  • South Africa’s Sasol says 2nd unit at LCCP starts production
  • Seperatist conflict in Cameroon traps girls in sex and servitude
  • Grave problem: No space for the dead in Zimbabwe’s growing cities
  • Nigeria financial watchdog sets up interim management team at oil firm Oando – statement
  • Sisi says Egypt will not accept anything against Palestinian wishes
  • South Africa Airways CEO quits over lack of state support
  • At least 2 migrants die, 25 missing in boat accident off Libyan coast
  • Algeria council scraps July 4 presidential election
  • Israel’s Delek hopes gas exports to Egypt start in June
  • Donors pledge $1.2 bln to rebuild Mozambique after cyclones – UN
  • 18 hurt as 2 car blasts target Libya military unit – sources
  • Tunisia PM Chahed elected as leader of new secular party
  • 11 wounded in Sudan by gunfire near sit-in – opposition committee
  • Cameroon state oil refinery declares force majeure after blast
  • Kenya to retire old 1,000 shilling banknote to stem illicit flows
  • CEO of Nigeria’s Oando gets 5-yr director ban – watchdog
  • Morocco to sell up to 8% of Maroc Telecom
  • Mozambique says agrees restructuring deal with bondholders
  • CEO of Nigeria’s Oando rejects ban imposed by watchdog
  • Africa Oil – Offer prices slide on freight cost spike
  • Zambia – Production stalled at Vedanta Resources’ Konkola copper mines
  • Emerging market stocks see biggest outflows since ‘Taper Tantrum’ – IIF
  • Malawi president, at inauguration, pledges to root out corruption
  • Kenya court stops abuse of office charge against top judge
  • Vedanta seeks international arbitration to settle Zambia dispute
  • Zimbabwe says mines can pay for power in foreign currency to secure supply
  • Tunisia central bank holds key interest rate unchanged at 7.75 pct
  • Young Uganda climate activists join ‘ school strike’ push
  • Bravura to spend over $50 mln to explore for platinum in Zimbabwe
  • Zimbabwe abstains from external borrowing to build fiscal discipline – IMF
  • Zambia’s moves on Vedanta, KCM alarm mining industry
  • South Africa posts trade balance deficit in April
  • Uganda shilling steady, expected to weaken due to importer demand
  • Cape Town targets new air routes to lift South African tourism
  • Kenya inflation falls to 5.49% in May
  • South Africa budget retailer Mr Price leaves Australia
  • Zimbabwe says mines can pay for power in foreign currency to secure supply
  • India’s Vedanta says execs unable to visit KCM Zambia operation, engage with management
  • South Africa credit demand growth jumps to 7.95 pct in April
  • As Zimbabwe’s forests fall, timber shortage tightens screws on carpenters
  • South Africa’s budget retailer Mr Price FY earnings rise
  • Sudan’s military rulers say protest site threatens stability – TV

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

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