#Africa #Markets | 5 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Fed cheer lifts Asian shares, leaves dollar on back foot
  • Powell: Fed will react “as appropriate” to trade war risks
  • Wall St stocks jump; 10-yr treasury yield off 21-mth low
  • European stocks seen opening flat to higher
  • Dollar remains under pressure, hovers near 7-wk low

Oil Markets

  • Oil prices fall on surprise US stocks rise, Russia supply comments
  • Inventories rise by 3.5 mln bbl – API
  • Analysts had expected drop 849,000 bbl
  • Brent down 0.7 pct at $61.55 a barrel (0552GMT)
  • WTI down 0.9 pct at $53 a barrel

Precious metals

  • Gold scales over 3-mth peak on hopes of Fed rate cut, softer dollar
  • Silver hits near 1-mth high
  • Platinum tops more than 2-wk high
  • Spot gold up 0.7 pct at $1,333.90 per ounce (0730GMT)
  • US gold futures up 0.8 pct at $1,339.60 an ounce

Grains

  • Wheat falls as much as 2 pct to hit near 1-wk low
  • Most active CBOT wheat futures down 0.8 pct at $5.03 per bushel (0544GMT)
  • Most active corn futures down 0.5 pct at $4.23-1/4 per bushel
  • Most active soy futures down 0.1 pct at $8.80-3/4 per bushel
  • Most active rice futures down 0.2 pct at $11.66 per hundredweight

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

  • Kenya’s Kenyatta, Ethiopia’s Zewde & Ghana’s Akufo-Addo attending 2019 Women Deliver conference in Canada; 3-6 Jun
  • South Africa SACCI business confidence May-19 [prev. 93.7]
  • South Africa state capture inquiry continues
  • South Africa central bank governor Kganyago speech at launch of 25 years of democracy commemorative coins
  • South Africa main opposition DA’s Maimane to announce shadow cabinet
  • South Africa Standard Bank PMI [act. 49.3, prev. 50.3]

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

  • 8 Egypt security personnel killed in Sinai – state TV
  • Sudan’s military chief says he’s ready to resume talks as death toll rise to 60
  • South Africa’s rand weakens further after shock GDP slump
  • Death toll in Sudan violence rises to 60, doctors’ group says
  • Cameroon tops list of world’s most neglected displacement crises
  • Trees or sugar? Conservationists, traditional kingdom clash over Uganda forest
  • Mozambique’s top court says state-guaranteed eurobond illegal
  • Sudan opposition rejects military’s transition plan after day of violence
  • South Africa’s ANC argues over central bank mandate after GDP shock
  • South Africa’s ANC has not decided to expand central bank mandate – economic chief
  • Africa Oil – Uptick in US exports threatens to squeeze WAF grades
  • Sudan protest group calls for international inquiry into protesters’ deaths
  • Vedanta’s Zambia court hearing adjourned for a week
  • Sudan opposition warns Arab countries against interference
  • South Africa’s ANC says agreed to expand central bank mandate
  • Congo ebola infections exceed 2,000 as new case rate triples
  • Departures at South African state firms could drag out Ramaphosa’s reforms
  • South African economy shrinks 3.2% in Q1 – stats office
  • Sudan opposition rejects military’s schedule for elections
  • Kenya shilling firms against the dollar
  • Kenya central bank to hold its rate-setting meeting on July 24
  • Kenya president vows to push for more women in power and end FGM
  • Airtel Africa to file London IPO
  • Sudan’s military scraps deal with the opposition, calls for elections within 9 months

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

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