#Africa #Markets | 6 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Shares subdued as trade risk sours rate hopes
  • Trump tweets on lack of progress in Mexico talks
  • Mexican peso takes added blow on Fitch downgrade
  • Wagers on Fed rate cut underpin Wall Street
  • Oil bruised after falling to 5-mth low

Oil Markets

  • Oil stutters at over 4-mth low on rising US supply, demand fears
  • US crude oil output hits record 12.4 mln bpd – EIA
  • US crude inventories at highest since July 2017 – EIA
  • Brent down 0.2 pct at $60.50 per barrel (0108GMT)
  • WTI down 0.1 pct at $51.62 per barrel

Precious metals

  • Gold steadies after falling from 15-wk peak; rate cut hopes support
  • SPDR Gold holdings fall 0.3 pct on Wednesday
  • Spot gold might fall to $1,315-$1,321/oz – technicals
  • Silver market may be bottoming – HSBC
  • Spot gold up 0.1 pct at $1,331.43 per ounce (0546GMT)
  • US gold futures up 0.2 pct at $1,335.60 an ounce

Grains

  • Wheat jumps nearly 1 pct, gains checked as US crop fears ease
  • Most active CBOT wheat futures up 0.8 pct at $4.94-3/4 per bushel (0105GMT)
  • Most active corn futures down 0.2 pct at $4.14 per bushel
  • Most active soybean futures down 0.3 pct at $8.67 per bushel

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

  • Uganda’s Museveni to deliver state of nation address
  • South Africa current account balance Q1-19 [fcst. -3.1% of GDP, prev. -2.2%]
  • Nigeria Stanbic IBTC PMI May-19 [prev. 55.5]
  • Nigeria’s legislature to hold valedictory session; inauguration of new cohort on 11 June
  • Ghana’s Akufo-Addo in Nigeria; met Buhari yesterday
  • EFF’s Malema to testify before Joint South African Human Rights Commission & Public Protector Alexandra inquiry
  • South Africa state capture inquiry continues

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

  • ‘We live in fear’: Facing dry times, rural South Africans rethink water
  • Sudan opposition rejects military’s offer of talks, dozens killed
  • Sudan health ministry says death toll from violence is 46 – state news agency
  • Cotton waste biofuel powers farmers to fight drought in Kenya
  • UAE is watching Sudan developments with concern – statement
  • UN says to move some staff out of Sudan temporarily
  • In Sudan crackdown, bullets fly as doctors struggle
  • Senegal president says truth of BP gas deal will be established
  • Soccer – African Champions League final to be replayed
  • South African central bank row exposes ANC divisions
  • Ebola listening projects take cues from community to improve response
  • South African president meets state firm chiefs after resignations
  • South Africa’s rand sinks to 1-wk low amid row over central bank role
  • Russia’s VTB bank says no decision yet on sale of Africa unit
  • Sudan opposition medics say death toll from violence exceeds 100
  • Africa Oil – Trading favours late buyers as prices trend downward
  • Militant attack in Sinai kills 8 Egypt security personnel
  • Sudan opposition snubs military council’s talks invitation
  • Sudan rebel leader Yasir Arman detained – spokesman
  • In Sudan crackdown, bullets fly as doctors struggle
  • Saudi Arabia is watching Sudan developments with concern – state media
  • Deputy head of Sudan rebel group detained – spokesman
  • Zimbabwe and EU seek to move on from Mugabe-era strains
  • 5 dead, dozens feared missing after landslides in Uganda
  • Namibia’s economy expected to contract again in 2019 – IMF
  • Sudan’s military rulers say they have launched investigation into violence
  • South Africa’s Sibanye-Stillwater reduces job cut plan in gold shake-up
  • South Africa doesn’t have conditions for quantitative easing – cbank gov
  • South African business confidence marginally lower in May – SACCI
  • South African rand volatility gauge touches near 2-mth high
  • South Africa finmin: nobody talking about changing central bank mandate
  • World leaders urged to make female circumcision a priority like HIV
  • South Africa c.bank governor says primary mandate is price stability
  • South African Communist Party says central bank mandate should include job creation
  • Cameroon tops list of world’s most neglected displacement crises

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

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