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