#Africa #Markets | 10 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks climb trade, rate cut optimism; yuan falters
  • Shares climb after Trump scraps Mexico tariffs
  • European markets move higher, US stocks futures up
  • Weak US payrolls data bolsters Fed rate cut expectations
  • Yuan at late-2018 lows; China’s May imports disappoint

Oil Markets

  • Oil steady with supply tight, but US-China trade war threatens demand
  • China’s May crude imports dip from record highs
  • Saudi Arabia says ongoing supply cuts likely
  • Brent up 0.2 pct at $63.42 per barrel (0850GMT)
  • WTI up 0.4 pct at $54.19 per barrel

Precious metals

  • Gold drops from 14-mth high as US-Mexico deal lifts risk assets
  • Speculators raised net gold longs in week to June 4 – CFTC
  • Spot gold down 0.9 pct at $1,328.41 per ounce (0952GMT)
  • US gold futures down 1.1 pct at $1,331.9 an ounce

Grains

  • Corn, soybeans fall as weather allows more US plantings
  • Expectations of planting progress weigh on corn, beans
  • Wheat falls for 2nd session, tracking losses in corn futures
  • Most active CBOT corn contract down 0.7 pct at $4.13 a bushel (1127GMT)
  • Most active soybean contract down 0.5 pct at $8.51-3/4 per bushel
  • Most active wheat contract down 1.5 pct at $4.97 a bushel

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

  • Nigeria presidential election tribunal resumes
  • Ethiopia parliament to approve telecoms liberalisation law
  • South Africa’s Ramaphosa in Geneva for ILO summit
  • AfDB meetings in Malabo, Equatorial Guinea; 11-14 Jun
  • South Africa state capture inquiry resumes

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

  • China ready for trade talks with East Africa bloc – ambassador to Kenya
  • Subsidise solar mini-grids to power rural Africa, investors urge
  • Nigeria’s securities regulator suspends Oando’s annual shareholder meeting
  • Tanzania central bank cuts reserve requirement to lift lending
  • Egypt headline inflation rises as food costs jump
  • Moody’s lowers South African growth forecast after Q1 slump
  • Soccer – Iheanacho dropped by Nigeria for Cup of Nations
  • Moody’s says South Africa Q1 GDP contraction credit negative
  • Kenya shilling firms, supported by diaspora remittances inflows
  • South African rand starts week on stronger footing
  • Egypt annual headline inflation rises to 14.1% in May
  • Shutting up shop: Libya conflict squeezes southern Tunisia
  • ‘We want water’ say residents as Abidjan grows drier
  • Egypt non-oil private-sector activity contracts after brief growth
  • 2 Lebanese workers kidnapped in Nigeria’s Rivers state
  • 2 Sudan rebel leaders arrested after meeting Ethiopia PM – sources
  • Thousands protest in Liberia against corruption, economic decline
  • As violence rages, Cameroon govt in denial, HRW says
  • Ethiopia attempts to mediate Sudan crisis after bloodshed
  • New app seeks to reunite South Sudan’s ‘lost children’ with families
  • Sudan opposition says it accepts Ethiopia PM as mediator under conditions
  • Africa Oil – Nigerian diffs ease but buyers remain elusive
  • Zimbabwe president says new currency a must by year-end
  • UAE senior official supports investigation of “massacre” in Sudan
  • South Africa Airways requests urgent state funding as it appoints interim CEO
  • African soccer boss free after corruption questioning
  • ‘You all go’ – thousands of Algerians demonstrate for political reforms
  • Activists urge banks not to finance Uganda oil pipeline
  • Ethiopia parliament to approve telecoms liberalisation law
  • South Africa carrier SAA says 4 bln rand govt bailout would ease liquidity crunch
  • Uganda shilling trades unchanged as importers trim demand
  • Kenya shilling firm on diaspora remittances inflows
  • South Africa’s net foreign reserves slip to $43.18 bln in May

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

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