#Africa #Markets | 11 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • European shares gain 0.6% on Trump tariff relief, carmakers shine
  • Germany’s DAX outperforms after 1-day holiday
  • German carmakers shine; tariff-sensitive auto sector up 1.9%
  • Dollar firm near 2-1/2 month lows

Oil Markets

  • Oil steadies above $62 as OPEC cuts counter growth concerns
  • Russia signals it may support extended supply cut with OPEC
  • China stimulus boosts equities, giving oil a lift
  • US crude stockpiles expected to fall in weekly reports
  • Brent up 1 cent at $62.30 a barrel (0849GMT)
  • WTI up 40 cents at $53.66

Precious metals

  • Gold draws support from US-China trade worries after sharp sell-off
  • “Remain cautiously constructive on gold” – INTL FCStone analyst
  • Spot gold up 0.1 pct at $1,328.83 per ounce (0551GMT)
  • US gold futures up 0.3 pct at $1,332.90 an ounce

Grains

  • Corn prices fall amid better-than-expected US crop condition ratings
  • Most active CBOT wheat futures down 0.8 pct at $5.03-1/4 per bushel (0104GMT)
  • Most active corn futures down 0.5 pct at $4.31-1/2 per bushel
  • Most active soy futures down 0.4 pct at $8.55 per bushel
  • Most active rice futures down 0.5 pct at $11.72 per hundredweight

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

  • Nigeria presidential election tribunal continues
  • Nigeria’s 9th assembly of Senate & House of Representatives inauguration; election of Senate President & Speaker
  • South Africa manufacturing production Apr-19 [fcst. -0.2% yy, prev. 1.2%]
  • South Africa state capture inquiry continues
  • Rwanda’s Kagame in Gabon; arrived yesterday
  • South Africa’s Ramaphosa in Geneva for ILO summit
  • AfDB meetings in Malabo, Equatorial Guinea
  • Ghana, Ivory Coast to meet cocoa buyers & processors in Accra
  • African Construction Expo in Johannesburg, South Africa

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

  • 19 killed in attack in northen Burkina Faso – govt
  • Kenya shilling under pressure against the dollar
  • Uganda critics oppose Nile river power plant plan
  • Uganda shilling firms on sag in demand
  • Ethiopia forecasts 9% growth, plans higher spending in 2019/2020
  • Ethiopia finmin proposes 386.9 bln birr for 2019/2020 budget
  • South Africa’s rand recovers as EM demand lifted by Mexico-US deal
  • Vedanta to challenge winding up of Zambian business in court
  • Sudan opposition says to nominate members of transitional council
  • Top US diplomat for Africa to travel to Sudan to urge talks – State Dept
  • Sudan’s opposition will propose members of a transitional, prime minister – source
  • Senegal justice ministry calls for inquiry into energy contracts
  • At least 95 killed in central Mali village attack
  • Bharti Airtel to pay Tanzania $26 mln, cancel debt at unit to settle dispute
  • Mauritius says economic growth may climb to 4.1 pct in 2020
  • Africa Oil – Angolan offered in window
  • Africa’s Multichoice warns of swing to full-year loss
  • Many women in Morocco face abuse at home, some are now speaking out
  • Sudan sit-in bloodshed cripples uprising
  • Rwanda re-opens border with Uganda to trucks for 12 days
  • Ethiopia delays census again despite looming election
  • South African govt sued over coal and industrial air pollution
  • Securities trading in South African sugar producer Tongaat suspended
  • Sudan deports 3 freed rebel leaders after talks collapse – source
  • About 100 Malians killed in attack on Dogon village
  • Egypt sells $715 mln in 1-yr dollar T-bills
  • eSwatini calls for solar power bids to ease reliance on South Africa’s Eskom
  • Kenya Airways aims to double fleet over 5 yrs on path to profit
  • South Africa’s opposition party calls for release of report on Ramaphosa
  • Egypt headline inflation rises as food costs jump
  • Egypt core inflation falls to 7.8% in May – c.bank

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

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