#Africa #Markets | 12 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Shares snap 7-day hot streak; US inflation next hurdle
  • World shares slip after 7 days of gains
  • Trump holding up China deal, talks down Fed rates and dollar
  • Chinese inflation subdued ex-food
  • Hong Kong markets, exposed shares hit by local unrest
  • Oil prices fall 2% on demand concerns

Oil Markets

  • Oil falls over 2% on weaker demand growth, gain in US crude stocks
  • EIA cuts 2019 global oil growth forecast by 160k bpd
  • US crude stocks unexpectedly rose last week – API
  • OPEC members close to keeping supply cuts – UAE minister
  • Brent down 2.7% at $60.60 a barrel (0907GMT)
  • WTI down 2.9% at $51.71 a barrel

Precious metals

  • Gold recovers as US-China trade jitters sour risk appetite
  • Palladium off 6-week high
  • Spot gold up 0.7% at $1,335.34 an ounce (0724GMT)
  • US gold futures up 0.6% at $1,339 an ounce

Grains

  • Corn prices fall, but cut in US yield curbs losses
  • Most active CBOT wheat futures down 0.4 pct at $5.15-3/4 per bushel (0024GMT)
  • Most active corn futures down 0.2 pct at $4.26-3/4 per bushel
  • Most active soy futures down 0.2 pct at $8.57-1/4 per bushel
  • Most active rice futures up 0.1 pct at $11.59 per hundredweight

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

  • Nigeria Democracy Day; markets closed
  • Lake Chad Security Summit in Abuja, Nigeria
  • South Africa retail sales Apr-19 [act. 2.4% yy, fcst. 1.7%, prev. 0.1%]
  • Namibia MPC decision [act. 6.75%, fcst. 6.75%, prev. 6.75%]
  • South Africa state capture inquiry continues
  • AfDB 2019 annual meetings in Malabo, Equatorial Guinea
  • South Africa’s Ramaphosa 3-day cabinet lekgotla; day 1

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

  • Nigeria’s economy is expected to grow 2.7% this year, President Buhari says
  • New ebola cases in Uganda raise fears of further spread
  • South Africa’s retail sales up 2.4% y/y in April
  • Mali lowers estimate of village raid death toll to 35
  • Zambia – Konkola Copper Mines plans to restart smelter on June 22
  • Uganda shilling strengthens on mid-month tax payments
  • Ghana forces rescue 2 kidnapped Canadian women – statement
  • South Africa’s rand edges weaker in subdued start to trade
  • Envoy says Sudan talks to resume as strike suspended
  • Mali massacre victims included 24 children – PM
  • Egypt, Jordan, Morocco to attend US-led Palestinian conference – officials
  • Athletics – South Africa’s Semenya wins in Montreuil, intends to defend 800m world title
  • Soccer – Tunisia stun Croatia 2-1 of African Nations Cup
  • Migrants stranded in boat off Tunisia as authorities say centres overcrowded
  • Sudan parties to resume talks on forming transitional council – envoy
  • UAE communicating with Sudan opposition and military council – minister
  • Nigeria’s Pelfaco signs oil production sharing deal with Congo Republic
  • Sudan opposition says it is suspending civil disobedience and strike – statement
  • As Gabon’s new forests minister, UK conservationist aims to lead by example
  • Presidential panel submits long-delayed report on South African land reform
  • Africa Oil – Nigeria, Angola diffs slide but cargoes struggle to find buyers
  • Enel close to renewing gas import contract with Algeria – sources
  • Algeria extends deal to supply gas to Portugal – Sonatrach
  • Ethiopia forecasts 9% growth, plans higher spending in 2019/20
  • ANC row over South African central bank unnerves investors
  • Morocco favours local institutional investors in Maroc Telecom stake sale
  • Armed with maps and music, Nigeria’s slum dwellers fight evictions
  • Algeria energy exports down 7.7% in 2018 – central bank
  • Court set to hear case on winding up Vedanta’s Zambia business June 201
  • Power from Kenya’s planned Lamu plant could cost 10 times more than estimated – study
  • Uganda critics oppose Nile river power plant plan
  • Kenya Airways will back nationalisation to survive – chairman
  • South Africa’s manufacturing jumps to best in over 2 years as power woes ease
  • South Sudan jails prominent economist over media interviews
  • South Africa’s manufacturing up 4.6% yy in April, highest in 2 years
  • Libya’s Sarir oilfield loses 30k bpd in output due to generator fire – NOC
  • 19 killed in attack in Burkina Faso – govt
  • Ethiopia finance minister proposes 386.9 bln birr for 2019/20 budget
  • Ethiopia’s 2019/20 economic growth projected at 9% – finmin

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

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