By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

• Hong Kong leads Asian stocks lower, oil fragile at 5-mth lows
• HK shares down sharply for 2^nd day after big street protests
• Soft oil prices bolster expectations of Fed rate cuts
• Bond yields plunge; Japan at 3-yr low, Australia at record
• European shares seen 0.2% lower

Oil Markets

• Oil surges after report of tanker incident in Gulf of Oman near Iran
• Royal Navy unit looking into tanker incident
• Brent rises by more than $2 a barrel
• WTI up by about 3% from previous close
• Brent up 3.3% at $61.97 per barrel (0646GMT)
• WTI up 2.7% at $52.55 a barrel

Precious metals

• Gold rises on Fed rate cut hopes, trade worries
• SPDR Gold holdings rise 0.5% on Wednesday
• Gold may see strong support at $1,330/oz – analyst
• Palladium hits more than 1-mth high
• Spot gold up 0.3% at $1,337.41 per ounce (0706GMT)
• US gold futures up 0.3% at $1,341.40 an ounce

Grains

• Corn jumps 1% as rains threaten to halt planting
• Most active CBOT corn futures up 1% at $4.34-1/4 per bushel (0043GMT)
• Most active soybean futures up 0.5% at $8.82 a bushel
• Most active wheat futures up 0.4% at $5.28-1/4 a bushel

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

• Kenya 2019 budget policy statement by finmin Rotich
• Nigeria presidential election tribunal resumes
• Former Sierra Leone president Koroma to appear before Georgewill commission of inquiry
• South Africa mining production Apr-19 [fcst. -2.0% yy, prev. -1.1%]
• South Africa state capture inquiry continues
• South Africa business confidence Q2-19 [prev. 28]
• South Africa’s Ramaphosa 3-day cabinet lekgotla; day 2
• AfDB 2019 annual meetings in Malabo, Equatorial Guinea; 11-14 Jun

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

• Kenya shilling weakens against the dollar
• Public gatherings banned in Kasese District in Uganda after ebola outbreak
• South Africa rand slips on investigation into Ramaphosa campaign donation
• Algeria floats idea of larger OPEC+ oil cut, rollover still likely – sources
• IMF approves disbursement of $248.15 mln under Angola’s credit facility
• US joins diplomatic push to salvage agreement in Sudan
• South Sudan president appoints new oil minister
• Kenya’s rape survivors win right to abortion in landmark court ruling
• Ghana says its forces rescued 2 kidnapped Canadian women
• US names veteran diplomat Donald Booth as envoy for Sudan
• Algeria’s ex-PM, former minister detained over alleged corruption – state TV
• Ethiopian telecoms sector requires ‘huge’ investments – minister
• Sudan’s foreign ministry summons UK ambassador – agency
• Algeria’s supreme court places former transport minister in custody – state TV
• Mali revises down death toll from village raid, local official disagrees
• IMF disburses $247 mln loan tranche to Tunisia
• South Africa tribunal says it can’t change foreign banks in rand-rigging case
• Politics weighs on South Africa’s rand, stocks
• Africa Oil – Buyers elusive amid weak margins
• Algeria floats idea of larger OPEC+ oil cut, rollover still likely – sources
• New ebola cases in Uganda raise fears of spread beyond Congo
• Palestinians urge Egypt, Jordan to reconsider going to US-led conference
• Soccer – Semenya hopes to inspire South Africa at women’s World Cup
• WHO emergency committee to meet on ebola on Friday – statement
• Vodacom challenges 2G network suspension in Congo court
• Soccer – Nigeria upset South Korea for rare World Cup win
• Glencore puts Chad oilfields up for sale – sources
• Tunisia boosts renewables with ‘game-changing’ solar tender
• Gunmen attack 2 ethnic Dogon villages in central Mali
• Nigeria’s Buhari signals four more years like the last
• Ivory Coast cocoa grinding up 7.1% through May – exporter stats
• South Africa tribunal says it can’t charge foreign banks in rand-rigging case
• Nigeria’s economy is expected to grow 2.7% this year, President Buhari says

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