#Africa #Markets | 13 Jun

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 2nd 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

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