By Rafiq Raji, PhD
Twitter: @DrRafiqRaji
Global Markets
- Stocks rally, bond yields dive as Fed fuels easing hopes
- US 10-yr yield below 2%, gold hits near 6-yr high
- Markets price in 75 bp Fed rate cuts by year-end in total
- BoJ stands pat, Fed stance seen prompting easing elsewhere
- European stocks seen 0.5% higher
Oil Markets
- Oil prices jump as downed US drone stokes Middle East tensions
- Brent up 3.1% at $63.75 a barrel (0650GMT)
- WTI up 3.2% at $55.49 a barrel
Precious metals
- Gold sprints to over 5-yr peak after Fed hints at rate cuts
- Silver hits nearly 3-mth high
- Spot gold has gained over $80 so far this month
- Gold in Australian dollar breaches A$2,000 mark for first time
- Spot gold may gain more to $1,404 per ounce – technicals
- Spot gold up 1.7% at $1,382.70 per ounce (0657GMT)
- US gold futures up 2.8% at $1,386.30 an ounce
Grains
- Soybeans extend losses, planting delays caps fall
- Most active CBOT wheat futures down 0.6% at $5.19-1/4 per bushel (0037GMT)
- Most active corn futures down 0.1% at $4.40-3/4 per bushel
- Most active soy futures down 0.2% at $9.01-1/4 per bushel
- Most active rice futures down 0.5% at $11.31 per hundredweight
Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]
- South Africa’s Ramaphosa State of the Nation Address
- Kenya’s Kenyatta launch joint Mastercard Young Africa Works programme
- World Refugee Day
- Zimbabwe AfCFTA consultative forum in Harare; 19-20 Jun
- ECOWAS military chiefs meet in Abuja
- South Africa state capture inquiry continues
- SWIFT African regional conference in Accra, Ghana; 18-20 Jun
- US-Africa Business Summit in Mozambique; 18-21 Jun
- Afreximbank 2019 annual meetings in Moscow
Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]
- Angola oil struggles to sell on demand fears, weak margins
- South African rand firms after dovish Fed, focus on Ramaphosa speech
- Sierra Leone president opens bids for 7km airport bridge
- Malawi president appoints economist Mwanamvekha as finance minister
- UK’s CDC acquires 5% stake in Morocco’s BMCE Bank of Africa
- Northeast Congo insecurity hampers response to measles outbreak
- Kenya court convicts 3 for aiding deadly Islamist attack on university
- Nigeria to consider its industries in Africa free trade zone decision
- Namibia targets $1 bln worth of investments
- EU wheat follows Chicago lower, market awaits Egypt results
- Algeria presses corruption case against ex-PM and other senior figures
- Sudan military council head says it’s ready to negotiate with opposition
- Africa Oil – Outlook for Nigerian brightens, Angola sales still slow
- Arab fund lends Morocco $237 mln dollars for infrastructure projects
- Algeria security forces to be ‘strict’ with infiltration of protest marches – defense ministry
- Virgin Money South Africa plans bank account, expansion for fintech app
- Nigeria debt office says may tap eurobonds after all
- Turkey to push for trial of Egypt govt over Mursi death
- Nigeria plans to access foreign loans, eurobonds tap possible – DMO
- African banks to fund construction of world’s biggest marine diamond mining vessel
- Uganda shilling firms slightly as importer, banks’ appetite tails off
- Congo declares measles epidemic after it kills more than ebola
- Congo deploys army to protect China Moly’s copper mine from illegal miners
- Algeria prosecutor refers ex-PM to supreme court over alleged corruption – statement
- After 3 weeks stranded off Tunisia, migrant group to be repatriated
- Kenya shilling firms, helped by flows from horticulture exports
- South Africa consumer inflation subdued, upping rate cut chances
- South Africa consumer inflation quickens to 4.5% in May
N.B. Full stories of above headlines are available on Reuters
