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