#Africa #Markets | 20 Jun

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

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