#Africa #Markets | 21 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks slip amid persisting trade angst, political tensions
  • Focus shifts to trade, Middle East tensions after Fed euphoria
  • European stocks futures decline early trade
  • Gold advances to 6-yr high, crude dips after big surge
  • Dollar struggles, govt bonds buoyant post-Fed

Oil Markets

  • Oil rises towards $65 on fears of US attack on Iran
  • Oil extends gains after 5 pct rally on Thursday
  • Trump warned Iran via Oman of imminent attack – sources
  • Trump approved strike, then pulled back – NYT
  • Iran not keen on talks, warns of consequences – sources
  • Brent up 0.7% at $64.87 a barrel (0850GMT)
  • WTI up 0.4% at $57.28 a barrel

Precious metals

  • Gold scales near 6-yr peak on dovish Fed signals
  • Spot gold up 0.4% at $1,392.81 an ounce (0128GMT)
  • US gold futures up 0.1% at $1,398.10 an ounce

Grains

  • Corn prices extend gains as rains threaten US planting
  • Most active CBOT wheat futures up 0.2% at $5.27-3/4 per bushel (0106GMT)
  • Most active corn futures up 0.9% at $4.54 per bushel
  • Most active soy futures up 0.1% at $9.16-1/4 per bushel
  • Most active rice futures down 0.1% at $11.22 per hundredweight

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

  • Kenya’s Kenyatta Rift Valley tour
  • Malawi presidential election tribunal ruling expected
  • US-Africa Business Summit in Maputo, Mozambique; 18-21 Jun
  • Afreximbank 2019 annual meetings in Moscow
  • South Africa state capture inquiry continues
  • 2019 Africa Public Service Day in Nairobi, Kenya; Kenyatta speech
  • Senegal’s Sall in Ivory Coast

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

  • South African rand falls after Ramaphosa speech seen lacking details
  • Vodacom unit to sell operations in 4 African markets
  • French car maker PSA opens $630 mln Morocco plant
  • South Africa’s Ramaphosa says Eskom too vital to fail
  • South African National Treasury hopes for swift approval of bill to speed up funds to Eskom
  • Africa Oil – Angolan trades in the window
  • Hundreds demonstrate for civilian rule in Sudan’s state capitals
  • Displaced families suffering subhuman conditions in Ethiopia – Egeland
  • US finds Nigeria, Niger improving anti-trafficking efforts
  • Zambia court rejects Vedanta bid to join liquidation case
  • Mercuria, South African firms place bids for South32’s SAEC coal mines
  • Lafarge Africa rises to 3-wk high after it sells South African unit
  • Heavy rains dampen Nigeria’s 2018/19 cocoa outlook
  • African Bank moves to stem client exodus, safeguard South African comeback
  • Kenya shilling weakness not linked to bank note plan – cbank
  • South Sudan lawmakers quit budget presentation over unpaid public salaries
  • Sudan’s military council dismisses public prosecutor, appoints replacement – sources
  • Zimbabwe’s currency hits new low, firms demanding payment in US dollars
  • Uganda shilling strengthens on inflows from offshore investors
  • Turkey’s Erdogan says he believes UN will look into death of Egypt’s Mursi
  • Kenya central bank governor says recent downward movement of shilling not an issue
  • Marketing division manager Kyari to head Nigerian state oil firm
  • Soccer – FIFA expected to take over the running of African football
  • Kenya slashes 2030 power production targets as usage still low – media
  • Nigeria’s Buhari appoints new head of state oil firm – NNPC statement
  • Angola oil struggles to sell on demand fears, weak margins

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

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