By Rafiq Raji, PhD
Twitter: @DrRafiqRaji
Global Markets
- Trade stress hits stocks, dollar frets on Fed doves
- Shanghai shares lead Asia lower on Sino-US trade unease
- Wagers on more dovish Fed talk keep yields, dollar down
- Gold extends gains as rates and dollar drop
Oil Markets
- Oil prices drop amid demand worries, but US-Iran tensions support
- Prices head lower after big gains last week
- US imposes sanctions on Iran leadership
- Brent down 0.5% at $64.52 a barrel (0639GMT)
- WTI down 0.4% at $57.66 a barrel
Precious metals
- Gold scales 6-yr peak on weaker dollar, US-Iran friction
- Gold poised for a 6th straight session of gain
- Palladium hits a 3-mth high
- Spot gold may test resistance at $1,439/oz – technicals
- Gold gains nearly 10% so far this month
- Spot gold up 0.4% at $1,424.25 per ounce (0550GMT)
- US gold futures up 0.7% at $1,427.50 an ounce
Grains
- Corn jumps nearly 1% as adverse weather hits US crops
- Most active CBOT wheat futures up 0.3% at $5.44-1/4 per bushel (0051GMT)
- Most active corn futures up 0.8% at $4.50-1/2 per bushel
- Most active soy futures up 0.5% at $9.13-3/4 per bushel
- Most active rice futures up 0.1% at $11.20 per hundredweight
Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]
- Zimbabwe’s Mnangagwa hosts wildlife economy summit in Victoria Falls; 23-25 Jun [Botswana’s Masisi & Namibia’s Geingob attending]
- Nigeria’s Osinbajo in US; to meet VP Pence & Council on Foreign Relations
- Uganda’s Museveni in Beijing; attending China-Africa Economic & Trade Expo
- African Philanthropy Forum regional meeting in Abuja, Nigeria; #APFAbuja
- South African parliament to debate Ramaphosa’s SONA
- South Africa state capture inquiry continues
- South Africa PIC inquiry continues
- IATA regional aviation forum in Accra, Ghana; 24-25 Jun
- US Army’s 7th African Land Forces Summit (ALFS) in Gaborone, Botswana; 24-27 Jun
- Bloomberg emerging + frontier forum
Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]
- South Africa’s rand firmer as dollar falls on rate cut bets
- Kenya shilling firms against the dollar
- South Africa’s state defence firm Denel struggling to pay wages
- South Africa’s Amplats expects 80 pct jump in half-year earnings
- South Africa’s Omnia posts FY loss on mix of negative drivers
- Morocco to send finmin staff member to Bahrain’s economic summit – foreign ministry
- Senegal President’s brother resigns after allegations of energy fraud
- Zimbabwe ends decade of dollarisation in new currency reform
- Ethiopia’s ethnic militias in the spotlight after failed coup
- Sudan security forces use violence to disperse student protest
- Zimbabwe hikes overnight lending rate to 50% after ending dollarisation
- Africa Oil – Nigeria’s Qua Iboe exports to rise
- Jumia Food looks beyond Africa’s middle class for growth
- Egypt’s parliament approves FY 2019/20 budget targeting 7.2% deficit
- Sudan must end repression and let monitors in, says UN rights boss
- Ethiopia regional coup mastermind killed, others arrested – govt
- Nigeria court adjourns Oando case against securities regulator to July 22
- Egypt to go to Bahrain to “evaluate” Kushner’s plan – minister
- Airtel Africa receives pre-IPO interest worth about $200 mln – bookrunner
- Nigeria’s central bank will keep controversial FX system
- Don’t expect debt relief, US warns Africa
- Zimbabwe declares interim RTGS dollar its sole legal currency – statement
- UN rights boss says Sudan must halt repression, allow monitors access
N.B. Full stories of above headlines are available on Reuters
