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 6^th 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 7^th 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