#Africa #Markets | 25 Jun

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

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