By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

• Asia stocks dip after Fed tapers aggressive easing expectations
• European stock futures slip in early trade
• Fed’s Powell, Bullard temper July rate cut expectations
• Dollar crawls up from 3-mth lows on Fed officials’ comments
• RBNZ stands pat on policy but flags more easing ahead
• Gold dips from 6-yr high, but still up 8.5% for the month

Oil Markets

• Oil prices climb amid fall in US stockpiles, Middle East worries
• Brent up 1.4% at $65.97 a barrel (0006GMT)
• WTI up 2% at $58.97 a barrel

Precious metals

• Gold drops over 1% as Fed dashes imminet rate-cut hopes
• SPDR Gold holdings fell 0.3% on Tuesday
• Spot gold may test support at $1,404/oz – technicals
• Spot gold down 1.1% at $1,406.91 per ounce (0714GMT)
• US gold futures down 0.6% at $1,410.60 an ounce

Grains

• Corn edges down, recent crop damage caps losses
• Most active CBOT wheat futures down 0.2% at $5.38-3/4 per bushel (0059GMT)
• Most active corn futures down 0.4% at $4.45-3/4 per bushel
• Most active soy futures down 0.4% at $9.00 per bushel
• Most active rice futures nearly unchanged at $11.39 per hundredweight

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

• South Africa’s Ramaphosa response to SONA debate in parliament
• South Africa state capture inquiry continues
• Nigeria pre-trial hearing of PDP petition at presidential election tribunal
• Nigeria’s Osinbajo in US; to meet Pence, etc.
• South Africa PIC inquiry continues
• Uganda’s Museveni in Beijing; attending China-Africa economic & trade expo
• US Army’s 7^th African land forces summit (ALFS) in Gaborone, Botswana; 24-27 Jun

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 gains as risk demand slows
• Tullow Oil’s Kenyan, Ugandan projects timelines slip
• Tullow Oil delays Kenya project decision, Uganda deal pending
• Egypt detains opposition leader accusing him of anti-govt plot
• US to consider sanctions in case of more Sudan violence
• South African sisters describe Saudi detention and complain to UN
• South Africa’s state defence firm struggling to pay wages
• Zimbabwe’s Mnangagwa talks up currency reform but business wary
• Egypt aims to tap debt markets for up to $7 bln in new financial year
• Africa Oil – Nigerian crude exports set to rise as diffs stay strong
• Ethiopia pays tribute to slain military chief
• Tanzania issues new rules to tighten foreign currency exchange controls
• Zimbabwe labour group threatens protests over ban on foreign currencies
• Campaign groups accuse Total of breaching French corporate duty law in Uganda
• South Africa’s Omnia to evaluate businesses as thin margins, high debt weigh
• Selling sketches and clothes, Libyan women set up businesses against the odds
• Kenya govt, Tullow Oil, Africa Oil and Total sign deal to develop crude oil facility
• Rwanda’s rhino population grows, tourists expected to increase
• Egypt detains leader of 2011 uprising over alleged anti-govt plot
• Kenya tribe divided over women’s land rights after landmark ruling
• Uganda shilling weakens due to manufacturing, energy demand
• Ex-South Africa president Zuma to attend ‘prejudiced’ graft inquiry – lawyer
• 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

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