#Africa #Markets | 26 Jun

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


  • 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 7th 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

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