#Africa #Markets | 27 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Sino-US trade truce hopes rekindle risk appetite
  • Europe, Asia lifts MSCI world share index after 4 down days
  • Germany leads Europe, Japan, China, Hong Kong top Asia
  • US-China tentative agreement to trade truce – SCMP
  • Market pares bets for half-point Fed rate cut in July

Oil Markets

  • Oil prices drop as traders wait for G20, OPEC+ meetings
  • US stockpiles fall most since Sept 2016
  • Brent down 0.6% at $66.07 a barrel (0658GMT)
  • WTI down 0.6% at $59.05

Precious metals

  • Gold falls as dollar edges higher; US-China trade talks in focus
  • SPDR Gold holdings fall 0.2% on Wednesday
  • Gold to stabilise around $1,404/oz, bounce to $1,421 – technicals
  • Spot gold down 0.4% at $1,402.09 per ounce (0654GMT)
  • US gold futures down 0.6% to $1,406.30 an ounce

Grains

  • Soybeans rebound from 2-wk low; US weather outlook caps gains
  • Most active CBOT wheat futures up 0.4% at $5.48-1/2 per bushel (0139GMT)
  • Most active corn futures up 0.2% at $4.44 per bushel
  • Most active soy futures up 0.1% at $8.95-1/4 per bushel
  • Most active rice futures up 0.4% at $11.39 per hundredweight

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

  • Africa regional trade forum in Addis Ababa, Ethiopia; 27-28 Jun
  • South Africa’s Ramaphosa & Egypt’s Sisi head to Osaka for G20 summit; 28-29 Jun
  • South Africa state capture inquiry continues
  • 1st China-Africa economic & trade expo opens in Changsha; Uganda’s Museveni attending
  • Rwanda’s Kagame state visit to Botswana; 27-28 Jun
  • South Africa SARB quarterly bulletin
  • South Africa producer inflation May-19 [act. 6.4%, fcst. 6.7%, prev. 6.5%]

Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Nigerian man dies after hunger strike in Japan detention centre
  • South Africa records FDI infows of 11.7 bln rand, portfolio investment flows in Q1
  • Ethiopia police arrest 56 members of Amhara political party – party spokesman
  • Uganda shilling a notch firmer on charity, commodity inflows
  • South Africa’s Mminele quits as central bank deputy governor
  • Kenya shilling weakens on end month dollar demand
  • South Africa’s rand slips in profit-taking ahead of G20 summit
  • Zambia directs state power firm to take cost-cutting measures
  • Egypt’s Mursi death in Cairo prison raises fears for other inmates
  • Twin attacks threaten new Ethiopia govt’s reforms
  • Libya’s Haftar loses main base in Tripoli in surprise blow
  • Morocco’s Tangier port to become Mediterranean’s largest
  • Forces allied to Libya’s UN-backed govt retake a town south of Tripoli – witnesses
  • Stampede in Madagascar crowd kills 15 and wounds 75
  • Cocoa-growing Ivory Coast draws up new plan to stop child labour
  • “Dozens” killed in foiled Ethiopia coup attempt – regional govt
  • Mauritania opposition candidates challenge presidential election result
  • Africa Oil – Angolan sells in the window, Asian demand sluggish
  • Morroco’s Tangier port to become Mediterranean’s largest
  • VEON settles Egypt tax liability, paving way to buy Global Telecom shares
  • Senegal seizes 238 kg of cocaine hidden inside 4 cars on ship
  • South Sudan investigates its crude oil pre-sales regime
  • Airtel Africa to price London listing at bottom of range – bookrunner
  • Morocco’s BMCE Bank to raise $199 mln in share issue
  • South Africa’s PPC picks ex-Lafarge veterean van Wiljnen as CEO
  • Zimbabwe allays fears over gold sales, remittances after currency reform
  • Nigeria set for highest oil exports to Europe in 7 mths on North Sea outages
  • African nations join majority in opposing US blockage at WTO
  • Egypt [stocks] snap losing streak while most of Gulf slips
  • Deadly clashes over cattle continue in Nigeria despite grazing ban
  • Mauritania opposition candidate challenges presidential election result
  • Enel agrees extension of gas supply deal with Morocco’s Sonatrach
  • Soccer – Nigeria receives “part” of money owed to players for Cup of Nations
  • 11 dead in militant attack on security forces in Egypt’s Sinai – ministry
  • Thousands mourn officials killed in Ethiopia coup attempt, priests urge unity
  • South Africa’s Exxaro says Eskom woes to hit coal production
  • South Africa’s Sibanye-Stillwater to sell 51% stake in Canadian PGM-copper project
  • Kenya shilling under pressure from end month dollar demand
  • Nigeria court adjourns $2 bln tax case between MTN and attorney-general
  • Tullow Oil’s Kenyan, Ugandan projects timelines slip

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

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