#Africa #Markets | 28 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares slip, gold gains as Trump-Xi trade jitters build
  • MSCI Asia ex-Japan drops 0.25%; Nikkei off 0.29%
  • European shares seen flat at the open
  • Gold firms on trade uncertainty, weak dollar
  • US treasury yields remain near recent lows

Oil Markets

  • Oil prices slip ahead of G20 talks, OPEC meet
  • Russian president says OPEC deal to be on G20 agenda
  • OPEC members plus Russia, others to meet in Vienna
  • Brent down 0.5% at $66.20 per barrel (0644GMT)
  • WTI down 0.5% at $59.13 a barrel

Precious metals

  • Gold rises on trade uncertainty; on course for best month in 3 years
  • Bullion up nearly 8.4% this month
  • Silver to post biggest monthly gain in 6 mths
  • Palladium head for best month 2-1/2 years
  • Spot gold may test resistance at $1,439/oz – technicals
  • Spot gold up 0.4% at $1,414.61 per ounce (0540GMT)
  • US gold futures up 0.8% at $1,423.40 an ounce

Grains

  • Corn holds steady ahead of USDA report, but set to close June with 3% gain
  • Corn rallies in recent weeks as rains slow planting
  • Wheat up for 2nd month as European temperatures soar
  • Most active CBOT wheat futures down 0.1% at $5.46-1/2 per bushel (0234GMT)
  • Most active corn futures down 0.1% at $4.39-1/2 per bushel
  • Most active soy futures up 0.1% at $8.89 per bushel
  • Most active rice futures down 0.2% at $11.48 per hundredweight

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

  • G20 summit in Osaka; South Africa’s Ramaphosa, Egypt’s Sisi, & Senegal’s Sall attending
  • ECOWAS summit in Abuja, Nigeria; 28-29 Jun
  • Africa regional trade forum in Addis, Ethiopia; 27-28 Jun
  • Rwanda’s Kagame state visit to Botswana; 27-28 Jun
  • 1st China-Africa economic and trade expo in Changsha
  • South Africa PSCE May-19 [act.7.7% yy, fcst. 8.2%, prev. 8.0%]
  • South Africa M3 May-19 [act. 9.1% yy, fcst. 8.6%, prev. 8.8%]
  • Kenya inflation Jun-19 [fcst. 6.6% yy, prev. 5.5%]
  • Zambia inflation Jun-19 [fcst. 8.6% yy, prev. 8.1%]
  • Uganda inflation Jun-19 [fcst. 3.8% yy, prev. 3.3%]
  • Nigeria FX reserves Jun-19 [prev. $45.1B]
  • South Africa trade balance May-19 [prev. ZAR-3.4B]

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

  • South African rand firmer as bulls wrestle bears ahead of G20
  • Airtel Africa drops 12.5% in early trade after London debut
  • Ivory Coast and Ghana team up for greater share of chocolate wealth
  • Airtel Africa prices London listing at bottom of range – bookrunner
  • South Africa credit demand growth slows to 7.66% in May
  • US “gag rule” linked to 40% jump in abortions in parts of Africa
  • Nearly 250 arrested in Ethiopia after foiled coup – state TV
  • 1 dead, several wounded in 2 suicide bomb attacks in Tunisian capital
  • Tunisia president hospitalised “in severe health crisis”- presidency
  • Law passed to restrict foreign film production in Tanzania
  • Securiy forces use tear gas to disperse students in Sudan’s Khartoum
  • Accident at Glencore mine kills at least 41 in Congo
  • Morocco prosecutor seeks death sentences in Scandinavian women murder trial
  • South African cement firm PPC’s profits boosted by cost cuts
  • South Africa’s Grand Parade appoints acting CEO as new head
  • UK’s Harry and Meghan head to Africa for first family tour
  • Africa Oil – Angolan July overhang clears on signs of optimism for WAF
  • Swiss govt to mediate Cameroon peace talks
  • Violence affects more people than ever before in Africa’s Sahel
  • Zambia court blocks asset sale by Konkola Copper Mines liquidator
  • Uber targest expansion in fast-growing West African markets
  • Twin attacks threaten new Ethiopian govt reforms
  • MTN Nigeria shares drop to 5-wk low as $2 bln tax case adjourned to Oct
  • Tanzania’s agric export earnings fall by more than half – central bank
  • ‘Peace ambassadors’ ease water conflict in drought-prone Kenya

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

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