#Africa #Markets | 1 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks relieved at trade truce, bonds step back
  • Nikkei, Shanghai at 2-mth tops as new tariffs avoided
  • Treasury bonds off as market scales back bet on Fed easing
  • PMI factory surveys disappoint, from China to Japan
  • Oil prices jump as OPEC looks set to extend supply cuts

Oil Markets

  • Oil jumps on Saudi, Russia support for supply cuts
  • Brent up 1.7% at $65.86 a barrel (0052GMT)
  • WTI up 1.9% at $59.57

Precious metals

  • Gold slips to 1-wk low as US-China trade optimism lifts risk sentiment
  • Spot gold down 1.1% at $1,393.16 per ounce (0109GMT)
  • US gold futures down 1.1% at $1,398.50 an ounce

Grains

  • Soybeans at 1-yr top, corn firms after deep losses
  • Most active CBOT wheat futures down 0.4% at $5.25 per bushel (0121GMT)
  • Most active corn futures up 0.1% at $4.25 per bushel
  • Most active soy futures up 0.7% at $9.29 per bushel
  • Most active rice futures up 0.6% at $11.64 per hundredweight

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

  • Nigeria presidential election petition tribunal resumes
  • South Africa state capture inquiry resumes
  • South Africa SACCI business confidence Jun-19 [prev. 93.0]
  • South Africa total new vehicle sales Jun-19 [prev. 40.5K]
  • Nigeria foreign exchange reserves Jun-19 [prev. $45.1B]

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

  • Tens of thousands demand civilian rule in Sudan, at least 7 killed
  • Libya’s eastern forces supreme commander declares state of mobilization – statement
  • Libya – Haftar’s forces say they destroyed Turkish drone in Tripoli
  • Senegal seizes 798 kg of cocaine hidden in cars on a ship
  • Eastern Libya authorities arrest 2 Turks over Turkey’s support for “militias”
  • Air traffic stops at Libya’s Tripoli Mitiga airport after air strike
  • Egypt’s President Sisi approves 2019-20 budget – official gazette
  • West African states adopt flexible FX regime for regional trade
  • Cameroon opposition leader released after abduction in Anglophone region
  • Sudan security forces raid opposition group office ahead of protest
  • Libya fighters seize US and Chinese missiles from Haftar’s forces
  • After deadly collapse, Congo vows to remove illegal miners from Glencore concession
  • Sudan military issues warning to opposition over planned protest rally
  • Ethiopia airs voice of alleged coup leader killed in crackdown
  • Sudan’s military council studies African Union, Ethiopia’s proposal
  • Eastern Libyan forces will ban any flights from Libya to Turkey – spokesman
  • Zambia court lifts order blocking disposal of Vedanta unit assets
  • Africa Oil – Nigerian steady on Indian demand, European margins
  • Shell, Exxon eye return to Somalia ahead of oil block round
  • Ethiopia’s intelligence boss to lead military – PM’s office
  • Vedanta says order on Zambia liquidator lifted pending July 4 hearing
  • South Africa’s PPC bows to environmental regulations
  • Zimbabwe moves to keep a lid on maize prices after drought
  • Kenya’s Q1 economic growth slows, hurt by agriculture
  • Kenya’s economy expands by 5.6% in the first quarter
  • Amid Ethiopia unrest, Amhara political party spokesman arrested
  • South Sudan suspends all pre-sales oil contracts
  • US Supreme Court to hear bid to revive punitive damages against Sudan over embassy bombings
  • Tunisia rallies after a “black day”, president’s health improves
  • South Africa posts $123 mln trade surplus in May
  • Google announces new subsea cable “Equiano”, connecting Africa and Europe
  • Zambia delays implementation of new sales tax to Sept 1
  • Airtel Africa drops 15% in early trade after London debut
  • South Africa’s entire coal line shut for maintenance – Transnet
  • South Africa’s CONCO wins eSwatini solar power project
  • Kenya’s inflation at 5.7% y/y in June
  • Ivory Coast and Ghana team up for greater share of chocolate wealth
  • South Africa credit demand growth slows to 7.66% in May

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

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