#Africa #Markets | 2 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares cautious as weak manufacturing data stoke growth worries
  • MSCI Asia ex-Japan up 0.38%, Nikkei treads water
  • Global PMIs show manufacturing weakness
  • RBA set to cut benchmark cash rate
  • Market trims bets on large Fed rate cut

Oil Markets

  • Oil prices slip as demand worries outweigh OPEC supply cuts
  • OPEC extends oil output curbs by 9 mths until March 2020
  • But slowing global economy seen sapping demand for oil
  • Higher US production also drags on oil prices
  • Brent down 0.5% at $64.73 a barrel (0034GMT)
  • WTI down 0.8% at $58.61

Precious metals

  • Gold gains as weak economic data hints at global slowdown
  • Spot gold up 0.4% at $1,389.49 per ounce (0111GMT)
  • US gold futures up 0.2% at $1,391.70 an ounce

Grains

  • Corn edges higher on USDA crop condition report
  • Most active CBOT wheat futures up 0.3% at $5.13-1/4 per bushel (0110GMT)
  • Most active corn futures up 0.3% at $4.16-3/4 per bushel
  • Most active soy futures nearly unchanged at $9.08-3/4 per bushel
  • Most active rice futures down 0.6% at $58.72 per hundredweight

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

  • South Africa EFF’s Malema press conference
  • South Africa PIC inquiry resumes
  • South Africa state capture inquiry continues
  • Nigeria federal legislature resumes

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

  • Fire breaks out in Sonatrach’s gas facility in Algeria’s Oran – Ennahar TV
  • Morocco hopes to attract $10 bln in investment to new tech city
  • Sudan protesters announce new protests in mid-July
  • National Oil chairman says Libya must remain exempt from any OPEC production cuts
  • Tunisia president, 92, leaves hospital, to resume work in coming days – son
  • Morocco trade deficit expands 2.5% y/y in Jan-May
  • Nigeria has #MeToo moment after popular pastor is accused of rape
  • Mauritania court confirms election win for govt-backed candidate
  • Africa Oil – Angolan set to sell better on cheaper offerings
  • South African rand flat as dollar rebound blocks surge to 14 mark
  • Bob Collymore, the Safaricom CEO who connected with Kenyans
  • Attack on Mali Fulani village kills 23 – local mayor
  • Ivory Coast to eliminate illegal cocoa output to control supply
  • Zimbabwe to allow US dollar cash withdrawals from some accounts
  • Careem ends Sudan operations as part of Uber takeover deal
  • 6 Turkish citizens detained in Libya now released – ministry
  • Zimbabwe expects to pay $10 mln to South Africa’s Eskom by end of Monday
  • Ethiopia’s economy expanded at 9.2% in 2018/19 FY
  • Glencore’s Congo tragedy highlights security conundrum for miners
  • Zimbabwe to initially print 400 mln Zimbabwe dollars – governor
  • Zimbabwe governor says individuals and companies hold $1.3 bln in foreign currency accounts
  • Hundreds gather across Nile from Khartoum after deadly clashes
  • Zimbabwe finimin says individuals can withdraw US cash after ending dollarisation
  • Uganda shilling inclined on weaker side as importer demand picks up
  • South Africa’s Absa PMI rises in June
  • Kenya shilling weakens on excess liquidity
  • Kenya’s Safaricom shares fall 2.7% following death of CEO

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

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