#Africa #Markets | 3 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares weaken as trade optimism fades
  • Asian stocks edge lower as short-covering has run its course
  • Bond yields under pressure globally
  • UK bond yields, pound under pressure on BoE remarks

Oil Markets

  • Oil edges up after steep fall; OPEC cuts, stocks draw support
  • OPEC, allies extend output curbs until March 2020
  • US crude oil inventories fall 5 mln bbls – API
  • Morgan Stanley lowers long-term Brent price forecast
  • Brent up 0.8% at $62.88 a barrel (0053GMT)
  • WTI up 0.7% at $56.62 a barrel

Precious metals

  • Gold hits 1-wk peak; global trade woes, lower US yields support
  • Spot gold up 1.1% at $1,433.50 an ounce (0144GMT)
  • US gold futures up 2.1% at $1,437.7 an ounce

Grains

  • Corn prices extend gains on worries about US crop condition
  • Most active CBOT wheat futures down 0.1% at $5.02-3/4 per bushel (0044GMT)
  • Most active corn futures up 0.4% at $4.27-3/4 per bushel
  • Most active soy futures up 0.1% at $8.99-1/2 per bushel
  • Most active rice futures up 0.3% at $11.30 per hundredweight

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

  • Nigeria presidential election petitions tribunal to rule on main opposition PDP’s application
  • Nigeria’s Buhari cabinet appointments awaited
  • South Africa state capture inquiry continues
  • South Africa PIC inquiry continues
  • South Africa Standard Bank PMI Jun-19 [prev. 49.3]
  • Nigeria Stanbic IBTC PMI Jun-19 [prev. 52.9]
  • South Africa SACCI business confidence Jun-19 [prev. 93.0]

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

  • Wanted militant blows himself up in Tunisian capital
  • Air strike on migrant detention centre in Libyan capital kills 40 – offficial
  • Nigeria will sign Africa free trade agreement – presidency
  • UAE denies ownership of weapons found in Libya – statement
  • Killing of desert elephant sparks uproar in Namibia
  • Ethiopia mediator urges Sudan military, opposition to hold direct talks
  • Zimbabwe’s moves to end dollarisation challenged in court
  • Africa Oil – Cracks rise but spot low, swap deals on the horizon
  • African nations urged to enforce family laws to protec women
  • Israelis of Ethiopian descent protest over police shooting
  • Ethiopian mediator urges Sudan Army and opposition to hold direct talks on Wednesday
  • Uganda’s plan to nationalise internet exchange will hurt investment – industry players
  • African nations urged to enforce family laws to protect women
  • Limited US military assistance to resume to some Somali troops
  • South Africa’s rand firms as dollar slips, stocks down
  • Illegal miners defy eviction from Glencore’s Congo project
  • Egypt to launch short-selling of shares during Q3 – official
  • Shell, Nigerian communities agree to reopen oil flow station, says official
  • South Africa’s Steinhoff seeks to recoup payments made to ex-CEO, CFO
  • South African parliament elects new committee heads despite opposition
  • Pfizer, Sanofi, to boost South African Biovac’s vaccine output
  • GSK-Pfizer JV gets conditional approval from South Africa’s competition regulator
  • UN draft text on digital rights ducks call for spyware moratorium
  • Gunmen kill 18 in attack on Niger military camp
  • Nigeria fuel truck fire kills at least 50 – governor’s spokesman
  • Algeria – Fire at Sonatrach gas facility in Oran, no impact on production
  • Algeria parliament president Bouchareb resigns – Ennahar TV
  • Kenya’s Safaricom names ex-CEO Joseph as interim replacement for Collymore
  • No output impact from fire at Sonatrach’s GNI2 gas unit
  • Uganda shilling steady, seen easing due to commercial bank demand
  • Kenya shilling weakens on uptick in importer demand
  • Zambia, Zimbabwe to start building Batoka power plant next year
  • South Africa’s Steinhoff seeks to recoup payments paid to former CEO
  • South Africa’s Truworths in talks to restructure debt at British shoe chain office
  • In battle for Libya’s oil, water becomes a casualty
  • Important to continue dialogue in Sudan, avoid escalation – UAE

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

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