#Africa #Markets | 8 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares fall as bets off on sharp US rate cuts
  • Asia ex-Japan subdued, Australia at 5-wk low, Nikkei slips
  • Strong US payrolls temper Fed rate cut expectations
  • Turkish lira near 2-wk lows on c.bank independence worries

Oil Markets

  • Oil extends gains, supported by surprise US jobs report
  • Brent up 0.2% at $64.33 a barrel (0048GMT)
  • WTI up 0.2% at $57.65 a barrel

Precious metals

  • Gold subdued as strong US data temper Fed rate cut expectations
  • SPDR Gold holdings fell 0.2% on Friday
  • Spot gold may retest resistance at $1,439/oz – technicals
  • Spot gold down 0.1% at $1,398.75/oz (0118GMT)
  • US gold futures up 0.1% at $1,401/oz

Grains

  • Corn jumps 1% as US crop forecast stokes supply woes
  • Most active CBOT wheat futures up 0.2% at $5.16 per bushel (0320GMT)
  • Most active corn futures up 1% at $4.46-1/2 per bushel
  • Most active soy futures up 0.6% at $9.00-1/4 per bushel
  • Most active rice futures unchanged at $11.50 per hundredweight

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

  • Kenya’s Kenyatta to open maritime academy in Mombasa
  • South Africa state capture inquiry resumes
  • South Africa PIC inquiry resumes

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

  • Libya’s Mitiga airport resumes air traffic following a missile strike
  • Economic “game changer”? African leaders launch free-trade zone
  • Tunisia recovers 14 migrants’ bodies after dozens drowned off coast
  • US welcomes Sudan power-sharing deal as ‘important step forward’
  • Eastern Libya, US firm close to signing Libya port deal
  • South Africa’s Steinhoff appoints Theodore Klerk as CFO
  • UN council pushes Libya truce, tells other countries to stay out
  • Algerian protesters keep up pressure on country’s rulers
  • Nigeria to seize $40 mln of jewellery, gold iPhone from ex-minister
  • Ramaphosa: South Africa must not let economy be held back by US-China trade war
  • Africa Oil – East Asian demand perks up as backwardation, freight ease
  • Egypt hikes domestic fuel prices as it rounds off subsidy reform
  • South Africa’s watchdog tells Ramaphosa to discipline minister Gordhan
  • Nigeria orders banks to lend or face sanctions
  • Ethiopia to issue two telecom licences, minority stake in monopoly – official
  • 2 Chinese workers kidnapped in Nigeria’s Edo state – police
  • Tunisia PM bans face veils in public institutions after bombing
  • South Africa’s Ramaphosa: US-China trade war born from jealousy
  • Delayed Airtel Africa’s $4.4 bln Nigeria listing to go ahead on Monday
  • South Africa’s Denel asks for cash injection, rebuffs Saudi bid
  • Uganda shilling unchanged as both importers and banks stay on sidelines
  • UAE says it will stand with Sudan in “good times and bad times” – official on Twitter
  • South African drugmaker Aspen terminates talks with potential European partner
  • Acacia Mining reports 13% rise in gold reserves for Tanzania mine
  • South Africa’s net foreign reserves rise to $43.940 bln in June

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

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