#Africa #Markets | 9 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks hobbled by fading expectations for aggressive Fed rate cut
  • Markets now expect 25 bp cut from Fed this month
  • Asian shares little changed ahead of Powell’s testimony

Oil Markets

  • Oil prices drop as trade tensions stoke economy worries
  • Brent down 0.3% at $63.90 a barrel (0022GMT)
  • WTI down 0.4% at $57.46 a barrel

Precious metals

  • Gold slips as fading expectations of sharp rate cut lift dollar
  • Spot gold down 0.3% at $1,391.65 per ounce (0118GMT)
  • US gold futures down 0.4% at $1,395.10 an ounce

Grains

  • Soybeans edge higher on USDA crop condition report
  • Most active CBOT wheat futures down 0.5% at $5.08-1/4 per bushel (0036GMT)
  • Most active corn futures down 0.3% at $4.42-1/2 per bushel
  • Most active soy futures up 0.2% at $8.99-1/2 per bushel
  • Most active rice futures down 0.6% at $11.66 per hundredweight

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

  • Airtel Africa listing on Nigerian stock exchange
  • AfDB+AFC Africa investment forum Nigeria roadshow in Abuja
  • South Africa state capture inquiry continues
  • South Africa PIC inquiry continues
  • South Sudan 8th independence anniversary; no official celebrations
  • Sudan military & opposition to sign agreement to establish joint military and civilian council

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

  • Construction firm wants debt settlement as part of Congo IMF deal
  • Africa Oil – Spot trade muted, tender results awaited
  • South Africa’s rand steady as Fed cut bets fade
  • International court convicts Congo’s Ntaganda of war crimes
  • Tunisia trade deficit widens to record $3.4 bln
  • Premium prices attract small farmers back to coffee growing in Zimbabwe
  • Tunisia tourism revenues jump 42.5% in first half 2019
  • South Sudan 2019/20 spending to more than double – finmin
  • Zimbabwe poised to raise public workers pay again
  • Economic “game changer”? African leaders launch free-trade zone
  • Former CEO of Kenyan stockbroker fined for insider trading
  • Congolese army fires in the air during protest near Glencore plant
  • Zimbabwe power utility says needs $14 mln each month for imports
  • Airtel Africa to list in Nigeria on Tuesday – bourse
  • South Africa’s Implats to swing back to annual profit
  • Uganda shilling unchanged as energy and manufacturing demand flat
  • Congo army fires shot in the air amid protest at Glencore plant
  • Kenya shilling weakens against the dollar
  • Zimbabwe could hike rates over 50% to deal with speculators – finmin
  • As drought stokes urban hunger, Ethiopia dishes up free school meals

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

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