#Africa #Markets | 11 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks gain, dollar drops as Fed chair sets stage for rate cut
  • MSCI Asia-Pacific index up 0.75%, Nikkei adds 0.35%
  • Fed chair remarks revive some bets on aggressive rate cut
  • Dollar & US treasury yields sag after Powell comments
  • Crude prices hit 7-wk highs

Oil Markets

  • US oil hits highest in over a mth amid Gulf of Mexico storm, Iran tensions
  • Brent down 5 cents at $66.96 a barrel (0055GMT)
  • WTI up 11 cents at $60.54

Grains

  • Soybeans fall from 10-day high ahead of USDA report
  • Most active CBOT soybean futures down 0.1% at $9.12 a bushel (0122GMT)
  • Most active corn futures down 0.3% at $4.38 a bushel
  • Most active wheat futures down 0.2% at $5.03-1/4 a bushel

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

  • IMF board to consider Congo Republic bailout
  • South Africa treasury budget vote speech by finmin Mboweni
  • Africa counter-terrorism conference in Nairobi, Kenya; day 2
  • South Africa state capture inquiry continues
  • Nigeria’s Buhari cabinet appointment awaited
  • South Africa mining production May-19 [fcst. -4.5% yy, prev. -1.5%]
  • South Africa manufacturing production May-19 [fcst. 2.1% yy, prev. 4.6%]

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

  • Algeria parliament elects opposition figure as chairman after protesters
  • Morocco approves law on sharia-compliant insurance
  • Ivory Coast, Ghana add ‘living income’ cocoa premium to fight poverty
  • South African minister Gordhan challenges public protector report
  • Africa Oil – Angolan cargo deferred, Pertamina tender awarded
  • ANC infighting has hurt South African state asset manager – former CEO
  • Egypt opens new international airport for trial period
  • Algeria’s ex-industry minister detained over alleged graft – state TV
  • Significant risks for South Africa’s economic outlook – Treasury
  • South Africa’s rand firms on Powell’s remarks, Kganyago reappointment
  • Zimbabwe opposition lawmaker to appear in court away from capital
  • South Africa’s Kganyago reappointed as central bank governor for another 5 years
  • Morocco’s Platinum Power partners with China’s CFHEC on $300 mln
  • Greater response needed to worsening West African violence – UN head
  • Somalia executes 3 al Shabaab members over 2017 hotel attack
  • In hotbed of Sudan’s uprising, activists torn over transition deal
  • Tanzania says elephant, rhino populations rebounding after anti-poaching crackdown
  • Nigeria’s president may name cabinet nominees this week – senate leader
  • Egypt headline inflatioin falls to surprising 9.4% in June
  • Morocco prepares to launch tender for 230MW plant in Atlas mountains
  • President urges Tanzania’s women to “set ovaries free”, have more babies to boost economy
  • Ivory Coast cocoa grind up 7.3% through June – exporters
  • Uganda shilling firms, helped by commercial banks selling dollars
  • Libya – Bombed Tripoli migrant detention centre being emptied – UN
  • France says anti-tank missiles found in Libya were “unusable”
  • Kenya shilling steady against dollar, remittances help
  • ArcelorMittal South Africa to cut more than 2,000 jobs, shares drop
  • Tunisia starts marketing 7-yr euro-denominated bond
  • Egypt digital payments company Fawry preparing for IPO

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

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