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