#Africa #Markets | 18 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks wobble, bond yields fall on earnings woes, trade worries
  • All Wall St indexes down: Dow 0.4%, S&P500 0.7%, Nasdaq 0.5%
  • CSX tumbles on weak results, Netflix sinks in after-hour trading
  • Treasury yields slump; 10yr, 30yr shed over 7 bps each overnight
  • Precious metals in demand: gold gains over 1%, silver up 2.5%

Oil Markets

  • Crude futures fall after strong build in US oil products stocks
  • Brent down 0.2% at $63.51 a barrel (0044GMT)
  • WTI down 0.5% at $56.52

Grains

  • Soybeans fall to 9-day low as cooler weather expected
  • Most active CBOT soybean futures down 0.2% at $8.99 a bushel (0054GMT)
  • Most active corn futures down 0.5% at $4.39-1/2 a bushel
  • Most active wheat futures down 0.3% at $5.04 a bushel

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

  • South Africa central bank 3-day MPC meeting; decision day [fcst. 6.5%, prev. 6.75%]
  • Ghana central bank 3-day MPC meeting continues; decision on 22 Jul [fcst. 15.0%, prev. 16.0%]
  • 2nd Lake Chad Basin Governors Forum 2019 in Niamey, Niger; 16-18 Jul
  • Kenya trade week 2019 in Nairobi; 15-21 Jul
  • Day 2 of Source 21 COMESA international trade fair & high level business summit in Nairobi, Kenya (17-21 Jul); Kenyatta, Mauritius’ Vyapoory, Zambia’s Lungu, & Uganda’s Museveni opened yesterday

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

  • WHO sounds ebola alarm as risks intensify
  • Ethiopian city braces for protests as activists promise to declare new region
  • Africa Oil – Large Nigerian overhang looms ahead of programmes
  • South Africa’s rand softer ahead of rate decision, stocks slide
  • Acacia seeks stay of international arbitration against Tanzania
  • Power-short Zimbabwe removes barriers to solar energy expansion
  • South African corruption inquiry adjourns after Zuma’s lawyers say questioning unfair
  • Egypt says economy on right track after 5.6% growth in 2018/19
  • Eni officials tried to tamper with witness in Nigeria case – prosecutor
  • South Africa’s Zuma denies interfering with Transnet CEO appointment
  • UN peacekeeper, 6 civilians killed in Sudan/South Sudan border area
  • South Africa’s retail sales jump in May ahead of expected rate cuts
  • 9 companies weighing bids for Vedanta’s Zambia assets – minister
  • IMF to vote on final loan tranche to Egypt on July 24 – PM
  • Zambia expects bids for Konkola Copper Mines within weeks – minister
  • South Africa subsidiary of carmaker Ford to add 1,200 jobs
  • South Africa’s retail sales up 2.2% y/y in May
  • Egypt’s GDP growth at 5.6%, deficit at 8.2% for 2018/19 fiscal year
  • Kenya orders deportation of 17 foreign directors of betting firms
  • WHO reports new ebola incident in Uganda
  • Zambia finance minister to outline position on sales tax soon
  • Sudan’s military council, opposition coalition sign political accord

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

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