#Africa #Markets | 22 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks dip on likely smaller Fed rate cut, oil gains
  • MSCI Asia-Pacific index down 0.1%, Nikkei loses 0.5%
  • Media report puts 25 bps Fed rate cut expectations back in play
  • Stocks lose momentum as 50 bps rate cut possibility fades
  • Iran’s capture of UK tanker heightens regional tensions
  • Gold pulls back from 6-yr high

Oil Markets

  • Oil gains as Gulf tanker seizure raises tensions
  • Brent up 0.8% at $62.98 a barrel (0042GMT)
  • WTI up 0.3% at $55.78

Grains

  • Corn retreats over 1% on cooler US weather forecasts
  • Most active CBOT corn futures down 1.2% at $4.30-3/4 per bushel (0100GMT)
  • Most active soybean futures down 0.6% at $9.14 a bushel
  • Most active wheat futures down 0.5% at $5.00-1/4 a bushel

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

  • South Africa constitutional court to rule in Public Protector v SARB case
  • Nigeria central bank 2-day MPC meeting; 22-23 Jul [fcst. 13.0%, prev. 13.5%]
  • 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]

  • South Africa’s Ramaphosa seeks review of ‘flawed’ graft watchdog report
  • Egypt expresses dismay to UK envoy over British Airways flight suspension
  • Digital payments company Fawry to offer 36% stake in Egypt IPO
  • Four Turks kidnapped in Nigeria, police launch rescue operation
  • Drone strike near Tripoli kills 7 fighters loyal to Haftar – military source
  • Air France to keep flying to Cairo, Egypt
  • Leader of moderate Islamist party to stand for parliamentary elections in Tunisia
  • Libya’s NOC declares force majeure at key Sharara oilfield after valve closure
  • Libya’s NOC declares force majeure in Zawiya port after closure of Sharara field
  • Nigeria president condemns latest killings in northwestern Sokoto state
  • At least 17 people killed in Ethiopia during unrest over Sidama autonomy – local official
  • Libya’s El Sharara oilfield shut down since Friday – state oil firm
  • Tanzania to buy new Airbus, De Havilland planes for national carrier
  • Libya’s NOC confirms 290k bpd production at Sharara offline
  • Second ex-Credit Suisse banker pleads guilty in Mozambique loan scheme
  • Africa’s largest wind power project opens in northern Kenya
  • South Africa – Far from Cape Town tourist sites, a gangland battle rages
  • South Africa’s Ramaphosa dealt twin blows in anti-graft fight
  • South Africa’s rand retreats as Fed pendulum swings back to soft cuts
  • Algerian protesters return to streets for demand reforms
  • Africa Oil – Exports of main Nigerian grades to ease amid big overhang
  • Cameroon conservationists heal endangered African grey parrots
  • NGO says staff member, five others, missing after deadly Nigeria convoy attack
  • Nigeria’s central bank tries to force banks to lend, not buy bills
  • Unrest over autonomy bid kills 4 in Ethiopia’s Hawassa city
  • South Africa’s Ramaphosa says finding he misled parliament “deficient” in fact and in law
  • Nigeria’s Fidelity Bank eyes up to 50 bln naira debt sale before Q2
  • Nigeria’s central bank bars lenders from Thursday’s bill auction
  • WHO says investigators conclude ebola victim did not enter Rwanda
  • South Africa’s Zuma agrees to continue giving evidence at corruption inquiry
  • South Africa’s Napser delayed internet assets float to go ahead in September
  • South Africa – Army pulls out of violent Cape Town suburbs after show of force
  • Uganda shilling trades flat as appetite tails off
  • South Africa’s Zuma will not participate further in corruption inquiry – lawyer
  • Kenya shilling weakens due to excess liquidity
  • South Africa’s rand rallies after central bank cuts rates
  • PepsiCo plans to acquire South Africa’s Pioneer Foods

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

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