#Africa #Markets | 24 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks welcome trade talks, euro on defensive
  • Cautious welcome to news of new Sino-US trade meetings
  • Nasdaq futures dip as DoJ investigates digital giants
  • Dollar firm, euro pressured ahead of ECB policy meeting
  • Oil gains on inventory draw, Middle East tensions

Oil Markets

  • Oil prices gain on US inventory drop, Middle East tensions
  • Brent up 0.3% at $64.03 a barrel (0300GMT)
  • WTI up 0.4% at $57.00 a barrel

Precious metals

  • Gold gains on rate cut hopes, Middle East tensions
  • Spot gold up 0.2% at $1,420.40 per ounce (0128GMT)
  • US gold futures steady at $1,420.80 an ounce

Grains

  • Corn edges lower as weather forecasts ease fears of crop losses
  • Most active CBOT wheat futures up 0.3% at $4.88-1/2 per bushel (0016GMT)
  • Most active corn futures down 0.1% at $4.31 per bushel
  • Most active soy futures down 0.1% at $9.02-3/4 per bushel
  • Most active rice futures unchanged at $11.97 per hundredweight

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

  • Kenya central bank interest rate decision [fcst. 8.0%, prev. 9.0%]
  • South Africa consumer inflation Jun-19 [fcst. 4.4% yy, prev. 4.5%]
  • “25 years of democracy” conference at University of Johannesburg; 23-24 Jul
  • Nigeria’s Buhari cabinet to be screened by Senate
  • Public hearing by US International Trade Commission on US trade & investment with SSA report
  • 9th session of Namibia-Zimbabwe joint commission in Windhoek; 22-24 Jul
  • Zimbabwe’s Mnangagwa in Namibia for state visit; 24-26 Jul
  • Kenya’s Kenyatta expected to appoint new finance minister
  • Policy dialogue by Nigeria’s ruling APC party (24-25 Jul); Buhari to preside
  • South Africa’s Kganyago to give public lecture at UNISA
  • South Africa’s Malema in Mpumalanga ahead of EFF 6th anniversary on 27 Jul
  • Botswana’s Masisi in Kenya for 3-day state visit
  • South Africa state capture inquiry continues
  • South Africa PIC inquiry continues

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

  • Shi’ite protesters clash with Nigeria military, police in Abuja
  • EgyptAir exec says no ‘logical reason’ for British Airways cancellations to Cairo
  • EgyptAir executive says Cairo airport is safe
  • Nigeria eyes partnership with Indonesia on crude exports
  • Gambian army officer admits killing journalist, migrants
  • Anglophone prisoners riot in Cameroon amid seperatist crisis
  • Ethio Telecom revenues rise 7% to $1.26 bln in 2018/9
  • South Sudan rebel group says it killed 8 soldiers
  • Ethiopia federal forces take over security in protest-hit region – Fana
  • Libya seizes Italian fishing vessel – Italy’s foreign ministry
  • Nigeria’s central bank to start monthly review of banks’ loan ratios
  • Africa Oil – Asian demand set to pick up on margins
  • Kenya finmn denies corruption charges, given bail
  • South Africa court blocks Zambian plan to sell Vedanta copper mine
  • Nigeria’s Buhari submits list of cabinet nominees to Senate
  • Lawmakers back plan to nationalise Kenya Airways
  • Nigeria military, police clash with Shi’ite protesters in Abuja – witnesses
  • South Sudan journalists’ union says 2 members detained
  • Nigeria’s central bank holds benchmarking lending rate at 13.5%
  • De La Rue says SFO probes ‘suspected corruption’ in business conduct in South Sudan
  • Zambia presses on with liquidating Vedanta unit assets despite ruling
  • Qatar Petroleum signs deal on 3 Kenya offshore blocks
  • Tanzania president reinstates former state oil company chief
  • South Africa expects lower tax revenues, higher borrowing this year – finmin
  • Kenya shilling weakens after finmin charged with corruption
  • Kenya to seek extradition of Italian construction boss on corruption charges
  • Libya’s Mitiga airport re-opens after air strike – statement
  • South Africa’s rand steady as investors eye likely US, eurozone rate cuts
  • South Africa’s Kumba Iron Ore H1 earnings more than treble
  • Morocco lawmakers vote to bolster French in education system

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

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