By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

• Asian shares drift into trade talks, Fed test
• Major indices mostly lower in Asia
• Market fully priced for 25 bps Fed cut, eyes on guidance
• No breakthrough seen at Sino-US trade talks in Shanghai
• Dollar on top as US economy outperforms peers

Oil Markets

• Oil falls after “constructive” talks on Iran’s nuclear deal
• Brent down 0.4% at $63.23 a barrel (0054GMT)
• WTI down 0.2% at $56.08

Precious metals

• Gold rises as markets brace for Fed meeting
• Spot gold up 0.4% at $1,423.49 per ounce (0121GMT)
• US gold futures up 0.3% at $1,423.20

Grains

• Corn recovers from near 4-wk low on US weather
• Most active CBOT wheat futures up 0.5% at $4.98-1/2 per bushel (0104GMT)
• Most active corn futures up 0.2% at $4.25-1/4 per bushel
• Most active soy futures up 0.3% at $9.04 per bushel
• Most active rice futures down 0.3% at $12.16 per hundredweight

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

• Screening of Nigeria’s Buhari cabinet nominees to be concluded by Senate
• South Africa M3 Jun-19 [act. 9.0%% yy, fcst. 9.2%, prev. 9.1%]
• South Africa PSCE Jun-19 [act. 6.9% yy, fcst. 7.5%, prev. 7.7%]
• Nigeria presidential election petitions tribunal resumes
• Ghana mid-year budget review & supplementary budget by finmin

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

• Nigeria bans local Shi’ite group after protests
• Gunmen kidnap 2 workers at Banro Corp east Congo mine – army
• Nigeria’s Buhari condemns Borno state attack, orders manhunt – statement
• US air strike kills suspected IS coordinator in Somalia
• At least 65 killed in Nigeria terrorist attack – state tv
• Nigeria’s central bank extends cheap credit to milk producers after FX ban
• 5 killed in air strike on govt-backed Libya hospital
• Nigeria plots course to membership of Africa’s planned free trade zone
• Former South Africa opposition leader Zille joins free market think tank
• South Africa land reform panel recommends seizures without pay in certain circumstances
• Sudan extends ceasefire with southern rebels
• Tanzania’s economic growth slows in first quarter as construction softens
• Uganda entrepreneurs cook up eco-friendly dryer to cut food waste
• Tanzania Q1 GDP growth slows to 6.6% y/y vs 7.5% during same period last year
• Sudan says 87 killed when troops broke up protest, critics say too low
• Nigerian court grants permission to declare Shi’ite group terrorists
• Africa must boost industrial capacity to benefit with free trade zone – AfDB
• Tunisia bids farewell to president Essebsi at state funeral
• 55 bodies recovered from Libya shipwreck – aid worker
• Sudan says 87 killed, 168 wounded when June 3 protest broken up
• Zimbabwe tourism minister charged with corruption worth $95 mln
• Egypt minister threat to “chop” critics taken out of context
• Tanzania to shut part of wildlife preserve to big game hunters
• Congo president and predecessor agree on division of cabinet posts
• WHO says it could use more US help on the ground in ebola fight
• South Africa’s rand, bonds tumble as Moody’s and Fitch warn of Eskom risk
• Africa Oil – Angolan programme to be finalised and Saturno outage
• Fitch downgrades outlook on South Africa’s credit rating
• South Africa treasury says it is aware of Eskom risk after Fitch cuts outlook
• Fitch affirms South Africa credit rating but downgrades outlook
• I only exchange pleasantries with Guptas, South Africa’s Ramaphosa tells inquiry
• Egypt digital payment firm Fawry sets IPO price at 6.46 Egyptian pounds
• South Africa – Johannesburg court approves $353 mln silicosis settlement
• Kenya policeman arrested for jumping on corruption scandal
• Landslide kills 15 in Morocco’s Atlas Mountains, authorities say
• Malawi economy to grow to 5% in 2019 vs 4% in 2018 – central bank
• Africell to spend $100 mln on mobile infrastructure, fintech in Africa
• Crime fighting duo seeks Kenya’s first top-level graft conviction
• Kenya shilling strengthens against the dollar

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