#Africa #Markets | 29 Jul

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

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