#Africa #Markets | 31 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares on defensive, pound at 28-mth low on hard Brexit fears
  • Trump pours cold water on Sino-US trade talk hopes
  • Fed expected to cut rates by 25 bps, more seen
  • Pound pummelled by rising fear of no-deal Brexit

Oil Markets

  • Oil prices rise for fifth day after US stocks decline
  • Brent up 0.5% at $65.05 a barrel (0044GMT)
  • WTI up 0.5% at $58.33

Precious metals

  • Gold holds steady as investors await Fed decision
  • Spot gold little changed at $1,428.54 per ounce (0114GMT)
  • US gold futures steady at $1,441.50 an ounce

Grains

  • Chicago corn futures tick up, US crop condition caps gains
  • Most active CBOT wheat futures up 0.3% at $4.98-1/2 per bushel (0116GMT)
  • Most active corn futures up 0.1% at $4.21-1/2 per bushel
  • Most active soy futures unchanged at $8.96-3/4 per bushel
  • Most active rice futures nearly unchanged at $12.09 per hundredweight

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

  • Ivory Coast’s Ouattara in Burkina Faso for joint summit
  • Namibia’s Geingob to open “Growth Namibia” summit in Windhoek
  • US speaker Pelosi to address Ghana’s parliament
  • Liberia “Save The State” protest to resume
  • Nigeria manufacturing PMI Jul-19 [prev. 57.4]
  • South Africa trade balance Jun-19 [prev. ZAR1.7B]
  • Nigeria FX reserves Jul-19 [prev. $45.1B]
  • Kenya inflation Jul-19 [fcst. 7.0% yy, prev. 5.7%]
  • Uganda inflation Jul-19 [fcst. 3.4% yy, prev. 3.4%]

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

  • Ivory Coast, Ghana pricing agreement causing a ‘spike in cocoa cost’ – Mondelez
  • Second ebola case detected in eastern Congo’s main city
  • South African court gives Old Mutual CEO his job back, for now
  • Athletics – South Africa’s Semenya out of World Championships after Swiss court reverses reprieve
  • South Africa’s Eskom facing “death spiral” – departing CEO
  • Senegal to crack down on huge plastic waste by enforcing law
  • South Africa’s Old Mutual to appeal court ruling to reinstate CEO
  • South African unemployment hits 11-yr high
  • South Africa bourse CEO to retire after 8 years at the helm
  • Zimbabwe says importing 300MW from regional power pool
  • Morocco’s BMCE Bank looks to build on China ties to deliver $11 bln tech city
  • South Africa’s rand steadies, stocks down
  • Africa Oil – Angolan differentials spike on Asian margins
  • Nigeria police to seek to arrest members of banned Shi’ite group
  • Saudi Arabia deposits $250 mln into central bank of Sudan
  • South Africa’s ANC says central bank nationalisation won’t affect mandate
  • Mauritania blogger who faced death penalty freed
  • Tanzania police arrest prominent investigative journalist
  • South African court rules Old Mutual CEO dismissal unlawful
  • South Africa’s Eskom expects loss of around 20 bln rand in 2019/20
  • KenGen’s latest geothermal plant adds 79MW to grid
  • South Africa’s Eskom annual loss widens to $1.5 bln
  • Burundi’s mineral exports overtake tea, coffee in hard currency earnings
  • South Africa’s ANC still wants central bank to be nationalised – party official
  • Canal Sugar to build grains terminal in Egypt’s Damietta
  • South Africa resumes beef exports to China after foot and mouth outbreak
  • Uganda shilling seen weaker on interbank demand
  • South African unemployment rate rises to 29%
  • Kenya shilling weakens to near 5-yr low – traders, Refinitiv data
  • South African corruption fighter seen amplifying ANC battles
  • Tanzania police arrest prominent investigative journalist

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

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