#Africa #Markets | 1 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares stumble, dollar firms as Fed dampens bets on more rate cuts
  • MSCI ex-Japan down 0.4%, Nikkei gives up early losses
  • Dollar enjoys broad-based rally against major currencies
  • Fed cuts rates by 25 bps, further cuts not certain
  • US-China trade talks end with no progress

Oil Markets

  • Oil drops as Fed signals rate cuts may be limited
  • Brent down 1.6% at $63.99 a barrel (0037GMT)
  • WTI down 1.6% at $57.65

Precious metals

  • Gold slides to 2-wk low as Fed dashes hopes of more rate cuts
  • SPDR Gold holdings slipped 0.2% on Wednesday
  • Silver dips to 2-wk low; platinum hits 1-wk low
  • Spot gold down 0.2% at $1,410.42 per ounce (0259GMT)
  • US gold futures down 1.2% at $1,421 an ounce

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

  • Annual meetings of the Association of African Central Banks in Kigali, Rwanda; 28 Jul-1 Aug
  • Zimbabwe finmin Ncube to present mid-year fiscal policy review
  • Mozambique govt to sign peace agreement with Renamo rebels
  • South Africa ABSA manufacturing PMI Jul-19 [prev. 46.2]
  • South Africa total new vehicle sales Jul-19 [prev. 45.94K]

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

  • As garbage piles up in Tunisia cities, waste pickers demand recognition
  • Sudan’s military rulers, opposition to hold transition talks within 48 hrs – opposition
  • Mozambique to fight for extradition of former finmin over debt scandal
  • South African lawmakers to discuss fitness for office of anti-graft watchdog
  • South Africa’s Woolworths pulls plug on Ghana
  • Africa Oil – Nigerian differentials slide as demand remains elusive
  • Banned Nigeria Shi’ite group suspends street protests
  • South Africa’s rand steadies as markets await Fed verdict
  • Kenya’s dusitD2 hotel reopens after January attack that killed 21
  • Ethiopia opens up banking sector to its diaspora
  • Libya’s biggest oilfield shut, NOC declares force majeure
  • Shares in Egypt’s Qalaa Holdings slide on diluted refinery stake
  • Second ebola case in Congo’s main eastern city dies
  • Vedanta Resources launches arbitration in dispute with Zambia
  • Mozambique govt, opposition to sign formal peace treaty – president
  • Libya NOC declares force majeure on Sharara crude oil loadings – document
  • South Africa – Old Mutual’s fired boss turns up for work after court ruling
  • Egypt’s M2 money supply up 11.85% y/y in June – cbank
  • Kenya’s Safaricom to focus on expanding M-Pesa, says interim CEO
  • Algeria justice minister fired amid anti-graft investigations
  • Tunisia prime minister to run for president following Essebsi’s death
  • Kenya central bank steps in after shilling slides
  • Uganda shilling firms slightly on charity flows
  • South Africa’s trade surplus widens in June
  • Kenya central bank sells dollars to banks after shilling slides
  • Glencore feels pain of Africa risk, cobalt price fall
  • AU calls for trial for killers of Sudan school children
  • Kenya inflation hits 3-mth high, rises to 6.27% y/y in July
  • South Africa’s Pick n Pay appoints insider Olivier as new CFO
  • Ethiopia migrants die of hunger and thirst in stranded boat – UN agency
  • Zimbabwe central bank holds first public t-bill auction in 7 years
  • South Africa’s rand steadies as Fed decision mask economic woes
  • Glencore says African copper business below expectation
  • In South African townships, ‘unseen’ businesses catch a big bank’s eye
  • Ivory Coast, Ghana pricing agreement causing a ‘spike in cocoa cost’ – Mondelez

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

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