#Africa #Markets | 5 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks hit 6-mth lows, bonds boom amid market shakeout
  • MSCI ex-Japan skids for a 7th day in a row
  • Flight to safety boosts yen, bonds and gold
  • Currency wars feared as China’s yuan breaks past 7 per dlr
  • Markets wager on even sharper US monetary easing

Oil Markets

  • Oil prices drop as US-China trade war fuels growth concerns
  • Brent down 0.8% at $61.39 a barrel (0029GMT)
  • WTI down 0.4% at $55.42 a barrel

Precious metals

  • Gold gains on weaker dollar, US-China trade tension
  • Spot gold up 0.2% at $1,443.56 per ounce (0107GMT)
  • US gold futures down 0.1% at $1,455.40

Grains

  • Soybeans extend gains despite US-China trade war concerns
  • Most active CBOT wheat futures down 1.2% at $4.84-3/4 per bushel (0034GMT)
  • Most active corn futures down 0.3% at $4.08-1/4 per bushel
  • Most active soy futures down 0.4% at $8.72-1/4 per bushel
  • Most active rice futures down 0.3% at $11.67 per hundredweight

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

  • 6th biennial general assembly of ECOWAS network of electoral commissions in Abuja; Buhari to open
  • 2019 AGOA forum in Abidjan, Ivory Coast; 3-6 Aug
  • South Africa PIC inquiry resumes
  • South Africa Standard Bank PMI Jul-19 [prev. 49.7]
  • Nigeria Stanbic IBTC Nigeria PMI Jul-19 [prev. 54.8]

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

  • Egypt – 17 dead in car explosion in central Cairo – health ministry
  • Nigeria security agents arrest activist for calling for revolution
  • Sudan factions initial pact ushering in transitional govt
  • Zimbabwe increases fuel price again amid shortages
  • Sudan’s factions initial a constitutional declaration
  • Sudan factions will sign constitutional declaration on Aug 17 – sources
  • 2 South Africans killed in Tanzania plane crash – officials
  • Libya’s Mitiga airport reopens to air traffic after shelling
  • IMF sees Zambia GDP growth declining to 2% this year
  • Sudan’s RSF to report to Armed Forces’ General commander – Constitutional Declaration Draft
  • Sudan detains 9 soldiers after protesters killed
  • Sierra Leone cancels or suspends major mining licenses – FT
  • Congo races to contain ebola after gold miner contaminates several in Goma
  • South Africa defence firm Denel expects state aid in 3rd quarter
  • Tunisia’s interim president extends state of emergency for 1 mth
  • South African stocks dragged to near 2-mth low by trade war woes
  • Nigeria oil union suspends industrial action planned over Chevron dispute
  • 2nd ebola case in Congo’s Goma infected several people – govt
  • Zambia will delay sales tax until January, finmin says
  • MTN Nigeria asks tribunal to rule on tax treatment of $1 bln fine
  • Uganda academic jailed for 18 months for criticising Museveni on Facebook
  • Africa Oil – Libya outage may ease Nigerian oversupply
  • South Africa defence firm Denel expects state aid in Q3
  • African nations, Western partners strive to combat IED threat
  • South Africa sugar producer Tongaat to delist from LSE
  • Rights activists criticise Uganda for academic’s conviction
  • South Africa’s Gold Fields flags lower H1 earnings
  • Zimbabwe t-bill auction oversubscribed after 7-yr hiatus
  • Dried-up pastures push Kenya’s Maasai to mix cattle with crops
  • Kenya shilling strengthens against the dollar

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

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