#Africa #Markets | 8 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks take comfort in China trade data, yuan fix
  • Yuan fixed beyond 7 per dlr, but not as weak as feared
  • Chinese export & imports beat forecasts in July
  • Recession talk fuels rush to bonds, curve inverts further
  • Gold breaks $1,500 for first time in over 6 yrs
  • Oil rallies on rumours of Saudi action on supply

Oil Markets

  • Weaker dollar, possible producer action buoy oil prices after 4% slump
  • Brent up 2.3% at $57.52 a barrel (0032GMT)
  • WTI up 2.5% at $52.39

Precious metals

  • Gold rises on darkening economic outlook, rate cuts
  • Spot gold up 0.3% at $1,505/oz. (0104GMT)
  • US gold futures down 0.3% at $1,515.30/oz.


  • Soybean prices edge down as US-China trade war overshadows market
  • Most active CBOT wheat futures down 0.1% at $4.87-3/4 per bushel (0047GMT)
  • Most active corn futures up 0.1% at $4.14-1/4 per bushel
  • Most active soy futures down 0.1% at $8.65-1/2 per bushel
  • Most active rice futures up 0.2% at $11.40 per hundredweight

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

  • SADC industrial week & exhibition in Tanzania; 5-9 Aug
  • Kenya’s Kenyatta in Barbados
  • South Africa manufacturing production Jun-19 [fcst. 1.9% yy, prev. 1.0%]
  • South Africa mining production Jun-19 [fcst. -2.9% yy, prev. -1.5%]

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

  • 3 Congolese doctors arrested in connection with WHO official’s death
  • Kenya lawmakers say govt should reject KCB’s acquisition of NBK
  • South Africa’s rand drops to 11-mth low as growth outlook darkens
  • South Africa’s Pepkor Q3 revenue up 12%, warns of volatile outlook
  • US not ready to remove Sudan from sponsors of terrorism list
  • Nigeria central bank springs unscheduled t-bill auction as naira weakens
  • South Africa’s central bank governor says will go to war to protect independence
  • Nigeria central bank sells t-bills at lower yields as demand swells
  • West African slavery lives on, 400 years after transatlantic trade began
  • South Africa’s central bank governor says will go to war to protect independence
  • Africa Oil – Angolan differentials ease as sellers seek to offload
  • Zambia court blocks Vedanta’s bid to halt sale of Konkola mine
  • Saudi Arabia, UAE providing Sudan with 540k tonnes of wheat – SPA
  • Tunisia defence minister Zbidi submits bid to run for president
  • Cobalt, Africa setbacks shrink Glencore’s first-half profit
  • Kenya shilling weakens against the dollar
  • South African business confidence falls amid weak growth
  • Uganda shilling firms on inflows from offshore investors
  • Botswana’s private coal mine produces first saleable coal
  • Egypt aims to attract 12 mln tourists in FY 19/20 – document
  • Kenya seeks 150 bln shilling syndicated loan – Business Daily
  • AfDB approves $98 mln financing for Ethiopia-Djibouti road project
  • South African rand flat, hovers near 2-mth low
  • South Africa’s net foreign reserves fall to $43.906 bln in July

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

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