#Africa #Markets | 15 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Global stocks routed, oil sinks as bond markets flash recession warning
  • 2-yr, 10-yr treasury yields invert for first time in 12 years
  • Dow closes down 800 points, worst day of 2019
  • Oil extends big overnight losses on recession fears, inventories

Oil Markets

  • Oil prices extend losses as recession fears, inventories mount
  • Brent down 0.7% at $59.09 a barrel (0034GMT)
  • WTI down 0.5% at $54.95

Precious metals

  • Gold gains as recession fears spark safe-haven rush
  • SPDR Gold holdings jumped 0.9% on Wednesday
  • Spot gold up 0.2% at $1,519.18/oz. (0313GMT)
  • US gold futures up 0.2% at $1,530.50


  • Corn up after deep losses, forecasts of US rains cap gains
  • Most active CBOT wheat futures up 0.3% at $4.75 per bushel (0124GMT)
  • Most active corn futures up 0.7% at $3.73 per bushel
  • Most active soy futures up 0.4% at $8.81-1/4 per bushel
  • Most active rice futures down 0.4% at $11.45 per hundredweight

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

  • Uganda interest rate decision [fcst. 9.0%, prev. 10.0%]
  • South Africa’s Ramaphosa in Tanzania for state visit; ahead of SADC summit during the weekend
  • South Africa state capture inquiry continues

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

  • Nigeria sells treasuries to lure foreign investors after FX ban for food imports
  • Vedanta fails to stop KCM liquidation in meeting with Zambia’s president
  • Nigeria’s central bank sells t.bills at higher rates – traders
  • Malawi judge sentences three to death for albnism murder
  • Cameroon expects to double cocoa processing this season to 120,000 T
  • Burundi starts ebola vaccines for health workers – WHO
  • Africa Oil – Some Nigerian cargoes clearing
  • Botswana retailer Choppies plans to exit South Africa market
  • Uganda says malaria prevalence surges, cites climate change and refugees
  • South Africa stocks approach six months low as recession fears rise
  • Yields on Nigeria 1-yr treasury bill rise before central bank auction
  • Nigeria stocks fall 0.82% to more than 2-yr low
  • Tunisia electoral commission approves 26 presidential candidates
  • Egypt extends on inflation data, Gulf dips on recession fears
  • Athletics – South Africa’s Semenya says she never felt supported by other women
  • Kenya tax revenue up 11% in 2018/19, short of govt target
  • South Africa education firm Curro to invest $14 mln in 4 new campuses
  • South Africa’s retail sales up 2.4% y/y in June
  • South Africa’s Astral Foods CEO to take extended leave after surgery
  • Kenya central bank to hold its rate-setting meeting on Sept. 23
  • South Africa’s Aspen to pay 8 mln pounds to NHS after UK probe

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

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