#Africa #Markets | 16 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks take heart in stimulus speculation
  • China touts plan to boost disposable incomes
  • Speculation grows of aggressive central bank easing
  • Bonds hold huge gains, more yield curves invert
  • Euro dragged as ECB’s Rehn flags Sept move

Oil Markets

  • Oil gains after strong US retail sales help ease recession worries
  • Brent up 0.5% at $58.54 per barrel (0047GMT)
  • WTI up 0.8% at $54.90

Precious metals

  • Gold heads for 3rd weekly gain on trade, growth concerns
  • Gold up 1.6% so far this week
  • Silver set for second week of gains
  • Gold may fall into $1,483-$1,503/oz range – techs
  • Spot gold down 0.1% at $1,521 per ounce (0400GMT)
  • US gold futures steady at $1,523.1/oz


  • Corn set for biggest weekly loss in 3yrs on US crop outlook
  • Most active CBOT wheat futures up 0.4% at $4.70-3/4 per bushel (0116GMT)
  • Most active corn futures up 0.7% at $3.73-1/2 per bushel
  • Most active soy futures up 0.6% at $8.75-3/4 per bushel
  • Most active rice futures down 0.1% at $11.31 per hundredweight

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

  • South Africa’s Ramaphosa in Tanzania for state visit; ahead of SADC summit during the weekend
  • South Africa state capture inquiry continues
  • Zimbabwe opposition protest today
  • Nigeria inflation Jul-19 [fcst. 11.2% yy, prev. 11.2%]

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

  • Zimbabwe bans opposition demonstrations, police on high alert
  • Sudan opposition to nominate economist Abdalla Hamdok as PM – sources
  • South African rand bounces back after steep sell-off
  • Africa Oil – Angolan programmes expected as diffs for last cargoes fluctuate
  • Vodacom to invest more than $589 mln on South Africa network this year
  • South Africa retailer TFG to review Kenya, Ghana stores
  • Death toll from Tanzania fuel tanker blast climbs to 85, official says
  • South Africa’s Harmony Gold expects higher annual profit
  • Libya – Missile strike halts traffic at Tripoli airport, kills worker
  • Zimbabwe rights groups say 6 activists abducted, beaten ahead of protests
  • Kenya set for first crude oil exports after striking ChemChina deal
  • Nigeria central bank eyes second debt sale in a week to lure foreign investors
  • Sudan opposition to nominate economist Abdalla Hamdok for PM
  • Nigeria central bank to auction 150 bln naira of t-bills – traders
  • Kenya, Tanzania shillings, Zambia kwacha to hold steady
  • South Africa public protector hit with second punitive costs order
  • Uganda central bank holds key lending rate, credit growth to support economic expansion
  • Uganda shilling steady after central bank key rate decision
  • South Africa debt “becoming uncomfortable”, but no bailout requested – IMF
  • Kenya’s KCB Group confident of sealing NBK deal as H1 rises
  • Uganda central bank holds its key lending rate at 10%
  • Egypt’s top cigarette maker raises prices
  • South Africa – Implats expects annual profit helped by metals prices
  • Uganda’s cash-strapped cops spend $126 mln on CCTV from Huawei
  • South Africa’s Gold Fields swings to first-half profit
  • Kenya’s KCB Group first-half pretax profit rises 5%

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

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