#Africa #Markets | 26 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares slugged, bonds bought amid trade gloom
  • Nikkei fall 2.3%, Asia shares ex-Japan -2%
  • Yields, emerging currencies dive amid safe-haven rush
  • Yuan under pressure as trade war escalates
  • Gold jumps to highest since Apr 2013, oil skids

Oil Markets

  • Oil down nearly 2% as trade war shakes confidence
  • Brent down 1.5% at $58.45 a barrel (0044GMT)
  • WTI down 1.8% at $53.17

Precious metals

  • Gold touches over 6-yr peak as risk-off appetite stoked
  • Spot gold up 1.2% at $1,544/oz. (0141GMT)
  • US gold futures up 1.1% at $1,554.90

Grains

  • Soybeans rebound from 3-wk low, fresh round of China tariffs cap gains
  • Most active CBOT soybean futures up 0.6% at $8.61-1/2 per bushel (0225GMT)
  • Most active corn futures up 0.3% at $3.69 a bushel
  • Most active wheat futures down 0.2% at $4.77 a bushel

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

  • G7 summit rounds up in France; South Africa’s Ramaphosa, Rwanda’s Kagame, & Senegal’s Sall attending
  • 7th Tokyo International Conference for African Development (#TICAD7); 28-30 Aug [Leaders of Nigeria, South Africa, Mali, Zambia & Senegal to attend]
  • South Africa state capture inquiry resumes

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

  • Sudan’s sovereign council declares state of emergency in Port Sudan
  • African Finance Corporation approves $230 mln loan for Nigeria’s 9mobile
  • Algeria’s annual inflation falls to 2.7% in July
  • Congo has given over 200,000 people Merck ebola vaccine – govt
  • Zambia introduces maize price cap to keep it affordable
  • Rate cut to save Telecom Egypt 20% on financing costs – official
  • Tanzania central bank threatens hefty fines for lenders over data compliance
  • South Africa court impounds Tanzania plane in compensation case – lawyer
  • Ethiopia’s opposition parties criticise election law changes
  • Tunisia’s Karoui still presidential candidate despite arrest – electoral commission
  • Sudan’s ex-president Bashir’s corruption trial to seek bail
  • South Africa sets up task team to prevent spread of African swine fever
  • Libya – Missile hits Tripoli airport car park, grounding flights for 3 hours
  • South Africa to publish Eskom plans in next few weeks
  • Ethiopia’s parliament approves electoral, political parties draft bill – Fana
  • Tanzania say South Africa impounds Airbus plane
  • Zimbabwe police arrest 10 union officials as clampdown deepens
  • Zimbabwe offers bigger wage hike for civil servants – unions group
  • Splitting South African power firm could take 4 years
  • Ebola appears contained in Goma, but flares in other parts of Congo – WHO
  • South Africa’s rand firms on weaker dollar after Fed chair speech
  • South Africa’s Naspers gets shareholder approval to list unit
  • South Africa to roll out out sweeping health reform in stages
  • Mali’s new mining code shortens stability period to 10 years – ministry
  • Africa Oil – Nigerian October programmes show roughly steady exports
  • Zambia will avoid debt default and new loans – finmin
  • Tunisia’s Nawara gas field starts, ups national output by 50%
  • China Molybdenum’s Congo mine blames mining tax, low metal prices for loss
  • South African court denies Zambia leave to appeal in Vedanta case
  • Nigeria stocks rally to 3-wk high as investors eye reforms
  • Libya’s state oil firm demands pay rise for workers
  • Zimbabwe police arrest 10 union officials as clampdown deepens
  • Uganda blocks online access to Rwanda newspaper, casting shadow over pact to end tensions
  • Uganda shilling trades little-changed amid thin volumes
  • Mauritius ends fuel purchase deal with India’s MRPL – sources
  • South Africa’s 3-mth t-bill average yield falls to 7.09%
  • WHO says eradicating malaria “can be done”, but first aim is to control it
  • South Africa to take responsible approach to health reform – presidential aide
  • South Africa’s rand firms as deficit fears ease
  • South Africa’s Northam Platinum FY profit soars on higher metal prices, solid performance

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

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