#Africa #Markets | 28 Aug

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks find modest support on firmer US futures
  • Shares stabilise but risks to global economy remain
  • Treasury yield curve inversion gets deeper
  • Policymakers being forced to support economic growth

Oil Markets

  • Oil gains as inventory decline eases recession concerns
  • Brent up 0.7% at $59.92 a barrel (0121GMT)
  • WTI up 1.0% at $55.50

Precious metals

  • Gold holds near 6-yr high on economic gloom
  • Spot gold steady at $1,542.90/oz. (0100GMT)
  • US gold futures up 0.1% at $1,553.30/oz.

Grains

  • Soybeans edge higher, gains checked by US-China trade war
  • Most active CBOT soybean futures up 0.2% at $8.60-3/4 per bushel (0058GMT)
  • Most active corn futures up 0.1% at $3.66-1/2 per bushel
  • Most active wheat futures up 0.2% at $4.77-3/4 per bushel

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

  • 7th Tokyo International Conference for African Development (#TICAD7) in Yokohama, Japan; 28-30 Aug
  • 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]

  • Noble Energy makes oil discovery off Equatorial Guinea – minister
  • South Africa’s Eskom says first power produced at Medupi’s last unit
  • Gambia’s first post-independence president Jawara dies at 95
  • Namibia’s central bank forecasts deeper economic contraction in 2019
  • Group of Mozambique eurobond creditors to support govt eurobond
  • Africa Oil – Spot market muted, Pertamina issues tender
  • Zambia court suspends KCM wind-up hearing pending appeal ruling
  • Amid safety fears, Burundi to repatriate 200,000 refugees from Tanzania
  • Namibia considers withdrawal from wildlife convention unless rhino trade eased
  • South Africa’s rand weaker in cautious trade, stocks up
  • South Africa’s Eskom could sell coal-fired power plants – finance ministry study
  • Nigeria’s central bank stops credit payments for milk imports
  • Thousands flee deadly violence in Cameroon’s separatist regions – sources
  • UK urges Zambia to fight corruption to unlock aid
  • South Africa – Strike action pushes miner Sibanye into the red in first half
  • Mozambique eurobond creditor group GGBM to participate in govt debt swap
  • Kenya Airways’ problems continue as first-half losses double
  • UNHCR says at least 40 feared dead or missing in shipwreck off Libya
  • Imperial to exit South Africa consumer business by Sept, mulls Europe shipping unit
  • Kenya Airways says H1 pretax loss at 8.56 bln shillings vs 3.99 bln shillings last year
  • Nigeria says it will not relinquish assets in $9 bln gas project dispute
  • Relaunched Uganda Airlines hopes to win slice of East African travel
  • Kenya shilling weakens against the dollar on end-month demand
  • Mozambique formally launches restructuring offer for 2023 eurobond
  • Africa’s biggest bank targets its smallest shops in fintech deal

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

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