#Africa #Markets | 10 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks mostly weaker on steep Chinese factory price declines
  • Markets on edge before ECB meeting
  • German bund sell-off hits bonds in Asia
  • Investors await more stimulus for global economy

Oil Markets

  • Oil rises on hopes of extended OPEC production cuts
  • Brent up 0.7% at $63.01 a barrel (0104GMT)
  • WTI up 0.8% at $58.31 a barrel

Precious metals

  • Gold hits 4-wk low as stimulus hopes, trade optimism boost risk-on mode
  • Spot gold down 0.5% at $1,490.68/oz. (0152GMT)
  • US gold futures down 0.9% at $1,497.4/oz.

Grains

  • Corn rebounds from 4-mth low on USDA crop condition report
  • Wheat futures up 0.2% at $4.75-1/4 per bushel (0040GMT)
  • Corn futures up 0.6% at $3.56-1/2 per bushel
  • Soy futures up 0.1% at $8.58-3/4 per bushel
  • Rice futures down 0.3% at $11.92 per hundredweight

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

  • South Africa manufacturing production Jul-19 [fcst. -3.0% yy, prev. -3.2%]
  • Kenya parliament resumes; 2019 finance bill top on agenda
  • Public hearing on Nigeria medium-term budget
  • Ivory Coast’s Ouattara in Saudi Arabia
  • 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]

  • Mozambique gets green light for eurobond debt swap plan
  • Plans for Israel gas exports to Egypt on track – Egyptian minister
  • Morocco activists denounce arrest of journalist on abortion charges
  • Mozambique says creditors holding 99.5% of eurobond support debt swap plan
  • South Africa’s rand firms as Fed cut bets spur buying, stocks steady
  • Egypt plans up to $7 bln in international bonds in 2019-20
  • Malawi’s economy to grow 5% in 2019, 7% in 2020 – finmin
  • Africa Oil – Nigerian oil suffers along with European margins
  • China’s Xi to visit Brazil in November for BRICS summit
  • Somalia economic growth likely to inch up this year, World Bank says
  • Kenya’s Equity Bank in talks to buy controlling DRC bank stake
  • South Africa’s state defence firm Denel names new finance chief
  • Plane leaves Zimbabwe for Singapore to bring home Mugabe’s body
  • Zambia farm input supplier plans to invest $150 mln in farming
  • Uganda shilling holds steady as demand for dollars wanes
  • South Sudan’s Machar to meet president, discuss stalled peace deal
  • Businesses in Central African union rue tough forex crackdown

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

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