#Africa #Markets | 11 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Bond yields, stock prices supported ahead of central bank meetings
  • Value-oriented shares in US suddenly in favour
  • Investors unwind their positions ahead of central bank meets
  • Bond yields rise, US 10-yr yield up 10bps on Tue

Oil Markets

  • Oil prices after data shows big drop in US inventories
  • Brent up 0.7% at $62.81 a barrel (0053GMT)
  • WTI up 0.8% at $57.87 a barrel

Precious metals

  • Gold prices inch up amid cautious; investors eye ECB meet
  • Spot gold up 0.4% at $1,491.60/oz. (0120GMT)
  • US gold futures flat at $1,499.3/oz.

Grains

  • Corn prices hit 8-day high on lower US crop condition
  • Wheat futures down 0.4% at $4.80-1/4 per bushel (0055GMT)
  • Corn futures up 0.3% at $3.62-1/2 per bushel
  • Soy futures unchanged at $8.72 per bushel
  • Rice futures unchanged at $12.02 per hundredweight

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

  • Nigeria presidential election petitions tribunal to rule on Abubakar vs Buhari
  • Gambia’s Barrow in Qatar
  • 5th Investing in Africa forum in Brazzaville; Rwanda’s Kagame et al. attending
  • 1st batch of Nigerian returnees from South Africa expected
  • South Africa SACCI business confidence Aug-19 [prev. 92.0]
  • 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]

  • Mugabe’s body leaves Singapore for burial in Zimbabwe
  • Cameroon leader says govt will organise talks to solve separatist crisis
  • Chad extends state of emergency in 3 provinces by 4 mths
  • South Africa’s Naspers takes Tencent stake out of Africa with Prosus listing
  • Ivory Coast, Ghana looking to regulate cocoa industry’s sustainability schemes
  • Hundreds of Nigerians to take free evacuation from South Africa
  • South Africa’s rand firms on improved risk appetite, stocks down
  • Kenya Airways cancels flights due to pilot shortage
  • Africa Oil – Angolan, Congolese crude still awaits buyers
  • Banned Nigerian Shi’ite group says police killed 12 in religious marches
  • All remains from Ethiopian Airlines crash site now identified – police
  • Libya’s displaced struggle for shelter as fighting drags on
  • Sudan’s prime minister to join peace talks in Juba with rebels
  • African refugees held in Libya to be evacuated to Rwanda – UN
  • Algeria PM to resign, paving way for vote after protracted protests
  • South Africa’s investment grade rating depends on pace of reform – Moody’s
  • 4 cholera cases confirmed in Sudan, 3 die of acute watery diarrhoea
  • Ivory Coast town sinking underwater as coastal erosion advances
  • “Will we eat democracy?” – Tunisians frustrated as elections approach
  • Egypt’s August inflation rate falls to 7.5%, lowest in years
  • South Africa’s manufacturing down 1.1% y/y in July
  • MTN Group says Zambia, Cote d’Ivoire CEOs stepping down
  • Sudan’s major floods present first challenge for its new leader
  • Lack of clarity on South Africa’s Eskom illustrates policy uncertainty – Moody’s
  • South Africa’s Mossel Bay GTL plant could be out of gas by 2020
  • South Africa’s investment grade rating depends on pace of reforms – Moody’s
  • South African platinum miners’ wage talks go to internal abitrators
  • Kenya shilling strengthens against the dollar
  • Moody’s cuts South Africa’s 2019 GDP growth forecast to 0.7%
  • South Africa’s AMCU declares a dispute in wage talks with platinum firms
  • Action! Nigeria’s film industruy draws global entertainment brands

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

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