By Rafiq Raji, PhD
Twitter: @DrRafiqRaji
Global Markets
- Oil steps back on Saudi supply reassurance, focus shifts to Fed
- Geopolitical tensions still support oil
- Investors expect Fed to cut rates 0.25% point on Wed
- US repo squeeze makes Fed QE more likely – Gundlach
Oil Markets
- Oil extends losses after Saudi Arabia to restore output by end-Sept
- US believes Saudi attacks came from southwest Iran – official
- US crude oil stocks rise 592,000 bbls – API
- Brent down 0.6% at $64.19 a barrel (0005GMT)
- WTI down 0.7% at $58.91 a barrel
Precious metals
- Gold prices steady amid cautious mood, focus shifts to Fed
- Spot gold steady at $1,501.91/oz. (0100GMT)
- US gold futures down 0.3% at $1,508.8/oz.
Grains
- Corn rises, gains capped by oil weakness & crop friendly weather outlook
- Wheat futures up 0.2% at $4.85 per bushel (0040GMT)
- Corn futures up 0.5% at $3.69-3/4 per bushel
- Soy futures up 0.1% at $8.94-1/2 per bushel
- Rice futures down 0.2% at $12.25 per hundredweight
Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]
- South Africa inflation Aug-19 [fcst. 4.5% yy, prev. 4.0% yy]
- South Africa Retail Sales Jul-19 [fcst. 2.7% yy, prev. 2.4%]
- Bank of Ghana MPC meeting (17-19 Sep); decision on 20 Sep [fcst. 15.0%, prev. 16.0%]
- UN Rapporteur in Zimbabwe to assess human rights situation
- 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]
- Ethiopian crash victims want 737 MAX documents from Boeing, FAA
- Algeria grain harvest exceeds last year’s 6 mln tonnes – APS quotes agrimin
- Nigeria’s central bank moves monetary policy meeting forward to Sept. 19-20
- Tunisia confirms Saied, Karoui to contest presidential runoff vote
- South African rand hurt by oil price spike
- Africa Oil – Saudi uncertainty, high freight dampen demand
- Egypt orders trial for Italian ex-honorary consul charged with smuggling artefacts
- South Africa’s Transnet signs manganese export deal with Kalagadi
- Nigeria’s diesel-dependent economy braces for clean-fuel rules
- Uganda says its power generation capacity will jump 55% by year-end
- South Africa’s Old Mutual chairman apologises over remarks about judge
- Vitol & Mozambique’s state oil firm form trading joint venture
- Zambia may import 300 MW of power from South Africa, prices could double – minister
- Kenya shilling weakens, undercut by high liquidity, dollar appetite
- Egypt’s Baltim South West gas field starts production
- 2 die as migrant boat sinks off Tunisia
- Kenya Airways chairman calls for professional board after nationalisation
- Uganda shilling holds steady as demand for dollar wanes
- Nigeria’s inflation dips to lowest level in almost 4 years
- Nigeria’s NCTL pipeline exporting Bonny Light crude, under force majeure – Aiteo
- Nigeria annual inflation steady at 11.02% in August – stats office
- South African airline Comair posts earnings jump after settlement
- South African rand slips on risk-off sentiment
- South African miner Exxaro buys remaining 50% stake in wind farm JV
N.B. Full stories of above headlines are available on Reuters
