#Africa #Markets | 18 Sep

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

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