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