#Africa #Markets | 19 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares turn lower on guarded Fed, yen rises after BoJ
  • Fed cuts rates, but Powell’s tone disappoints doves
  • BoJ on hold, but other central banks are easing policy
  • Oil futures drift higher as geopolitical risks remain

Oil Markets

  • Oil prices settle after turbulent week as Saudi Arabia reassures on output
  • Return to full production pledged by end-Sep
  • US to impose more sanctions on Iran
  • Cushing oil stocks at lowest since Oct 2018 – EIA
  • Brent up 8 cents at $63.68 a barrel (0139GMT)
  • WTI up 12 cents at $58.23 a barrel

Precious metals

  • Gold edges lower after Fed delivers mixed signals
  • Spot gold down 0.3% at $1,489.73/oz. (0102GMT)
  • US gold futures down 1.2% at $1,497.5/oz.

Grains

  • Soybeans edge higher, recover from 6-day trough
  • Wheat futures down 0.6% at $4.86-3/4 per bushel (0151GMT)
  • Corn futures unchanged at $3.71-1/4 per bushel
  • Soy futures up 0.1% at $8.89-1/2 per bushel
  • Rice futures down 0.1% at $12.30 per hundredweight

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

  • South Africa interest rate decision [fcst. 6.5%, prev. 6.5%]
  • Bank of Ghana MPC meeting (17-19 Sep); [fcst. 15.0%, prev. 16.0%]
  • Central Bank of Nigeria MPC meeting (19-20 Sep) [fcst. 13.0%, prev. 13.5%]
  • 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]

  • Algeria army chief moves to limit protest movement
  • Tanzania tells WHO it has no ebola cases – statement
  • Rwanda Hutu militia commander killed in Congo, army says
  • Ethiopia rejects Egypt’s plan for operating giant dam on the Nile
  • Africa Oil – Hefty overhang is slow to clear
  • Uganda says Russia to help it develop nuclear energy
  • Lawyers of Tanzania journalist jailed since July demand police conclude probe
  • Morocco’s BCP Bank first half net profit jumps 5.5%
  • Zimbabwe doctors say receiving death threats over strike
  • Africa already converted into IMF’s gospel, Kenyan central banker says
  • Fire in Liberia school kills at least 30 children
  • South Africa’s retail sales up 2.0% y/y in July
  • Kenya lawmakers reject Treasury bid to repeal rate cap
  • Uganda shilling steady, commodity flows to offer support
  • Kenya shilling weaker on high liquidity, importer demand
  • South African Airways cash injection imminent but says it needs more
  • Nigeria’s diesel-dependent economy braces for clean-fuel rules
  • Kenya parliament committee says commercial lending rate caps should stay – document
  • South Africa consumer inflation quickens to 4.3% y/y in August
  • Malawi economy to grow 4.5% in 2019 – IMF

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

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