#Africa #Markets | 1 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares inch up, investors pin hopes on US-China talks
  • Nikkei up 0.7%, ex-Japan Asia up 0.24%
  • US-listed Chinese shares bounce after Friday’s fall
  • China markets begin 1-wk holiday closure
  • Euro near 2 1/2-yr low

Oil Markets

  • Oil prices recover after output from US, Russia, OPEC drop
  • OPEC output drops to lowest in 8 yrs in Sept – survey
  • US production falls for 3rd month in July – EIA
  • Russia output falls but still above quota
  • US crude stockpiles likely rose last week – poll
  • Brent up 0.9% at $59.76 per barrel (0426GMT)
  • WTI up 1% at $54.59

Precious metals

  • Gold falls to near 2-mth low as robust dollar weighs
  • Spot gold may fall towards $1,446/oz. – technicals
  • Dollar hits more than 2-yr high
  • Silver lowest since Aug 20 at $16.87
  • Spot gold down 0.4% at $1,465.80/oz. (0456GMT)
  • US gold futures down 0.1% at $1,471.80/oz.

Grains

  • Soybeans hit more than 2-mth peak on slow harvest
  • Wheat futures up 0.3% at $4.97-1/4 per bushel (0147GMT)
  • Corn futures down 0.1% at $3.87-3/4 per bushel
  • Soy futures up 0.1% at $9.06-1/2 per bushel
  • Rice futures down 0.4% at $11.97 per hundredweight

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

  • Nigeria Independence Day
  • South Africa ABSA manufacturing PMI Sep-19 [prev. 45.7]
  • South Africa SACCI business confidence Sep-19 [prev. 89.1]
  • South Africa total new vehicle sales Sep-19 [prev. 45.54K]
  • Egypt FX reserves Sep-19 [prev. $44.9B]
  • 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]

  • Nigeria’s Rivers state says it bought Shell stake in Ogoniland oilfield
  • Morocco court jails journalist on abortion charge that she denies
  • Egypt’s current account deficit widens in the last quarter of 2018/19
  • Uganda presidential hopeful Bobi Wine denounces govt ban of his ‘red beret’ symbol
  • Nigeria police free 19 women and girls from Lagos ‘baby factory’ – statement
  • ICC puts Mali war crimes suspect to trial
  • 10 militants killed after Somalia attack: US military
  • Africa Oil – Overhang lingers as high freight weighs
  • 5 more migrant bodies found from Morocco capsizing
  • South Africa’s rand, stocks dip as US-China trade spat cools demand
  • Kenya farmers mix tradition with tech to protect drying Mara River
  • Algeria’s Sonatrach says it discussed partnerships with Exxon Mobil
  • South Africa’s Transnet unauthorised spending soars, overshadows revenue rise
  • Cameroon peace talks falter as seperatists, politicians boycott
  • Kenya economic growth slows to 5.6% in the second quarter
  • Interest rate cuts to save Egypt up to $1.54 bln – deputy finmin
  • Tunisia’s budget will rise in 2020 to $16.4 bln
  • South Africa – Steinhoff Investments says 2017, 2018 results to be delayed further
  • UK’s Prince Harry makes conservation appeal, observes anti-poaching drill in Malawi
  • South Africa’s trade balance swings to surplus in August
  • Cameroon’s Anglophone rebels boycott talks with govt
  • Nigeria activist Sowore pleads not guilty to treason charges
  • Armed with trumpets, South African men blow away street crime against women
  • Egypt operator owed $7.7 mln by Thomas Cook – chairman
  • Kenya’s year-on-year inflation drops to 3.83% in September
  • South Africa’s Transnet says irregular expenditure up to 49 bln rand
  • Uganda shilling edges down on importer demand
  • Italian military convoy hit by explosion in Somalia – defence min
  • Kenya’s shilling holds steady as remittance flows offers support
  • Twin attacks hit EU military convoy in Somali capital and US base in Baledogle
  • South Africa to finalise growth strategy “within next few weeks” – Ramaphosa
  • South Africa’s Transnet reports 1.6% rise in annual revenue
  • South Africa’s credit demand growth slows to 6.86% y/y in August
  • Oil major Total closes purchase of Anadarko’s Mozambique LNG asset
  • Victims of north Nigerian institution share stories of terror

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

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