#Africa #Markets | 2 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Global shares at 1-mth low on US manufacturing shock
  • US manufacturing ISM survey hits decade low
  • Bulls hope US-China talks will ease manufacturing woes
  • Fed fund futures price in 80% chance of Fed rate cut in Oct
  • Hong Kong stocks down 0.8%, in line with regional shares

Oil Markets

  • Oil recovers ground after US data shows crude stock build
  • US crude stocks fell 5.9 mln bbls last week – API
  • Ecuador says it will leave OPEC from Jan. 1
  • Brent up 52 cents at $59.41 a barrel (0138GMT)
  • WTI up 61 cents at $54.23

Precious metals

  • Gold inches up as weak US data reinforces economic slowdown fears
  • Spot gold up 0.1% at $1,479.43/oz. (0121GMT)
  • US gold futures down 0.2% at $1,485.4/oz.

Grains

  • Soybean futures retreat from more than 2-mth high
  • Wheat futures down 0.4% at $4.96-3/4 per bushel (0041GMT)
  • Corn futures down 0.3% at $3.91-1/2 per bushel
  • Soy futures down 0.2% at $9.17-1/2 per bushel
  • Rice futures down 0.1% at $11.86 per hundredweight

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

  • Nigeria’s Buhari state visit to South Africa; 2-4 Oct
  • 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]

  • Egypt financial services group Pioneers Holding plans 3-way split
  • Algeria to slash spending, seek foreign debt
  • Algeria to seek foreign loans in 2020 – finmin
  • Tunisia presidential candidate to stay in jail, testing democracy
  • Ethiopia Airlines annual revenue up 29% – govt official
  • South Africa to pay more for debt until fiscal problems addressed – central bank
  • South Africa rand slides as risk appetite wanes
  • Africa Oil – Angolan still offered high despite glut, freight costs
  • US, DOJ closes Nigeria, Algeria investigations into Eni
  • Algeria to cut public spending by 9.2% in 2020 – finmin
  • Kenya says it kills 3 militants planning attacks in Mombasa
  • Egypt gets back looted coffin displayed in New York
  • Egypt stock exchange in venture with supply ministry on commodities
  • Egypt says restored food subsidies to nearly 2 mln after Sisi tweets
  • Zimbabwe’s president pleads for patience in bringing economy back from “dead”
  • Egypt restored subsidies for 1.8 mln since February – ministry
  • Nigeria says will cut output to conform to OPEC pact
  • Thai PM says no Islamic State ties to Thailand as Egypt arrests student
  • South Africa’s Absa PMI falls to lowest in 10 yrs on growth fears
  • Mass repatriation of Burundi refugees in Tanzania to start on Thursday – official
  • Lawyer for Tanzania journalist appeals to president for pardon
  • Uganda shilling steady as commodities and charity flows offer support
  • South Africa’s AMCU refers platinum wage dispute to commission
  • Somalia fights to standardise schools with first new curriculum since civil war began
  • Ethiopia dam official blames construction delays on conglomerate METEC
  • Court postpones hearing again for Tanzania journalist jailed since July
  • Kenya shilling trading in a tight range amid excess liquidity
  • First Burundi refugees in Tanzania to return home as mass repatriation starts – official
  • Nigeria Sept crude oil and condensate output 2.1-2.2 mbpd – NNPC director
  • South Africa’s Blue Label Telecoms under threat of listing suspension
  • Nigeria’s NNPC hopes to raise oil output to about 3 mln bpd in 2-3 years
  • UK’s Prince Harry to visit Malawi health centre
  • Congo mine deploys digital weapons in fight against conflict minerals

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

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