By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

• Stocks tumble, gold & crude soar after Iran strike on US forces
• MSCI Asia ex-Japan falls 1%
• Iran launches missile attacks on Iraqi bases housing US forces [Iran signals retaliatory measures largely symbolic; Trump reply suggest likely relatively muted reaction from US]
• Crude futures, gold soar amid fears of further escalation
• US treasury yields fall amid flight to safety

Oil Markets

• Oil jumps as Iran rocket strike on US forces jolts markets
• Brent touches 4-mth high before investor tensions ease
• Brent jumps 2.3% (0207GMT); WTI up 2%
• Iran strike stokes fears of wider conflict, supply disruption
• ‘It’s getting really serious’ – analyst
• Brent up 2.3% at $69.83 (0207GMT); earlier rose to $71.75
• WTI up 2% at $63.95

Precious metals

• Gold soars past $1,600/oz. after Iran attack on US forces
• Spot gold up 1.9% at $1,603.21/oz. (0056GMT)
• US gold futures up 2% at $1,605.80/oz.

Grains

• Soybeans fall on Middle East conflict fears
• Soybean futures down 0.4% at $9.40-1/4 a bushel (0147GMT)
• Corn futures down 0.5% at $3.82-3/4 a bushel
• Wheat futures down 0.7% at $5.46-1/4 a bushel

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

• Kenya’s Miguna finally expected in Nairobi; after much drama in Frankfurt
• South Africa’s Ramaphosa in Northern Cape for ANC Pre-Jan. 8 mass mobilization drive
• South Africa foreign exchange reserves Dec-19 [prev. $54.893B]
• South Africa ABSA manufacturing PMI Dec-19 [prev. 47.7]
• Guinea-Bissau awaits court ruling on presidential election challenge

Key African events or data releases yesterday & early a.m today

• Morocco to spend $12 bln to secure water supply over next 7 years
• South Africa’s Desmond Tutu & Al Gore urge end to fossil fuels
• Ethiopia GDP forecast to grow 10.8% in 2019/20 – c.bank
• European powers condemn Turkish plans to send troops to Libya
• 4 Kenyan school children killed in al Shabaab attack on telecom mast
• South Africa’s struggling Eskom to cut power overnight
• Africa Oil – Angolan selling but supply remains ample
• South African rand firms as demand for riskier currencies returns
• EU’s Borrell rejects Turkish plans to send military to Libya
• Italy’s Di Maio says Europe must do more to help stabilise Libya
• Kenyan retailer Nakumatt to close as creditors back liquidation
• Russia’s VTB sues Mozambique over loan in $2 bln debt scandal
• Egyptair suspends flights to Baghdad for 3 days – statement
• Tripoli-aligned forces say they quit Libya’s Sirte to avoid bloodshed
• Kenyan shilling weakens due to importer demand for dollars
• EU, Italy, UK, France, Germany to discuss Libya in Brussels on Tuesday
• Creditors of Kenyan retailer Nakumatt vote to unwind the chain – administrator
• Muted importer demand for dollars supports Ugandan shilling
• Chalco ships first cargo from Guinea bauxite project

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