#Africa #Markets | 19 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks gain, dollar sags as Fed reinforces rate cut expectations
  • MSCI Asia-Pacific index up 0.3%, Nikkei gains 1%
  • Dovish views from Fed’s Williams cement rate cut expectations
  • US yields fall, gold hits 6-yr high on US rate cut prospect

Oil Markets

  • Oil rises after US Navy destroys Iranian drone
  • Brent up 1.3% at $62.75 (0100GMT)
  • WTI up 1.1% at $55.91

Precious metals

  • Gold hits 6-yr peak on US rate cut prospect, Middle East tensions
  • Spot gold down 0.2% at $1,442.71 (0117GMT)
  • US gold futures up 1% at $1,441.90/oz.

Grains

  • Corn faces biggest weekly drop in 2 yrs on cooler US weather
  • Most active CBOT wheat futures up 0.2% at $4.94-1/4 per bushel (0112GMT)
  • Most active corn futures down about 0.1% at $4.29-1/2 per bushel
  • Most active soy futures down 0.1% at $8.97-3/4 per bushel
  • Most active rice futures down 0.7% at $11.81 per hundredweight

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

  • Ghana central bank MPC decision [fcst. 15.0%, prev. 16.0%]
  • South Africa state capture inquiry resumes; Zuma to continue testimony
  • Kenya’s Kenyatta to commission Loiyangalani-Suswa power line
  • Kenya trade week 2019 in Nairobi; 15-21 Jul

Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • UN demands release of abducted lawmaker and Haftar critic in eastern Libya
  • WHO flags ebola risk in Rwanda, but then withdraws its report
  • Libya’s Mitiga airport resumes air traffic, following an air strike
  • Sudan urged to ensure justice for raped women protesters
  • Zimbabwe state workers accept pay deal, avert strike
  • Ethiopia averts confrontation as party delays plan for new region
  • South African soldiers deployed in Cape Town to help fight gangs
  • 3 sentenced to death for Morocoo backpacker murders
  • Tanzania to buy new Airbus, Bombardier planes for national carrier
  • South Africa’s rand, bonds rally after central bank cuts rates
  • Sudan protesters take over square where Bashir challenged uprising
  • Africa Oil – Angolan clears as Nigeria programmes emerge
  • South Africa cuts rates but strikes cautious tone
  • IMF programme “positive” for Congo Republic’s lowly credit rating – Moody’s
  • Ivory Coast sells 1.6 mln T of cocoa export contracts by July 12 – CCC sources
  • South African central bank cuts rates by 25 bps
  • 2 killed in suicide bombing, 4 beheaded in Egypt’s N.Sinai, sources say
  • Eni officials tried to tamper with witness in Nigeria case
  • Uganda shilling little-changed, may weaken on energy demand
  • Renault and Nigeria’s Coscharis Group form partnership
  • Kenya shilling holds steady against the dollar
  • Madagascar vanilla crop quality suffers as thieves spark violence
  • Ebola patient suspected of going to Rwanda – report
  • World Bank contradicts Tanzania’s growth estimates
  • South Africa’s Liberty sees H1 earnings to rise

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

#Africa #Markets | 18 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks wobble, bond yields fall on earnings woes, trade worries
  • All Wall St indexes down: Dow 0.4%, S&P500 0.7%, Nasdaq 0.5%
  • CSX tumbles on weak results, Netflix sinks in after-hour trading
  • Treasury yields slump; 10yr, 30yr shed over 7 bps each overnight
  • Precious metals in demand: gold gains over 1%, silver up 2.5%

Oil Markets

  • Crude futures fall after strong build in US oil products stocks
  • Brent down 0.2% at $63.51 a barrel (0044GMT)
  • WTI down 0.5% at $56.52

Grains

  • Soybeans fall to 9-day low as cooler weather expected
  • Most active CBOT soybean futures down 0.2% at $8.99 a bushel (0054GMT)
  • Most active corn futures down 0.5% at $4.39-1/2 a bushel
  • Most active wheat futures down 0.3% at $5.04 a bushel

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

  • South Africa central bank 3-day MPC meeting; decision day [fcst. 6.5%, prev. 6.75%]
  • Ghana central bank 3-day MPC meeting continues; decision on 22 Jul [fcst. 15.0%, prev. 16.0%]
  • 2nd Lake Chad Basin Governors Forum 2019 in Niamey, Niger; 16-18 Jul
  • Kenya trade week 2019 in Nairobi; 15-21 Jul
  • Day 2 of Source 21 COMESA international trade fair & high level business summit in Nairobi, Kenya (17-21 Jul); Kenyatta, Mauritius’ Vyapoory, Zambia’s Lungu, & Uganda’s Museveni opened yesterday

Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • WHO sounds ebola alarm as risks intensify
  • Ethiopian city braces for protests as activists promise to declare new region
  • Africa Oil – Large Nigerian overhang looms ahead of programmes
  • South Africa’s rand softer ahead of rate decision, stocks slide
  • Acacia seeks stay of international arbitration against Tanzania
  • Power-short Zimbabwe removes barriers to solar energy expansion
  • South African corruption inquiry adjourns after Zuma’s lawyers say questioning unfair
  • Egypt says economy on right track after 5.6% growth in 2018/19
  • Eni officials tried to tamper with witness in Nigeria case – prosecutor
  • South Africa’s Zuma denies interfering with Transnet CEO appointment
  • UN peacekeeper, 6 civilians killed in Sudan/South Sudan border area
  • South Africa’s retail sales jump in May ahead of expected rate cuts
  • 9 companies weighing bids for Vedanta’s Zambia assets – minister
  • IMF to vote on final loan tranche to Egypt on July 24 – PM
  • Zambia expects bids for Konkola Copper Mines within weeks – minister
  • South Africa subsidiary of carmaker Ford to add 1,200 jobs
  • South Africa’s retail sales up 2.2% y/y in May
  • Egypt’s GDP growth at 5.6%, deficit at 8.2% for 2018/19 fiscal year
  • Kenya orders deportation of 17 foreign directors of betting firms
  • WHO reports new ebola incident in Uganda
  • Zambia finance minister to outline position on sales tax soon
  • Sudan’s military council, opposition coalition sign political accord

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

#Africa #Markets | 17 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares subdued, dollar benefits as sterling suffers
  • Nikkei off 0.4% in thin trade, China markets flat
  • US retail sales strong, but market still set on Fed cut
  • Dollar gains as sterling stricken by hard-Brexit fears
  • Oil prices nurse losses on supply data, mixed messages on Iran

Oil Markets

  • Oil prices steady after falling to more than 1-wk lows
  • Brent up 16 cents at $64.51 per barrel (0027GMT)
  • WTI up 1 cent at $57.63

Precious metals

  • Gold inches down as strong US retail sales lift dollar
  • Spot gold down 0.1% at $1,405.26 per ounce (0104GMT)
  • US gold futures down 0.3% at $1,406.90/oz.

Grains

  • Corn extends losses into third session
  • Most active CBOT wheat futures down 0.4% at $5.05-1/4 per bushel (0054GMT)
  • Most active corn futures down 0.2% at $4.40-1/4 per bushel
  • Most active soy futures down 0.1% at $9.05-1/4 per bushel
  • Most active rice futures up 0.3% at $11.82 per hundredweight

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

  • South Africa central bank 3-day MPC meeting; day 2, decision on 18 Jul [fcst. 6.5%, prev. 6.75%]
  • Ghana central bank 3-day MPC meeting starts; decision on 22 Jul [fcst. 15.0%, prev. 16.0%]
  • Ghana mid-year budget review & supplementary budget by finmin
  • South Africa’s Ramaphosa presidency budget vote at parliament
  • South Africa state capture inquiry continues; Zuma to continue testimony
  • South Africa PIC inquiry continues
  • 2nd Lake Chad Basin Governors Forum 2019 in Niamey, Niger; 16-18 Jul
  • South Africa retail sales May-19 [fcst. 1.8% yy, prev. 2.4%]
  • Kenya trade week 2019 in Nairobi; 15-21 Jul

Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • UN envoy meets UAE minister to discuss fighting in Libya – tweet
  • Zimbabwe public worker strike on the cards after pay offer rejected
  • South African musician Johnny Clegg dead at 66 after cancer battle
  • Africa Oil – September Angolan programme holds exports steady
  • Zambia finance minister urges quick implementation of austerity
  • EBRD looks to boost equity investments in Egypt
  • France, UK, Egypt, UAE, US, Italy call for immediate end of Libya violence
  • Sudan’s opposition rejects judicial immunity for military rulers
  • South Africa’s rand inches weaker in wait-and-see session
  • Nigeria’s state oil firm awards oil-for-fuel swap deals – sources
  • Father whose family died in Ethiopia plane crash to brief Congress
  • ‘I know nothing’: South Africa’s Zuma ducks and dives at corruption inquiry
  • Credit Suisse hires Goldman banker for Middle East, Turkey, Africa job
  • Sierra Leone school defies state ban on pregnant girls in class
  • First ebola patient Congo’s main city dies
  • Tunisia’s foreign currency reserves rise after it sold bond
  • Uganda shilling firms on ebbing importer appetite
  • South Africa’s Zuma back at inquiry, says his life is in danger
  • Kenya shilling weakens amid excess liquidity
  • South Africa’s Amplats expects half-year earnings to double

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

#Africa #Markets | 16 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares inch up as cautious investors await US data, earnings
  • MSCI Asia ex-Japan +0.17%; Nikkei -0.74%
  • US retail sales data in focus
  • Citigroup interest margin decline highlights headwinds for banks

Oil Markets

  • Oil down for a second day as US Gulf of Mexico output returns
  • Brent down 0.2% at $66.38 a barrel (0028GMT)
  • WTI down 0.2% at $59.48

Precious metals

  • Gold steady as investors eye US retail sales data
  • Markets price in 25bp cut by the US Fed
  • Platinum hovers near a 2-mth high
  • Spot gold remains neutral in $1,404-$1,421/oz range – techs
  • Spot gold up 0.1% at $1,415.19 per ounce (0521GMT)
  • US gold futures up 0.2% at $1,416.60 an ounce

Grains

  • Corn eases 1% as USDA tempers fears over crop condition
  • Most active CBOT wheat futures down 0.6% at $5.04-1/2 per bushel (0043GMT)
  • Most active corn futures down 0.9% at $4.43 per bushel
  • Most active soy futures down 0.6% at $9.14-1/2 per bushel
  • Most active rice futures down 0.4% at $11.84 per hundredweight

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

  • Kenya trade week 2019 in Nairobi; 15-21 Jul
  • South Africa state capture inquiry continues; Zuma to continue testimony
  • South Africa PIC inquiry continues
  • Gambia’s Barrow in UAE for 3-day state visit
  • Afro-Asia fintech festival in Nairobi, Kenya; day 2
  • Nigeria presidential election petitions tribunal 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 state oil firm awards oil-for-fuel swap deals – sources
  • Africa Oil – Traders await September programmes
  • Egypt revamps law curbing NGOs, critics unimpressed
  • South Africa’s rand, stocks boosted by global risk-on settlement
  • Egypt opens musuem commemorating Nobel laureate Naguib Mahfouz
  • Libya’s H1 oil revenue dips to $10.2 bln
  • Ethiopia premier’s aide named to lead restive Amhara region
  • Ebola spread to east Congo’s Goma massively raises risk – UN
  • Algeria suspends grain agency head in corruption probe – govt sources
  • Abruptly appointed Zambia finance minister to review sales tax plan
  • Defiant at inquiry, South Africa’s Zuma denies breaking law with business
  • Zimbabwe inflation almost doubles, stirring memories of economic chaos
  • With hip hop and bumper home loans, big banks target South Africa’s youth
  • Zambia dollar bonds soar after president swaps finance minister
  • Algeria suspends grains agency head over corruption allegations – govt sources
  • Nigeria consumer inflation falls to 11.22% in June – stats office
  • Treasurer of South Africa’s Eskom quits in latest high-profile departure
  • Jailed Zimbabwe lawmaker facing subversion charges freed on bail
  • South Africa’s Zuma denies having broken law with Gupta family
  • UN calls for hundreds of millions in more aid to fight ebola
  • EM debt soars to record $69.1 trln in Q1 on falling interest rates – IIF
  • Uganda shilling unchanged as tax payments trims demand
  • South Africa’s Zuma tells corruption inquiry there is conspiracy against him
  • 2 ebola health workers killed in eastern Congo
  • Zimbabwe’s annual inflation hits 10-yr high of 175.66%
  • Zambia president removes finmin, appoints central bank deputy governor

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

#Africa #Markets | 15 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares pull ahead after encouraging Chinese data
  • MSCI ex-Japan reverse losses; Chinese, HK shares bounce off lows
  • MSCI ex-Japan fell 1% last week after 5 straight weekly gains
  • Chinese Q2 GDP in-line with consensus, monthly activity data upbeat
  • Morgan Stanley says re-enters short USD/JPY trade

Oil Markets

  • Oil prices edge down ahead of expected weak China data
  • Concerns of slowing China growth weigh on oil prices
  • Storm cuts Gulf of Mexico output by 73% – US govt
  • Brent down 6 cents at $66.66 a barrel (0022GMT)
  • WTI down 5 cents at $60.16

Precious metals

  • Gold trades steady ahead of China GDP data
  • Spot gold flat at $1,415.34 per ounce (0100GMT)
  • US gold futures up 0.3% at $1,416.50/oz

Grains

  • US corn jumps 1% to hit 5-yr high; soy firms
  • Most active CBOT wheat futures up 0.4% at $5.25 per bushel (0002GMT)
  • Most active corn futures up 1.2% at $4.64-3/4 per bushel
  • Most active soy futures up 0.5% at $9.36 per bushel
  • Most active rice futures down 0.1% at $11.89 per hundredweight

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

  • South Africa state capture inquiry resumes; former president Zuma to testify
  • South Africa PIC inquiry resumes
  • Gambia’s Barrow in UAE for 3-day state visit
  • Afro-Asia Fintech Festival in Nairobi, Kenya; Kenyatta & Njoroge attending
  • Nigeria inflation Jun-19 [fcst. 11.1% yy, prev. 11.4%]

Key African events or data releases over the weekend & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • As fuel prices rise, firewood rustlers vex rural Kenya
  • Why the cobalt market needs Congo’s “illegal” miners: Andy Home
  • Sudan man shot dead during protest as sides wrangle over transition
  • First ebola case in Congo city of Goma detected
  • Burundi names head of ruling party militia to lead state broadcaster
  • Kenyan blames high-doping offence figures on participation numbers
  • Tanzania’s central bank sacks CEO of state-run bank
  • Final death toll in boat migrant accident off Tunisia rises to 82
  • Thousands demonstrate in Sudan to mark 40 days since deadly crackdown
  • Egypt opens Sneferu’s “Bent” Pyramid in Dahshur to public
  • Tanzania says elephant, rhino populations rebounding after anti-poaching crackdown
  • South Africa confirms plans to block extradition of ex-Mozambique finmin
  • Tanzania central bank fines lender for breaching rules
  • Zimbabwe hikes fuel price again after minister says it’s still cheap
  • Somalia security forces end militant attack on hotel that killed 13 – police officer
  • Algerian protesters push for reforms, man tries to burn himself
  • Congo Republic IMF deal expected to unlock $2 bln in AfDB funds
  • Morocco’s budget deficit grows to 21.8 bln dirhams in first half
  • Africa Oil – Total awarded IOC tender with Suezmax
  • Kenya betting firms say payment systems suspended following govt order
  • More bodies found in Tunisia migrant ship sinking feared to have killed more than 80
  • Ivory Coast bitumen maker SMB expects to double sales in 2 years
  • Italy court says Eritrean in migrant case was victim of mistaken identity
  • Congo rules out using additional trial vaccines to combat ebola
  • South Africa to deploy army to quell violent crime in Cape Town
  • Uganda shilling flat amid limited offshore investor flows
  • Kenya shilling expected to weaken due to importer demand, excess liquidity
  • UN chief calls for more support for cyclone-hit Mozambique
  • South Africa court finds Zuma’s son not guilty over car crash death
  • South Africa’s Sasol opens new chemical plant in east China

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

#Africa #Markets | 12 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares dart between gains and losses before key China data
  • MSCI Asia ex-Japan up 0.1%
  • China June trade, lending data due Friday, Q2 GDP due Monday
  • Trump says China not living up to promises

Oil Markets

  • Oil prices rise amid Gulf of Mexico storm, Middle East tensions
  • Brent up 0.6% at $66.89 (0115GMT)
  • WTI up 0.6% at $60.54

Precious metals

  • Gold gains on US-China trade jitters, rate cut hopes
  • Spot gold up 0.4% at $1,408.62/oz (0133GMT)
  • US gold futures up 0.2% at $1,410/oz

Grains

  • Wheat falss but set for first weekly gain in a month
  • Most active CBOT wheat futures down 0.1% at $5.20-3/4 per bushel (0255GMT)
  • Most active corn futures unchanged at $4.48 per bushel
  • Most active soy futures nearly unchanged at $9.17 per bushel
  • Most active rice futures down 0.3% at $11.90 per hundredweight

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

  • 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]

  • IMF approves $449 mln Congo Republic bailout after China debt deal
  • Families and Ethiopian farmers feel in the dark over Boeing’s aid offer
  • Sudan’s military rulers say coup attempt thwarted
  • Egypt detains man behind pro-Mubarak Facebook page
  • South Africa’s Eskom new funding bill expected July 23
  • Death toll in migrant ship disaster off Tunisia coast rises to 58
  • Egypt central bank keeps key rate unchanged
  • UN chief calls for more support for cycolone-hit Mozambique
  • Nigeria to force lending by capping deposits at central bank
  • Africa Oil – Nigerian July spot cargoes remain, traders report Saturno outage
  • South African Airways chairman has quit – minister Gordhan
  • South African rand stronger with Fed seen cutting rates
  • Zimbabwe lawmaker to spend more time in detention after court appearance
  • Go-slow at port hits South African car and commodity exports
  • OPEC sees lower 2020 demand for its oil, points to surplus
  • Kenya’s NSE kicks off futures trading with most liquid stocks
  • Tanzania says does not know whether missing journalist is dead or alive
  • South Africa’s manufacturing, mining subdued as growth burden shifts to central bank
  • Police fire guns during Shi’ite protest in Nigerian capital – witness
  • South Africa’s Nampak has made significant progress in talks for glass unit sale
  • South Africa’s manufacturing up 1% y/y in May
  • Uganda shilling steady, importer demand low
  • Kenya orders Safaricom to shut down betting payments in revenue blow
  • Egypt’s arrears to foreign oil firms fall by end of June – minister
  • Kenya shilling under pressure against the dollar

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

#Africa #Markets | 11 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks gain, dollar drops as Fed chair sets stage for rate cut
  • MSCI Asia-Pacific index up 0.75%, Nikkei adds 0.35%
  • Fed chair remarks revive some bets on aggressive rate cut
  • Dollar & US treasury yields sag after Powell comments
  • Crude prices hit 7-wk highs

Oil Markets

  • US oil hits highest in over a mth amid Gulf of Mexico storm, Iran tensions
  • Brent down 5 cents at $66.96 a barrel (0055GMT)
  • WTI up 11 cents at $60.54

Grains

  • Soybeans fall from 10-day high ahead of USDA report
  • Most active CBOT soybean futures down 0.1% at $9.12 a bushel (0122GMT)
  • Most active corn futures down 0.3% at $4.38 a bushel
  • Most active wheat futures down 0.2% at $5.03-1/4 a bushel

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

  • IMF board to consider Congo Republic bailout
  • South Africa treasury budget vote speech by finmin Mboweni
  • Africa counter-terrorism conference in Nairobi, Kenya; day 2
  • South Africa state capture inquiry continues
  • Nigeria’s Buhari cabinet appointment awaited
  • South Africa mining production May-19 [fcst. -4.5% yy, prev. -1.5%]
  • South Africa manufacturing production May-19 [fcst. 2.1% yy, prev. 4.6%]

Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Algeria parliament elects opposition figure as chairman after protesters
  • Morocco approves law on sharia-compliant insurance
  • Ivory Coast, Ghana add ‘living income’ cocoa premium to fight poverty
  • South African minister Gordhan challenges public protector report
  • Africa Oil – Angolan cargo deferred, Pertamina tender awarded
  • ANC infighting has hurt South African state asset manager – former CEO
  • Egypt opens new international airport for trial period
  • Algeria’s ex-industry minister detained over alleged graft – state TV
  • Significant risks for South Africa’s economic outlook – Treasury
  • South Africa’s rand firms on Powell’s remarks, Kganyago reappointment
  • Zimbabwe opposition lawmaker to appear in court away from capital
  • South Africa’s Kganyago reappointed as central bank governor for another 5 years
  • Morocco’s Platinum Power partners with China’s CFHEC on $300 mln
  • Greater response needed to worsening West African violence – UN head
  • Somalia executes 3 al Shabaab members over 2017 hotel attack
  • In hotbed of Sudan’s uprising, activists torn over transition deal
  • Tanzania says elephant, rhino populations rebounding after anti-poaching crackdown
  • Nigeria’s president may name cabinet nominees this week – senate leader
  • Egypt headline inflatioin falls to surprising 9.4% in June
  • Morocco prepares to launch tender for 230MW plant in Atlas mountains
  • President urges Tanzania’s women to “set ovaries free”, have more babies to boost economy
  • Ivory Coast cocoa grind up 7.3% through June – exporters
  • Uganda shilling firms, helped by commercial banks selling dollars
  • Libya – Bombed Tripoli migrant detention centre being emptied – UN
  • France says anti-tank missiles found in Libya were “unusable”
  • Kenya shilling steady against dollar, remittances help
  • ArcelorMittal South Africa to cut more than 2,000 jobs, shares drop
  • Tunisia starts marketing 7-yr euro-denominated bond
  • Egypt digital payments company Fawry preparing for IPO

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