#Africa #Markets | 13 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares advance on US-China trade progress, ECB easing
  • Ex-Japan Asia MSCI up 0.3%, Nikkei gains 1.0%
  • S&P 500 near record peak hit in late July
  • Euro, bonds lose steam on profit-taking after ECB

Oil Markets

  • Oil falls as spectre of US-China trade war haunts market
  • Brent down 0.3% at $60.21 a barrel (0053GMT)
  • WTI down 0.3% at $54.95 a barrel

Precious metals

  • Gold treads water as trade optimism lifts risk assets
  • Spot gold flat at $1,497.81/oz. (0105GMT)
  • US gold futures down 0.1% at $1,505.50/oz.

Grains

  • Soybeans dip, but set for biggest weekly gain in 3 mths
  • Wheat futures unchanged at $4.83-3/4 per bushel (0017GMT)
  • Corn futures down 0.1% at $3.67 per bushel
  • Soy futures down 0.1% at $8.94-1/4 per bushel
  • Rice futures down 0.2% at $12.16 per hundredweight

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

  • ECOWAS summit; ministers meet today, presidents tomorrow
  • 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 plans VAT increase in push to raise non-oil revenue
  • Tunisia’s exiled autocrat in hospital – lawyer
  • De Beers Namibia diamond venture sells mine to local consortium
  • 10 killed in stampede at Mozambique election rally
  • Thousands demand justice for slain protesters in Sudan
  • South Africa’s rand firms on ECB decision, trade hopes, stocks gain
  • Kenya bans foreigners from adopting local children
  • Africa Oil – Nigerian offers hold strong, Angolan weakening
  • Zimbabwe – Mugabe’s family says burial to be private, in snub to successor
  • Kenya targets officials’ overseas trips in “brutal” spending cuts
  • Tanzania leader sacks spy chief ahead of polls
  • Sudan PM visits South Sudan to back new peace roadmap with rebels
  • South Africa’s Mr Price suspends 2 senior managers
  • Up to 50 dead in Congo after train derails
  • OPEC members Iraq, Nigeria agree to cut oil output
  • Jailed Tunisia presidency frontrunner starts hunger strike
  • Rare black rhinos relocated to Tanzania in Serengeti repopulation plan
  • South Africa regulator fines Steinhoff for misleading markets
  • Kenya to cut budget deficit to 4.8% of GDP in 2020/21
  • Egypt’s Sisi selects new public prosecutor – sources
  • Tanzania court adjourns case of prominent jailed journalist for 4th time
  • Kenya’s finance minister pledges “brutal” spending cuts to rein in deficit
  • Algeria looks into allowing foreign ownership in some sectors
  • African telecoms firm Helios Towers revives London listing plans
  • Detained mogul’s presidential run tests Tunisia’s democracy

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

#Africa #Markets | 12 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks hit 6-wk high on trade war hopes ahead of ECB
  • US & China extend olive branches before trade talks
  • China stocks & yuan rise on renewed optimism
  • Focus on how far ECB will ease policy

Oil Markets

  • Oil rises as US, China swap concessions in trade war, inventories fall
  • Brent up 0.7% at $61.22 (0051GMT)
  • WTI up 0.7% at $56.16

Precious metals

  • Gold slips as thaw in Sino-US trade woes lift equities
  • Spot gold down 0.4% at $1,491.86/oz. (0117GMT)
  • US gold futures down 0.3% at $1,499.50/oz.

Grains

  • Soybeans gain; all eyes on USDA report
  • Wheat futures up 0.2% at $4.78-1/4 per bushel (0105GMT)
  • Corn futures up 0.4% at $3.61-1/2 per bushel
  • Soy futures up 0.7% at $8.72-1/2 per bushel
  • Rice futures down 0.1% at $12.09 per hundredweight

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

  • South Africa mining production Jul-19 [fcst. 4.2% yy, prev. -4.2%]
  • Gambia’s Barrow in Qatar
  • 5th Investing in Africa forum in Brazzaville; 10-12 Sep
  • 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]

  • Germany aims to host Libya conference to stabilise oil producer
  • Nigeria tribunal rejects bid to overturn Buhari’s election
  • Mugabe’s body brought home but Zimbabweans unsure of his burial place
  • Mali jihadists say attack on passenger bus was targetting French troops
  • Africa Oil – Nigerian diffs robust on rare Asian demand
  • Sudan’s ruling council, rebel leaders agree on peace talks roadmap
  • Mozambique to continue debt restructuring talks despite ‘tuna bond’ court ruling
  • Egypt to start work on $2.4 bln telecom network for first phase of new capital city
  • South Africa’s rand falls on growth worries, Naspers slumps
  • Nigeria LNG says it moves closer to Train 7 investment decision
  • South Africa’s Aspen posts FY earnings decline, pays no dividend
  • Foreign investment in Egypt treasuries hits $20 bln at end of August – minister
  • South Sudan parties agree to form interim govt by Nov. 12
  • Zimbabwe sets up monetary policy committee to boost confidence
  • Britain agrees post-Brexit trade deal with southern Africa
  • Kenya lawmakers discuss court-ordered changes to rate cap law
  • Zambia central bank opposes bid to remove oversight of public debt
  • South Africa’s business confidence slumps to 2-decade low in third quarter
  • Ivory Coast, Ghana looking to regulate cocoa industry’s sustainability schemes – sources
  • ‘We just have to brave it’: Women face assault on Zimbabwe’s public buses
  • Uganda shilling expands gains amid depressed dollar appetite
  • Uganda leader calls for eye-for-an-eye sentences after nephew murdered

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

#Africa #Markets | 11 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Bond yields, stock prices supported ahead of central bank meetings
  • Value-oriented shares in US suddenly in favour
  • Investors unwind their positions ahead of central bank meets
  • Bond yields rise, US 10-yr yield up 10bps on Tue

Oil Markets

  • Oil prices after data shows big drop in US inventories
  • Brent up 0.7% at $62.81 a barrel (0053GMT)
  • WTI up 0.8% at $57.87 a barrel

Precious metals

  • Gold prices inch up amid cautious; investors eye ECB meet
  • Spot gold up 0.4% at $1,491.60/oz. (0120GMT)
  • US gold futures flat at $1,499.3/oz.

Grains

  • Corn prices hit 8-day high on lower US crop condition
  • Wheat futures down 0.4% at $4.80-1/4 per bushel (0055GMT)
  • Corn futures up 0.3% at $3.62-1/2 per bushel
  • Soy futures unchanged at $8.72 per bushel
  • Rice futures unchanged at $12.02 per hundredweight

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

  • Nigeria presidential election petitions tribunal to rule on Abubakar vs Buhari
  • Gambia’s Barrow in Qatar
  • 5th Investing in Africa forum in Brazzaville; Rwanda’s Kagame et al. attending
  • 1st batch of Nigerian returnees from South Africa expected
  • South Africa SACCI business confidence Aug-19 [prev. 92.0]
  • 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]

  • Mugabe’s body leaves Singapore for burial in Zimbabwe
  • Cameroon leader says govt will organise talks to solve separatist crisis
  • Chad extends state of emergency in 3 provinces by 4 mths
  • South Africa’s Naspers takes Tencent stake out of Africa with Prosus listing
  • Ivory Coast, Ghana looking to regulate cocoa industry’s sustainability schemes
  • Hundreds of Nigerians to take free evacuation from South Africa
  • South Africa’s rand firms on improved risk appetite, stocks down
  • Kenya Airways cancels flights due to pilot shortage
  • Africa Oil – Angolan, Congolese crude still awaits buyers
  • Banned Nigerian Shi’ite group says police killed 12 in religious marches
  • All remains from Ethiopian Airlines crash site now identified – police
  • Libya’s displaced struggle for shelter as fighting drags on
  • Sudan’s prime minister to join peace talks in Juba with rebels
  • African refugees held in Libya to be evacuated to Rwanda – UN
  • Algeria PM to resign, paving way for vote after protracted protests
  • South Africa’s investment grade rating depends on pace of reform – Moody’s
  • 4 cholera cases confirmed in Sudan, 3 die of acute watery diarrhoea
  • Ivory Coast town sinking underwater as coastal erosion advances
  • “Will we eat democracy?” – Tunisians frustrated as elections approach
  • Egypt’s August inflation rate falls to 7.5%, lowest in years
  • South Africa’s manufacturing down 1.1% y/y in July
  • MTN Group says Zambia, Cote d’Ivoire CEOs stepping down
  • Sudan’s major floods present first challenge for its new leader
  • Lack of clarity on South Africa’s Eskom illustrates policy uncertainty – Moody’s
  • South Africa’s Mossel Bay GTL plant could be out of gas by 2020
  • South Africa’s investment grade rating depends on pace of reforms – Moody’s
  • South African platinum miners’ wage talks go to internal abitrators
  • Kenya shilling strengthens against the dollar
  • Moody’s cuts South Africa’s 2019 GDP growth forecast to 0.7%
  • South Africa’s AMCU declares a dispute in wage talks with platinum firms
  • Action! Nigeria’s film industruy draws global entertainment brands

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

#Africa #Markets | 10 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks mostly weaker on steep Chinese factory price declines
  • Markets on edge before ECB meeting
  • German bund sell-off hits bonds in Asia
  • Investors await more stimulus for global economy

Oil Markets

  • Oil rises on hopes of extended OPEC production cuts
  • Brent up 0.7% at $63.01 a barrel (0104GMT)
  • WTI up 0.8% at $58.31 a barrel

Precious metals

  • Gold hits 4-wk low as stimulus hopes, trade optimism boost risk-on mode
  • Spot gold down 0.5% at $1,490.68/oz. (0152GMT)
  • US gold futures down 0.9% at $1,497.4/oz.

Grains

  • Corn rebounds from 4-mth low on USDA crop condition report
  • Wheat futures up 0.2% at $4.75-1/4 per bushel (0040GMT)
  • Corn futures up 0.6% at $3.56-1/2 per bushel
  • Soy futures up 0.1% at $8.58-3/4 per bushel
  • Rice futures down 0.3% at $11.92 per hundredweight

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

  • South Africa manufacturing production Jul-19 [fcst. -3.0% yy, prev. -3.2%]
  • Kenya parliament resumes; 2019 finance bill top on agenda
  • Public hearing on Nigeria medium-term budget
  • Ivory Coast’s Ouattara in Saudi Arabia
  • 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]

  • Mozambique gets green light for eurobond debt swap plan
  • Plans for Israel gas exports to Egypt on track – Egyptian minister
  • Morocco activists denounce arrest of journalist on abortion charges
  • Mozambique says creditors holding 99.5% of eurobond support debt swap plan
  • South Africa’s rand firms as Fed cut bets spur buying, stocks steady
  • Egypt plans up to $7 bln in international bonds in 2019-20
  • Malawi’s economy to grow 5% in 2019, 7% in 2020 – finmin
  • Africa Oil – Nigerian oil suffers along with European margins
  • China’s Xi to visit Brazil in November for BRICS summit
  • Somalia economic growth likely to inch up this year, World Bank says
  • Kenya’s Equity Bank in talks to buy controlling DRC bank stake
  • South Africa’s state defence firm Denel names new finance chief
  • Plane leaves Zimbabwe for Singapore to bring home Mugabe’s body
  • Zambia farm input supplier plans to invest $150 mln in farming
  • Uganda shilling holds steady as demand for dollars wanes
  • South Sudan’s Machar to meet president, discuss stalled peace deal
  • Businesses in Central African union rue tough forex crackdown

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

#Africa #Markets | 9 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks edge up as weak data lift stimulus hopes
  • MSCI Asia-Pacific index up 0.1%, Nikkei gains 0.4%
  • Stocks up amid US, China & eurozone stimulus hopes
  • Euro capped with ECB expected to cut rates later this week

Oil Markets

  • Oil rises as Saudi Arabia signals OPEC cuts to continue under new energy minister
  • Brent up 7 cents at $61.61 a barrel (0106GMT)
  • WTI up 20 cents at $56.72

Precious metals

  • Gold inches up on hopes of economic stimulus
  • Spot gold up 0.3% at $1,511.30/oz. (0117GMT)
  • US gold futures up 0.2% at $1,518.5/oz.

Grains

  • Corn rebounds from 4-mth low; US harvest prospects cap gains
  • Wheat futures unchanged at $4.63-3/4 per bushel (0139GMT)
  • Corn futures up 0.4% at $3.56-3/4 per bushel
  • Soy futures up 0.1% at $8.58-3/4 per bushel
  • Rice futures down 0.2% at $11.95 per hundredweight

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

  • South Africa state capture inquiry resumes

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

  • 29 killed in 2 attacks in Burkina Faso
  • Experts challenge WHO with “epic” goal to eradicate malaria by 2050
  • Zimbabwe – Mugabe’s family pushes back against govt burial plan
  • Sudan tribes sign peace deal after deadly clashes in Port Sudan
  • Mugabe’s funeral & burial planned for next weekend – Zimbabwe govt memo
  • Televised debates a new step in Tunisia’s young democracy
  • Egypt’s Fawry eyes UAE deal, Saudi & Kuwaiti markets
  • Armed robbery takes place at office at Libya state oil firm in Tripoli
  • Nigeria’s Buhari to visit South Africa after attacks
  • Zimbabweans mourn founder Mugabe but confused over burial
  • Zimbabwe – In Mugabe’s village, relatives say he was very bitter before death
  • Libya – 3 killed in renewed fighting in southern Tripoli – witness
  • Sudan’s Bashir kept key to room with millions of euros, court hears
  • AU lifts Sudan suspension after transitional govt appointed
  • Zimbabwe president declares Mugabe a national hero
  • Former inmate tours Ethiopia torture centre after it opens to the public
  • Prince Harry to visit Diana’s Angola landmine project
  • South Africa – Fired Old Mutual boss plans return to work as court rules against insurer
  • South Africa’s Denel to exit some businesses within months
  • Families press for memorial at Ethiopian Airlines crash site
  • South Africa court rules in favour of sacked Oid Mutual CEO – TV
  • Madagascar forest destruction wiping out humans’ tiniest relative
  • Zimbabwe Mugabe’s legacy: thousands killed in “rain that washes away the chaff”
  • MTN Nigeria shares hit 3-mth high after partial reopening
  • Zimbabwe Mugabe’s farm seizures: racial justice or castastrophic power grab?
  • Ethiopia should slowly liberalise its exchange rate – central bank governor
  • South Africa’s Sasol to release delayed results by Oct. 31
  • Attackers kill 2 aid workers in western Ethiopia
  • South Africa’s net foreign reserves rise to $44.226 bln in August
  • South Africa auto sector in line for $4 bln investment boost – industry body
  • Zimbabwe’s former president Robert Mugabe dies in Singapore

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

#Africa #Markets | 6 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares rise on trade war hopes, firm US data; safe havens sold
  • MSCI Asia-Pacific index up 0.4%, Nikkei gains 0.6%
  • US jobs report in focus after improvements in risk sentiment
  • Safe-haven govt bonds, yen on the defensive

Oil Markets

  • Oil prices edge higher, set for weekly gain amid trade optimism
  • Brent up 3 cents at $60.98 a barrel (0144GMT)
  • WTI up 8 cents at $56.38

Precious metals

  • Gold eases as trade optimism, firm US data lift risk appetite
  • Spot gold down 0.1% at $1,516.90/oz. (0104GMT)
  • US gold futures little changed at $1,526/oz.

Grains

  • Soybeans edge higher, set to finish week lower on ample global stocks
  • Soybean futures down more than 0.5% for the week
  • Corn futures down nearly 3% for the week
  • Wheat futures little changed for the week

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

  • World Economic Forum Africa 2019 in Cape Town, South Africa; 4-6 Sep
  • 2019 African Green Revolution Forum in Accra, Ghana; 3-6 Sep
  • South Africa FX reserves Aug-19 [prev. $49.4B]
  • 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]

  • Kidnapped South African mine worker freed in eastern Congo
  • Sudan forms first cabinet since fall of Bashir – PM
  • Kenya evicts forest dwellers to save country’s ‘water tower’
  • South Africa tries to contain “Afrophobia” fallout as riots upstage summit
  • South Africa’s Ramaphosa says at least 10 killed in riots
  • Africa Oil – Buyers await easing of Angolan offers
  • South Africa’s rand falls after poor current account data, stocks rise
  • Air Tanzania suspends flights to Johannesburg due to ongoing violence
  • South Africa’s Capitec bank forecasts up to 21% jump in H1 earnings
  • Nigeria to recall its top diplomat to South Africa – information minister
  • South Africa current account deficit widens to 4% of GDP in Q2
  • South Africa’s Sanlam could invest in Egypt within 1 year – CEO
  • South Africa’s Impala Platinum swings to profit, delays closure of shafts
  • Tanzania seizes ivory tusks equivalent to 117 elephants killed
  • CEOs say South Africa is years from meaningful economic recovery
  • Kenya shilling loses ground due to energy, manufacturing sector demand
  • Tunisia inflation rate rises to 6.7% in August
  • South Africa embassy closed in Nigeria after threats – minister
  • South Africa – Cash-strapped arms maker Denel eyes $2 bln in export deals
  • Nigeria uses tax credits for private firms to boost infrastructure
  • Australia’s Orion wins OK to develop $263 mln South Africa zinc-copper project
  • South African bank FirstRand reports 5% rise in FY profit
  • South Africa’s Impala Platinum swings into full-year profit

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

#Africa #Markets | 5 Sep

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Confirmation of US-China trade talks buoys shares, investor spirits
  • Brexit vote boosts global shares
  • HK tension eases for now, but concerns remain
  • Oil pulls back in Asia after strong rally overnight

Oil Markets

  • Oil prices slip after surprise build in US inventories
  • Brent down 0.3% at $60.52 a barrel (0040GMT)
  • WTI down 0.4% at $56.03

Precious metals

  • Gold eases as equities gain on Brexit, Hong Kong progress
  • Spot gold down 0.5% at $1,544.66/oz. (0133GMT)
  • US gold futures down 0.2% at $1,557.8/oz.

Grains

  • Corn rebounds from 4-mth low, US crop prospects cap gains
  • Most active CBOT wheat futures down 0.1% at $4.60-1/2 per bushel (0042GMT)
  • Most active corn futures up 0.1% at $3.59 per bushel
  • Most active soy futures down 0.1% at $8.74-1/2 per bushel
  • Most active rice futures down 0.2% at $11.96 per hundredweight

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

  • Nigeria special envoy due in South Africa for xenophobia violence fact-finding
  • South Africa EFF’s Malema press conference
  • World Economic Forum Africa 2019 in Cape Town, South Africa; 4-6 Sep
  • 2019 African Green Revolution Forum in Accra, Ghana; 3-6 Sep
  • 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]

  • Ebola survivors face kidney problems and risk of premature death
  • Youngest son of Egypt’s ousted Islamist President Mursi dies
  • Nigeria uses tax credits for private firms to boost infrastructure
  • Ivory Coast president appoints new finance and agriculture ministers
  • Nigeria boycotts Africa economic summit over anti-foreign riots
  • Nigeria police says to boost security at embassies, foreign businesses
  • Business leaders urge South Africa’s Ramaphosa to reform faster
  • Nigeria vice president to boycott financial summit in South Africa – foreign minister
  • Africa Oil – Buyers wait for Nigerian offers to ease
  • Under siege in Nigeria, South African businesses shut stores
  • South Africa’s rand extends rally to 4-wk high, stocks up
  • Morocco, Spain to bolster cooperation to curb illegal migration
  • South African court orders release of impounded Tanzanian plane in compensation dispute
  • Uganda oil pipeline plan suspended due to collapse of Tullow-Total deal
  • UN warns of Burundi atrocities as “divine” ruler eyes 2020 election
  • Nigeria state oil company’s trading arm Duke leaves London for Dubai
  • South Africa’s ailing Eskom faces emissions violations, could shut plants
  • Russia’s VTB: Mozambique must restructure loan by year-end
  • Ramaphosa says South Africa must quell attacks on foreigners as summit starts
  • South African defence firm RDM’s turnover hurt by export headaches – CEO
  • Kenya shilling weakens against the dollar
  • Several Shoprite stores in South Africa, Nigeria & Zambia closed
  • Zimbabwe proposes designating health services as essential amid doctors’ strike
  • MTN Nigeria says all stores will be closed after anti-South African attacks
  • Uganda shilling unchanged, inclined on stronger side
  • Egypt net foreign reserves rise to nearly $45 bln in August – cenbank
  • South Africa’s Eskom cannot rule out more power cuts – acting CEO
  • Eastern Libya oil field al-Bayda closes due to maintenance – engineers
  • Kenya PMI falls to 52.9 in August
  • South Africa’s private sector activity contracts again in August – PMI
  • South Africa insurer Discovery reports 12% drop in FY profit
  • Solid core businesses boost South Africa’s Libstar H1 earnings

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