#Africa #Markets | 12 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Shares snap 7-day hot streak; US inflation next hurdle
  • World shares slip after 7 days of gains
  • Trump holding up China deal, talks down Fed rates and dollar
  • Chinese inflation subdued ex-food
  • Hong Kong markets, exposed shares hit by local unrest
  • Oil prices fall 2% on demand concerns

Oil Markets

  • Oil falls over 2% on weaker demand growth, gain in US crude stocks
  • EIA cuts 2019 global oil growth forecast by 160k bpd
  • US crude stocks unexpectedly rose last week – API
  • OPEC members close to keeping supply cuts – UAE minister
  • Brent down 2.7% at $60.60 a barrel (0907GMT)
  • WTI down 2.9% at $51.71 a barrel

Precious metals

  • Gold recovers as US-China trade jitters sour risk appetite
  • Palladium off 6-week high
  • Spot gold up 0.7% at $1,335.34 an ounce (0724GMT)
  • US gold futures up 0.6% at $1,339 an ounce

Grains

  • Corn prices fall, but cut in US yield curbs losses
  • Most active CBOT wheat futures down 0.4 pct at $5.15-3/4 per bushel (0024GMT)
  • Most active corn futures down 0.2 pct at $4.26-3/4 per bushel
  • Most active soy futures down 0.2 pct at $8.57-1/4 per bushel
  • Most active rice futures up 0.1 pct at $11.59 per hundredweight

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

  • Nigeria Democracy Day; markets closed
  • Lake Chad Security Summit in Abuja, Nigeria
  • South Africa retail sales Apr-19 [act. 2.4% yy, fcst. 1.7%, prev. 0.1%]
  • Namibia MPC decision [act. 6.75%, fcst. 6.75%, prev. 6.75%]
  • South Africa state capture inquiry continues
  • AfDB 2019 annual meetings in Malabo, Equatorial Guinea
  • South Africa’s Ramaphosa 3-day cabinet lekgotla; day 1

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

  • Nigeria’s economy is expected to grow 2.7% this year, President Buhari says
  • New ebola cases in Uganda raise fears of further spread
  • South Africa’s retail sales up 2.4% y/y in April
  • Mali lowers estimate of village raid death toll to 35
  • Zambia – Konkola Copper Mines plans to restart smelter on June 22
  • Uganda shilling strengthens on mid-month tax payments
  • Ghana forces rescue 2 kidnapped Canadian women – statement
  • South Africa’s rand edges weaker in subdued start to trade
  • Envoy says Sudan talks to resume as strike suspended
  • Mali massacre victims included 24 children – PM
  • Egypt, Jordan, Morocco to attend US-led Palestinian conference – officials
  • Athletics – South Africa’s Semenya wins in Montreuil, intends to defend 800m world title
  • Soccer – Tunisia stun Croatia 2-1 of African Nations Cup
  • Migrants stranded in boat off Tunisia as authorities say centres overcrowded
  • Sudan parties to resume talks on forming transitional council – envoy
  • UAE communicating with Sudan opposition and military council – minister
  • Nigeria’s Pelfaco signs oil production sharing deal with Congo Republic
  • Sudan opposition says it is suspending civil disobedience and strike – statement
  • As Gabon’s new forests minister, UK conservationist aims to lead by example
  • Presidential panel submits long-delayed report on South African land reform
  • Africa Oil – Nigeria, Angola diffs slide but cargoes struggle to find buyers
  • Enel close to renewing gas import contract with Algeria – sources
  • Algeria extends deal to supply gas to Portugal – Sonatrach
  • Ethiopia forecasts 9% growth, plans higher spending in 2019/20
  • ANC row over South African central bank unnerves investors
  • Morocco favours local institutional investors in Maroc Telecom stake sale
  • Armed with maps and music, Nigeria’s slum dwellers fight evictions
  • Algeria energy exports down 7.7% in 2018 – central bank
  • Court set to hear case on winding up Vedanta’s Zambia business June 201
  • Power from Kenya’s planned Lamu plant could cost 10 times more than estimated – study
  • Uganda critics oppose Nile river power plant plan
  • Kenya Airways will back nationalisation to survive – chairman
  • South Africa’s manufacturing jumps to best in over 2 years as power woes ease
  • South Sudan jails prominent economist over media interviews
  • South Africa’s manufacturing up 4.6% yy in April, highest in 2 years
  • Libya’s Sarir oilfield loses 30k bpd in output due to generator fire – NOC
  • 19 killed in attack in Burkina Faso – govt
  • Ethiopia finance minister proposes 386.9 bln birr for 2019/20 budget
  • Ethiopia’s 2019/20 economic growth projected at 9% – finmin

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

#Africa #Markets | 9 May

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks tank on nearing tariff threat, drag down Europe
  • European equities poised for lower open, Asia at 8-wk lows
  • Beijing vows retaliation after USTR sets tariff hike in motion
  • Trump says China “broke the deal”; talks resume on Thursday

Oil Markets

  • Oil prices fall as trade row fears eclipse US inventory decline
  • Brent, WTI futures drop 1 pct
  • Brent down 0.7 pct at $69.91 a barrel (0600GMT)
  • WTI down 0.6 pct at $61.76 per barrel

Precious metals

  • Gold prices hold firm ahead of US-China trade talks
  • Gold facing strong resistance at $1,290 levels – analysts
  • Spot gold up 0.1 pct at $1,281.19 per ounce (0542GMT)
  • US gold futures up 0.1 pct at $1,282.10 per ounce

Grains

  • Corn drops for 2nd session as US weather improves; soybeans down
  • Most active CBOT wheat futures down 1 pct at $4.34-3/4 per bushel (0124GMT)
  • Most active corn futures down 1 pct at $3.60-1/2 per bushel
  • Most active soy futures down 0.7 pct at $8.21-3/4 per bushel
  • Most active rice futures down about 0.1 pct at $10.95 per hundredweight

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

  • 22nd inter-governmental committee of senior officials & experts for West Africa (#ICE2019WA) in Robertsfield, Liberia; 8-10 May
  • South Africa state capture inquiry resumes
  • UN General Assembly president Maria Garces in Ghana
  • South Africa 2019 national & provincial elections; results trickle in, final expected on Saturday (11 May)
  • Guinea’s Conde in Namibia on state visit
  • South Africa mining production (Mar-19) [fcst. -7.3% yy, prev. -7.5%]
  • South Africa manufacturing production (Mar-19) [fcst. 0.1% yy, prev. 0.6%]
  • South Africa FX reserves (Apr-19) [act. $49.5B, prev. $49.7B]

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

  • Uganda launches 2nd round of competitive bidding for oil blocks
  • Kenya’s Equity Group posts 6 pct rise in Q1 pretax profit
  • AngloGold Ashanti to review divestment options for South African assets
  • Egypt headline inflation drops to 13.0 pct in April – CAPMAS
  • South Africa net foreign reserves fall to $43.245 bln in April
  • South Africa’s MTN first-quarter service revenue rises
  • South Africa counts votes as Ramaphosa’s ANC looks to retain power
  • Angola president sacks chair of state energy firm Sonangol
  • UN report finds likely use of armed drone in Libya by Haftar or ‘third party’
  • South Sudan president says formation of unity govt should be delayed a year
  • Sudan’s protest coalition calls for disobedience campaign
  • France seeks Libya ceasefire, migrant centre struck
  • UNAIDS chief charged with enabling ‘culture of harassment’ joins Mali govt
  • South Africa’s ANC seen winning election but support faltering
  • Congo recaptures one of two fugitive suspects in UN experts’ killings
  • IMF praises Congo Republic efforts to manage debt after China deal
  • Amid criticism, South Sudan signs new deal with US lobbyists
  • Nigeria court dismisses oil export claims against Eni, Petrobras
  • Africa Oil – US imports, gap left by Iran sanctions boost West African crude
  • MTN Nigeria gets listing approval, securities regulator says
  • Kenya to upgrade old rail track to deliver Uganda link
  • Libyan PM meets Macron, shell hits migration centre
  • Zimbabwe court says main opposition leader illegitimate, party to challenge ruling
  • Zambia’s 2019 maize output seen 16 pct down at 2 mln tonnes
  • Anadarko’s final investment decision on Mozambique LNG project due on June 18
  • Politics: no laughing matter in poverty-hit Zimbabwe
  • From crime to corruption, South African voters speak out
  • Clashes in ebola-affected Congo city kill at least 9
  • WHO experts recommend ramping up ebola vaccine after Congo cases surge
  • Egypt expects 5.8 pct economic growth in Q4 of FY 2018-19 – minister
  • Chinese logging takes heavy toll on farmers in Guinea-Bissau
  • Uganda shilling weakens on surge in offshore demand
  • Corruption, payment delays stifle Kenya manufacturers – survey
  • Former head of Ethiopia intelligence charged in absentia
  • Kenya shilling weakens due to oil importer demand

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

#Africa #Markets | 10 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks retreat from 8-mth high as Trump opens new trade war front
  • Trump threatens tariffs on EU over long-simmering aircraft row
  • IMF cuts global economic outlook, weighs on sentiment
  • Crude oil prices near 5-mth high

Oil Markets

  • Oil rises amid OPEC supply cuts, US sanctions
  • Brent up 0.3 pct at $70.83 per barrel (0056GMT)
  • WTI up 0.3 pct at $64.26 per barrel

Precious metals

  • Gold trades near 2-wk high on US-EU trade tensions
  • Spot gold down 0.1 pct at $1,303.14 per ounce (0110GMT)
  • US gold futures down 0.1 pct at $1,307.60 an ounce

Grains

  • Wheat eases for 5th session on supply pressure
  • Most active CBOT wheat futures down 0.3 pct at $4.58-1/4 per bushel (0108GMT)
  • Most active corn futures up 0.2 pct at $3.60-3/4 per bushel
  • Most active soy futures up about 0.1 pct at $8.99-1/4 per bushel
  • Most active rice futures unchanged at $10.29 per hundredweight

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

  • Bank of Namibia MPC decision [fcst. 6.75%, prev. 6.75%]
  • Kenya’s Kenyatta in Mauritius for 4-day state visit
  • South Africa PIC inquiry continues; Holomisa to be cross-examined
  • South Africa’s EFF Malema press conference
  • South Africa’s Ramaphosa officiates Nissan expansion announcement ceremony
  • South Africa SACCI business confidence for Mar-19 [act. 91.8, prev. 93.4]

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

  • Kenya shilling gains ground, helped by remittances
  • Nissan South Africa to invest $213 mln to build new Navara model
  • Refugees in Egypt struggle to live as economic hardships deepen
  • South Africa rand retreats slightly from near 6-wk best
  • Egypt’s annual urban consumer price inflation eases to 14.2 pct in March – capmas
  • Trump praises Egypt’s Sisi despite concerns about human rights, Russian arms
  • Algeria interim president promises free elections
  • Algeria authorities expel AFP bureau chief, news agency says
  • Zimbabwe seeks $613 mln aid from donors after drought, cyclone
  • Suffering grows from Libya conflict, migrants moved
  • Sudan opposition says around 20 killed since sit-in began
  • Africa Crude – Nigerian crude nearly clear for April, Angolan for May
  • Libya’s NOC discusses with oil firms security at oil facilities – statement
  • Congo ebola outbreak ‘far from contained’, US aid chief says
  • UN says to hold Libya’s national conference as soon as possible
  • Nigeria parliament recommends tax rise on luxury goods
  • Senior Sudan protest organiser calls for sit-in to continue
  • Uganda makes arrests in kidnap of American tourist and her guide
  • Sudan must deliver credible plan for transition – UK, US and Norway
  • UN Libya mission stays in Libya but reduces staffing levels
  • Carrefour Kenya targets number 2 retail banking this year, franchisee says
  • IMF trims South Africa’s economic growth forecast to 1.2 pct
  • Sudan police told not to confront peaceful gatherings – spokesman
  • Nigeria’s twin town ponders cause of multiple births
  • Tunisia’s trade deficit rises to $1.33 bln in first quarter
  • Congo president turned down predecessor’s PM pick – sources
  • Uganda shilling steady, to ease due to dollar demand from energy firms
  • Algeria’s parliament appoints Abdelkader Bensalah as interim president – witness
  • South Africa’s carbon tax could cost Amplats $21 mln a year from 2021 – CEO
  • Kenya shilling weakens on demand from energy sector
  • Drought will drag down Kenya’s 2019 economic growth, World Bank says
  • Malawi 2018/19 maize output up 24 pct, minimal effect from cyclone Idai – minister
  • Kenya central bank says to hold rate-setting meeting on May 27

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

#Africa #Markets | 2 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares sluggish, Mexico peso up on Obrador lead
  • Mexico polls official quick count point to clear win for leftist Obrador
  • Asia shares muted, markets count down to tariff deadline
  • Euro wobbles on threat to German/EU immigration deal
  • Oil eases as Trump says Saudis ready to expand supply

Oil Markets

  • Oil falls as Saudi output rises to compensate for disruptions
  • Saudi crude output reaches near record 10.7 mln bpd – survey
  • White House says Saudis promised to boost output if needed
  • But markets remain on edge over trade spats, Iran sanctions
  • Brent crude futures down 1.1 pct at $78.35 per barrel (0231GMT)
  • US WTI crude futures down 1.2 pct at $73.26 a barrel

Precious metals

  • Gold prices inch down as dollar firms
  • Spot gold down 0.1 pct at $1,250.95 an ounce (0116GMT)
  • US gold futures down 0.1 pct at $1,252.70 an ounce

Grains

  • Wheat extends 2-day gains to more than 4 pct
  • Most active CBOT wheat futures up 0.7 pct at $5.04-1/2 per bushel (0055GMT)
  • Most active corn futures up 0.2 pct at $3.60-1/4 per bushel
  • Most active soybean futures up 0.5 pct at $8.84 per bushel
  • Most active rice futures down 0.3 pct at $11.19 per hundredweight

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

  • AU Summit continues in Mauritania

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

  • Kenya takes a look into the unknown: its underground water reserves
  • Mali car bomb attack kills 4 civilians, wounds 4 French soldiers
  • Libya’s NOC warns of impact of oil port shutdown
  • Sudan opposition leader refused entry to Egypt, says party
  • Malawian president says corruption reports “fake news”
  • Egypt says to start building nuclear plant in next 2 years
  • South African fuel prices to rise by more than 1.5 pct in July
  • DP World considering logistics facility in Ethiopia – state news agency
  • South Sudan, rebels trade attacks as truce due to start
  • Ambassadors join Ugandan march to protest violence against women
  • Egypt’s Sisi, facing online backlash, says country is on the “right track”
  • Egyptian court delays verdict in mass trial over Rabaa sit-in
  • IMF says approves further $2.02 bln of $12 bln loan to Egypt
  • Gambia’s Barrow reshuffles cabinet, appoints Darboe as vice president
  • US, UK, Norway call for end to ‘horrendous abuses’ in South Sudan
  • Ghana’s 91-day bill nearly flat at 13.33 pct
  • Struggle to control Libyan oil ports adds to global supply worries
  • Libyan coastguard says 100 migrants may have drowned near Tripoli
  • Congo says it will open 2 national parks up to oil drilling
  • Steinhoff takes $12 billion writedown after accounting scandal
  • Africa Crude – Outages prop up diffs but buyers stay on sidelines
  • Britain and Nigeria exploring ways to list naira bonds in London – Lord Mayor
  • South Africa’s rand rises but on track for weekly loss, stocks up
  • Kenya’s economic growth gathers pace in first quarter
  • Nigeria’s FX reserves fall 0.34 pct to $48 bln in June
  • Ghana reports outbreaks of H5 bird flu on farms
  • Scandal-hit Steinhoff posts $177 mln H1 operating loss
  • Kenya’s economy expands by 5.7 pct in the first quarter 2018
  • Struggle to control Libyan oil ports adds to global supply worries
  • Uganda telecom operators to start charging social media tax
  • Headquarters of West African G5 Sahel force attacked – sources
  • Angola’s Sonangol settles Cobalt Energy dispute with $350 mln payment
  • Botswana’s economy contracts 1.5 pct in Q1
  • Spain says EU pledges funds for Spain and Morocco to handle immigration
  • eSwatini police fire stun grenades at anti-govt protesters
  • As sanctions bit, Iranian executives bought African passports
  • Egypt’s Carbon Holdings to sign $10.9 bln petrochemicals contract – settlement
  • Ethiopia says grenade attack part of plot to disrupt economy; involving power, telecoms outage
  • South Africa’s trade surplus widens to 3.52 bln rand in May
  • Uganda shilling holds steady against the dollar
  • Kenya’s inflation rises to 4.28 pct in June
  • Kenyan shilling holds steady against end month demand
  • Steinhoff gets debt standstill approval, finalises terms for restructuring plan
  • Madagascar to hold presidential elections in November
  • Leaders of Ethiopia and Eritrea to meet soon in bid for peace – media
  • Zimbabwe’s Mnangagwa says grenade caused blast at rally last week
  • South Africa’s credit demand growth slows to 4.6 pct in May

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

#Africa #Markets | 7 Mar [Brief]

By Rafiq Raji, PhD

Key #Africa #events or #data releases today [Posts & comments at my Twitter handle @DrRafiqRaji as they happen]

#US Secretary of State Rex #Tillerson starts 5-nation #Africa trip [#Security-focused; hence the choice of #Chad, #Djibouti, #Kenya, #Nigeria and #Ethiopia]

#Nigeria’s @MBuhari to belatedly tour hotspots today

#SierraLeone presidential and parliamentary elections today [#SaloneDecides]

#SouthAfrica’s #Ramaphosa to continue departmental visits kicked off yesterday

#Africa #Markets | 20 Nov

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Key data releases or events to follow today (& those over the weekend):

* NIGERIA – Q3 GDP due by 0730GMT. [Forecast is 0.8% yy from 0.6% in Q2] #Nigeria #GDP

* KENYA – Supreme Court to rule on 2nd presidential election petition today. #Kenya #ElectionsKE #PPII

* ZIMBABWE – President Mugabe refused to quit over the weekend. [Impeachment expected on 21 Nov] #Zimbabwe #MugabeMustGo

* NIGERIA – Elections in Anambra state in agitated southeast of country were  largely successful. #Nigeria #AnambraDecides