#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

#Africa #Markets | 10 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares cautious in case Powell closes rate door
  • Asian shares mixed in quiet trade
  • Bull hope Fed Chairman Powell will sound dovish enough
  • Dollar supported as Treasury yields edge up from lows
  • Oil prices up as US stockpiles fall

Oil Markets

  • Oil rises more than 1% after US stockpile drop; Brent nears $65
  • Brent up 1.1% at $64.85 per barrel (0027GMT)
  • WTI up 1.5% at $58.73

Precious metals

  • Gold dips as dollar ticks higher, all eyes on Fed
  • Spot gold down 0.4% at $1,391.98 per ounce (0103GMT)
  • US gold futures down 0.4% at $1,394.40 an ounce

Grains

  • Corn falls 1% to 1-wk low on easing yield worries
  • Most active CBOT wheat futures down 0.7% at $4.99-1/2 per bushel (0212GMT)
  • Most active corn futures down 1% at $4.33 per bushel
  • Most active soy futures down 0.3% at $9.01-1/2 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]

  • South Africa state capture inquiry continues
  • South Africa PIC inquiry continues

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

  • Morocco revises 2019 growth forecast down to 2.7%
  • Libya – At least 100 migrants walk free from shelled detention cente in Tripoli
  • South Sudan court rules against of marriage of girl, 16, in landmark case
  • Zimbabwe public workers reject $21 mln pay rise
  • Moroccan jailed by Portugal for recruiting for Syrian war
  • Nigeria parliament on lockdown after clash with Shi’ite group
  • Nigerian Shi’ite group say police shot at them outside parliament
  • Africa Oil – Diffs supported by firmer gasoline margins
  • South Africa’s rand steady as traders eye Fed, stocks down
  • South African platinum firms kick off wage talks
  • Some internet service restored in Sudan after court ruling
  • Zimbabwe lawmaker charged with subversion over Mnangagwa threat
  • Airtel Africa lists in Nigeria
  • Determined to reach Europe, migrants defy Morocco’s crackdown
  • South African central bank stresses importance of independence
  • Kenya shilling firms, helped by investors buying bonds

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

#Africa #Markets | 9 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks hobbled by fading expectations for aggressive Fed rate cut
  • Markets now expect 25 bp cut from Fed this month
  • Asian shares little changed ahead of Powell’s testimony

Oil Markets

  • Oil prices drop as trade tensions stoke economy worries
  • Brent down 0.3% at $63.90 a barrel (0022GMT)
  • WTI down 0.4% at $57.46 a barrel

Precious metals

  • Gold slips as fading expectations of sharp rate cut lift dollar
  • Spot gold down 0.3% at $1,391.65 per ounce (0118GMT)
  • US gold futures down 0.4% at $1,395.10 an ounce

Grains

  • Soybeans edge higher on USDA crop condition report
  • Most active CBOT wheat futures down 0.5% at $5.08-1/4 per bushel (0036GMT)
  • Most active corn futures down 0.3% at $4.42-1/2 per bushel
  • Most active soy futures up 0.2% at $8.99-1/2 per bushel
  • Most active rice futures down 0.6% at $11.66 per hundredweight

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

  • Airtel Africa listing on Nigerian stock exchange
  • AfDB+AFC Africa investment forum Nigeria roadshow in Abuja
  • South Africa state capture inquiry continues
  • South Africa PIC inquiry continues
  • South Sudan 8th independence anniversary; no official celebrations
  • Sudan military & opposition to sign agreement to establish joint military and civilian council

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

  • Construction firm wants debt settlement as part of Congo IMF deal
  • Africa Oil – Spot trade muted, tender results awaited
  • South Africa’s rand steady as Fed cut bets fade
  • International court convicts Congo’s Ntaganda of war crimes
  • Tunisia trade deficit widens to record $3.4 bln
  • Premium prices attract small farmers back to coffee growing in Zimbabwe
  • Tunisia tourism revenues jump 42.5% in first half 2019
  • South Sudan 2019/20 spending to more than double – finmin
  • Zimbabwe poised to raise public workers pay again
  • Economic “game changer”? African leaders launch free-trade zone
  • Former CEO of Kenyan stockbroker fined for insider trading
  • Congolese army fires in the air during protest near Glencore plant
  • Zimbabwe power utility says needs $14 mln each month for imports
  • Airtel Africa to list in Nigeria on Tuesday – bourse
  • South Africa’s Implats to swing back to annual profit
  • Uganda shilling unchanged as energy and manufacturing demand flat
  • Congo army fires shot in the air amid protest at Glencore plant
  • Kenya shilling weakens against the dollar
  • Zimbabwe could hike rates over 50% to deal with speculators – finmin
  • As drought stokes urban hunger, Ethiopia dishes up free school meals

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

#Africa #Markets | 8 Jul

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares fall as bets off on sharp US rate cuts
  • Asia ex-Japan subdued, Australia at 5-wk low, Nikkei slips
  • Strong US payrolls temper Fed rate cut expectations
  • Turkish lira near 2-wk lows on c.bank independence worries

Oil Markets

  • Oil extends gains, supported by surprise US jobs report
  • Brent up 0.2% at $64.33 a barrel (0048GMT)
  • WTI up 0.2% at $57.65 a barrel

Precious metals

  • Gold subdued as strong US data temper Fed rate cut expectations
  • SPDR Gold holdings fell 0.2% on Friday
  • Spot gold may retest resistance at $1,439/oz – technicals
  • Spot gold down 0.1% at $1,398.75/oz (0118GMT)
  • US gold futures up 0.1% at $1,401/oz

Grains

  • Corn jumps 1% as US crop forecast stokes supply woes
  • Most active CBOT wheat futures up 0.2% at $5.16 per bushel (0320GMT)
  • Most active corn futures up 1% at $4.46-1/2 per bushel
  • Most active soy futures up 0.6% at $9.00-1/4 per bushel
  • Most active rice futures unchanged at $11.50 per hundredweight

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

  • Kenya’s Kenyatta to open maritime academy in Mombasa
  • South Africa state capture inquiry resumes
  • South Africa PIC 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]

  • Libya’s Mitiga airport resumes air traffic following a missile strike
  • Economic “game changer”? African leaders launch free-trade zone
  • Tunisia recovers 14 migrants’ bodies after dozens drowned off coast
  • US welcomes Sudan power-sharing deal as ‘important step forward’
  • Eastern Libya, US firm close to signing Libya port deal
  • South Africa’s Steinhoff appoints Theodore Klerk as CFO
  • UN council pushes Libya truce, tells other countries to stay out
  • Algerian protesters keep up pressure on country’s rulers
  • Nigeria to seize $40 mln of jewellery, gold iPhone from ex-minister
  • Ramaphosa: South Africa must not let economy be held back by US-China trade war
  • Africa Oil – East Asian demand perks up as backwardation, freight ease
  • Egypt hikes domestic fuel prices as it rounds off subsidy reform
  • South Africa’s watchdog tells Ramaphosa to discipline minister Gordhan
  • Nigeria orders banks to lend or face sanctions
  • Ethiopia to issue two telecom licences, minority stake in monopoly – official
  • 2 Chinese workers kidnapped in Nigeria’s Edo state – police
  • Tunisia PM bans face veils in public institutions after bombing
  • South Africa’s Ramaphosa: US-China trade war born from jealousy
  • Delayed Airtel Africa’s $4.4 bln Nigeria listing to go ahead on Monday
  • South Africa’s Denel asks for cash injection, rebuffs Saudi bid
  • Uganda shilling unchanged as both importers and banks stay on sidelines
  • UAE says it will stand with Sudan in “good times and bad times” – official on Twitter
  • South African drugmaker Aspen terminates talks with potential European partner
  • Acacia Mining reports 13% rise in gold reserves for Tanzania mine
  • South Africa’s net foreign reserves rise to $43.940 bln in June

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