#Africa #Markets | 11 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares near 3-week lows, sterling struggles on Brexit woes
  • Pound near 20-mth trough on Brexit related uncertainty
  • Disappointing economic data, Sino-US trade war weigh
  • Chinese shares bounce on trade optimism, sentiment cautious
  • Focus on Indian markets after RBI governor resigns

Oil Markets

  • Oil prices rise on Libyan export interruption, but markets remain weak
  • Libya’s National Oil Company declares force majeure
  • But sentiment on prices remains weak amid stock market slump
  • Speculators cut their long crude positions to 2016 lows
  • Kuwait, Iran lower price for January oil supplies to Asia
  • Brent crude oil futures up 0.3 pct at $60.19 per barrel (0336GMT)
  • US WTI crude futures up 0.3 pct at $51.16 per barrel

Grains

  • Soybeans extend losses to hit 5-day low
  • Most active CBOT wheat futures down 0.6 pct at $5.22 per bushel (0119GMT)
  • Most active corn futures down 0.3 pct at $3.83 per bushel
  • Most active soy futures down 0.3 pct at $9.06-3/4 per bushel
  • Most active rice futures unchanged at $10.67 per hundredweight

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

  • South Africa mining production data for Oct 2018 due [fcst. -1.7% yy, prev. -1.8%]
  • South Africa manufacturing production data for Oct 2018 expected [fcst. -0.1% yy, prev. 0.1%]

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

  • Kenya struggles to give life to futuristic ‘Silicon Savannah’ city
  • UK to invest 100 mln pounds in sub-Saharan Africa renewables fund
  • Ex-head of Egypt’s Customs Authority faces graft charges – prosecution office
  • Libya’s NOC won’t negotiate with group that closed Sharara oilfield – chairman
  • Africa Crude – Unsold Angolan cargoes whittled down, Nigerian still struggling for buyers
  • Egypt sells $1.1 bln in 1-yr t-bills – central bank
  • Nobel Peace Prize laureate Mukwege worried Congo vote could lead to war
  • UK’s Experian to buy Africa’s Compuscan
  • Egypt’s urban inflation drops back within target range
  • UN members adopt global migration pact rejected by US and others
  • Sudan pound slides to widest over official rate since devaluation
  • Ivory Coast aims to double gold output by 2025
  • South Sudan health workers to get ebola shots as Congo outbreak grows
  • Egypt’s core inflation decreases to 7.94 pct y/y in Nov – c.bank
  • EU renews Congo sanctions ahead of presidential election
  • South Africa’s MTN says still in talks with Nigerian authorities
  • Congo’s Gecamines to boost stake in Boss Mining JV to 49 pct
  • Kenyan pipeline, health insurance fund officials charged over graft
  • South Africa needs to bail out Eskom, says former Eskom adviser Rothschild
  • UN members adopt global migration pact – Moroccan foreign minister
  • Nigeria’s economy grew 1.81 pct in Q3, driven by non-oil sector, stats office says
  • KPMG South Africa appeals for second chance after corruption scandals
  • Kenya’s Consolidated Bank says seeking investor to inject 3.5 bln shillings
  • Heavy rains to slash Nigeria’s 2017/18 cocoa output by 10 pct

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

#Global #Markets | 11 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

(GMT+1)

CALENDAR
10:30 UK Average Earnings incl. Bonus 
10:30 UK Unemployment Rate 
10:30 UK Claimant Count Change 
10:30 UK Employment Change 
11:00 Euro Area ZEW Economic Sentiment Index 
11:00 Germany ZEW Current Conditions 
11:00 Germany ZEW Economic Sentiment Index 
14:30 US PPI MoM 
14:30 US Core PPI MoM 
22:30 US API Crude Oil Stock Change 
00:00 South Korea Unemployment Rate 
00:30 Australia Westpac Consumer Confidence Index
NEWS
Philippines Exports Grow 3.3% YoY 
Philippines Imports Rise 21.4% YoY 
Philippines Trade Gap Hits Record High in October 
US Stocks Edge Higher on Monday 
European Stocks Slump on Growth, Brexit Worries 
Ukraine Inflation Rate Rises Less than Expected 
US Job Openings Beat Forecasts 
Sterling Falls on Brexit Uncertainty 
Canada Building Permits Fall 0.2% MoM in October 
Canada Housing Starts Beats Estimates in November 
Mozambique Annual Inflation Rate at 6-Month Low 
Egypt Inflation Rate Hits 3-Month Low of 15.7%

Source: Trading Economics, Macroafricaintel Research

#Africa #Markets | 10 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks extend slump as global growth worries mount
  • MSCI Asia-Pacific index down 1.4 pct, Nikkei sheds 2.25 pct
  • Latest flare-up in US-China trade tensions take toll
  • Dollar drops broadly after soft US jobs data

Oil Markets

  • Brent oil prices rise after OPEC-led group announces 1.2 mln bpd supply cut
  • OPEC to curb supply by 800k bpd from January
  • Group of non-OPEC members led by Russia to cut 400k bpd
  • Fuel demand-growth set to slow next year amid economic woes
  • Brent crude oil futures up 0.2 pct at $61.81 per barrel (0016GMT)
  • US WTI crude futures down 0.5 pct at $52.35 per barrel

Precious metals

  • Gold steady near 5-mth peak, soft US jobs data supports
  • Spot gold steady at $1,247.80 per ounce (0103GMT)
  • US gold futures up 0.2 pct at $1,254.6 per ounce

Grains

  • Soybeans fall as US-China trade war escalates
  • Most active CBOT wheat futures down 0.5 pct at $5.28-1/2 per bushel (0123GMT)
  • Most active corn futures down 0.3 pct at $3.84-1/4 per bushel
  • Most active soy futures down 0.6 pct at $9.11-1/4 per bushel
  • Most active rice futures down 0.7 pct at $10.70 per hundredweight

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

  • Nobel peace prize ceremony today; big day for Africans
  • Nigeria GDP data for Q3-2018 expected [fcst. 0.8% yy, prev. 1.5%]

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 is shutting down El Sharara after field seized by tribesmen – sources
  • More than 150 govts to adopt UN migration pact in Morocco
  • Nigeria opposition says govt has frozen VP candidate’s accounts
  • Opposition parties in Tanzania say proposed law will criminalise them
  • Egypt aims to kickstart African trade as it takes AU chair
  • Motion filed to impeach Somalia president – statement
  • Egypt’s Carbon Holdings secures $1.25 bln to build petrochemical complex
  • World Bank shifts focus to Egypt’s private sector with $1 bln loan
  • Nobel Peace prize winners seek justice for war rape victims
  • Congo’s outgoing president Kabila doesn’t rule out running again in 2023
  • Egypt approves BP purchase of 25 pct of Nour gas concession
  • Mubadala buys 20 pct interest in Egypt’s Nour oil concession
  • Libya’s NOC warns of “catastrophic” consequences if Sharara oilfield halted
  • At least 7 officials killed in Sudan helicopter crash – news agency
  • Protesters force shutdown at Libyan El Sharara oilfield – sources
  • Cities to work together to tackle migration ahead of UN pact
  • Libyan state oil firm scrambles to keep El Sharara oilfield open amid “occupation”
  • Gold output on hold at Randgold’s Loulo mine over pay dispute – union
  • UN climate negotiators sweat over detail and divides
  • IMF approves $3.7 bln credit facility for Angola
  • Roadside blast injures three in northeast Kenya – official
  • Fifteen civilians killed in ethnic attack on Mali village
  • Egypt says police kill two suspects in November attack on Christians
  • Air fares in Sudan soar due to local currency’s devaluation
  • Telecom Egypt, Liquid Telecom sign data centre, infrastructure deal
  • Belgium’s Africa Musuem reopens to confront its colonial demons
  • 3 Sudanese miners dead, 10 trapped in collapsed gold mine – company
  • Zambian court says Lungu can run for president in 2021, opposition cries foul
  • Nigeria oil minister expects green light for Bonga oilfield by February
  • Cocoa companies fail on pledge to stop Africa deforestation – report
  • Militants kill at least 18 civilians in Congo’s ebola zone
  • Africa Crude – Angolan cargoes sell slowly, Qua offer steady
  • Kenya Pipeline Company’s CEO arrested over loss of funds
  • Mozambique loan holders will not get future gas revenues in debt overhaul – legal counsel
  • Fastjet has only enough cash to fly for a week
  • South Africa’s minimum wage to apply from January 2019
  • South Africa axes board at state nuclear firm Necsa
  • Senegal opens new art musuem honouring black civilization
  • Nigeria’s cabinet agrees to send 2019 budget to parliament
  • Egyptian court to hear petition to cancel presidential term limits
  • Nearly half of Tanzania’s banks vulnerable to financial shocks – IMF
  • Kenya shilling firms on liquidity tightness
  • Tunisia PM says he expects new foreign exchange law
  • Kenya’s Ascent Capital looks to raise $120 mln for second fund
  • Amnesty says executions rising in South Sudan, govt denies it
  • Congo arrests army colonel in connection with killing of UN monitors – lawyer
  • South Africa’s Distribution and Warehousing sees bigger loss
  • Seawalls and forests aim to save the living – and dead – in Tanzania
  • South Africa’s Absa bank aims to lift lagging return on equity in 2021
  • Kenya’s NIC Bank shares surge 32 pct on merger talks with CBA
  • Kenya finance minister welcomes NIC Bank, CBA merger talks
  • South Africa’s Nov net foreign reserves rise to $42.577 bln

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

#Global #Markets | 10 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

(GMT+1)

CALENDAR
06:00 Japan Eco Watchers Survey Outlook 
07:45 Switzerland Unemployment Rate 
08:00 Germany Balance of Trade 
08:00 Turkey GDP Growth Rate YoY 
08:00 Turkey GDP Growth Rate QoQ 
09:00 Nigeria GDP Growth Rate QoQ 
09:00 Nigeria GDP Growth Rate YoY 
10:00 Italy Industrial Production MoM 
10:30 UK Construction Output YoY 
10:30 UK Industrial Production YoY 
10:30 UK Industrial Production MoM 
10:30 UK Manufacturing Production YoY
NEWS
Irish Construction Activity Picks Up in November 
New Zealand Manufacturing Sales Drop in Q3 
China Producer Prices Rise the Least in Over 2 Years 
China Inflation Rate Slows to 4-Month Low of 2.2% 
Week Ahead 
China Exports Growth Slows Sharply 
China Trade Surplus Largest in 11 Months 
China Imports Rise the Least in Over 2 Years 
S&P Revises Qatar’s Outlook to Stable 
Nicaragua Inflation Rate Eases to 13-Month Low 
US Stocks Tumble on Friday 
US Consumer Credit Growth Beats Expectations

Source: Trading Economics, Macroafricaintel Research

#Africa #Markets | 7 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares struggle to rally, oil skids further
  • Asia shares ex-Japan inch up 0.4 pct, China shade firmer
  • WSJ reports Fed weighing pause after Dec rate rise
  • Bonds rally as markets price in less than one hike next year

Oil Markets

  • Oil drops as OPEC makes supply cut dependent on Russian support
  • Brent crude oil futures down 0.9 pct at $59.50 per barrel (0144GMT)
  • US WTI crude futures down 0.5 pct at $51.24

Grains

  • Soybeans set for 2nd weekly gain on US-China trade deal hopes
  • Most active CBOT wheat futures up about 0.1 pct at $5.15-3/4 per bushel (0106GMT)
  • Most active corn futures down 0.6 pct at $3.82-1/2 per bushel
  • Most active soy futures up 0.1 pct at $9.10-1/2 per bushel
  • Most active rice futures unchanged at $10.83 per hundredweight

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

  • South Africa’s Ramaphosa speech at 70th anniversary of the Universal Declaration of Human Rights at Constitution Hill, Johannesburg
  • South African foreign exchange reserves for Nov-18 [prev. $50.2B]

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

  • World cocoa supply surplus to grow in 2018/19 – JSG
  • UK’s Tullow oil seeking partners in bid for additional Ghana block
  • Libyan election commission says needs budget for February constitution vote
  • No breakthrough at rare UN Western Sahara talks
  • Developing nations say swifter climate action depends on cash to pay for it
  • Africa Crude – Angolan cargoes linger, Qua offered lower
  • South African slides as current account deficit widens, Eskom woes weigh
  • Somali blast kills two generals and seven guards
  • Niger adopts law to protect displaced people in first for Africa
  • Fitch keeps South Africa’s sovereign rating unchanged
  • South Africa’s Tiger Brands reopens meat plant after listeria outbreak
  • South Africa’s Eskom bonds slide on debt restructuring talk
  • Critic of Rwandan president cleared of insurrection and forgery
  • Libyan election commission says has “zero” budget to prepare polls
  • Kenya’s NIC Bank and Commercial Bank of Africa to explore merger
  • Barrick Gold to sell assets, reduce head office mgt – WSJ
  • Algeria mobile operator Djezzy added 1 mln customers this year – CEO
  • South Africa’s Eskom bonds tumble as debt worries mount
  • Plan to restructure $28 bln debt of South Africa’s Eskom due in 2019
  • Zambian kwacha seen firm, Ugandan shilling weak; in week ahead
  • OPEC agrees oil output cut, no final figure yet – delegate
  • Bank Windhoek becomes first commercial lender in southern Africa to issue green bond
  • Egypt to auction $1 bln 1-yr dollar t-bills on Monday – central bank
  • In southern Ethiopia, herders join forces to revive rangelands
  • Ugandan shilling steady, propped by charity and commodity flows
  • South African business confidence index rises in November
  • South Africa Q3 current account deficit widens 3.5 pct of GDP as trade surplus narrows
  • Bad weather keeps Eastern Libyan oil ports closed
  • Egypt’s non-oil business activity contracts in November, but pace of slowdown eases
  • Steinhoff expects to publish 2017, 2018 results in April
  • US military says strike kills 4 militants in Somalia

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

#Global #Markets | 7 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

(GMT+1)

CALENDAR
06:00 Japan Leading Economic Index Prel 
06:00 Japan Coincident Index Prel 
08:00 Germany Industrial Production MoM 
08:45 France Balance of Trade 
08:45 France Industrial Production MoM 
10:00 Italy Retail Sales MoM 
10:30 UK Consumer Inflation Expectations 
11:00 Euro Area GDP Growth Rate QoQ 3rd Est 
11:00 Euro Area GDP Growth Rate YoY 3rd Est 
11:00 Euro Area Employment Change YoY Final 
11:00 Euro Area Employment Change QoQ Final 
12:00 Brazil Inflation Rate YoY
NEWS
Sri Lanka Tourist Arrivals Rise the Most in 5 Months 
Brunei Trade Surplus Narrows 50.5% YoY in September 
Brunei Consumer Prices Fall for First Time in 3 Months 
Philippines Q4 Consumer Sentiment Falls to 4-Year Low 
Australia Construction PMI Contracts Further 
European Stocks Plunge on Oil, Huawei CFO Arrest 
US Crude Oil Inventories Fall for 1st Time in 11 Weeks 
Ecuador Inflation Rate at 1-1/2-Year High of 0.35% 
Oil Prices Drop as OPEC Meets 
US Services Growth Beats Forecasts: ISM 
US Factory Orders Post Biggest Drop in 15 Months 
Canada Ivey PMI Index Falls More than Expected

Source: Trading Economics, Macroafricaintel Research

#Africa #Markets | 6 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • US stock futures slip, Asia follows after Canada arrests Huawei CFO
  • US stock futures down 1.3 pct, Nikkei falls 1.8 pct
  • Arrest of Huawei CFO seen heightening US-China tension
  • Adds to investor worries over trade outlook, global growth

Oil Markets

  • Oil prices ease in cautious trading ahead of OPEC meeting
  • Brent crude oil futures down 0.3 pct at $61.39 per barrel (0109GMT)
  • US WTI crude futures down 0.6 pct at $52.57

Grains

  • Soybeans drop on lack of Chinese buying, wheat down for 2nd day
  • Most active CBOT wheat futures down 0.1 pct at $5.17-1/4 per bushel (0116GMT)
  • Most active corn futures unchanged at $3.84-1/4 per bushel
  • Most active soy futures down 0.3 pct at $9.10-3/4 per bushel
  • Most active rice futures up 0.8 pct at $10.91 per hundredweight

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

  • South Africa current account balance data for Q3 due [fcst. -3.4% of GDP, prev. -3.3%]

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

  • Moscow asks Italy to drop charges against Russian in Nigeria graft case
  • Emerging market monthly inflows jump to highest since Jan – IIF
  • Egyptian court hands Muslim Brotherhood leaders life sentences – sources
  • Airport flooded in Libya’s Benghazi after heavy rain
  • Africa Crude – Buyers deterred by weak Asian refining margins, high freight rates
  • French court approves extradition of brother of ex-Burkina Faso president
  • Nigerian bank FCMB has received $3 mln after sale of 9mobile
  • South Africa’s Eskom wants state to take on almost quarter of its debt
  • Sierra Leone doctors strike over conditions, nurses may follow
  • South African insurer Sanlam’s shares fall on weak earnings
  • Congo mining revenue jump 147 pct in first 9 months of 2018
  • All Libyan oil export terminals closed due to bad weather – NDC
  • Ethiopia aims blast economy forward with satellite launch
  • Uganda central bank holds main lending rate at 10 pct
  • Kenyan shilling firm on diaspora remittances, horticulture exports
  • Zimbabwe to allow two new mining companies to mine diamonds
  • Kenyan central bank sets next rate-setting meeting for Jan. 28
  • Libyans protest against US air strike in southern Libya

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