macroafricaintel Daily Brief | 16 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares tick up, sterling off 5-mth peak as crunch Brexit talks eyed
  • MSCI ex-Japan, Nikkei jump on positive Brexit news
  • Sterling slips after hitting 5-mth peak
  • EU to determine whether to put deal before EU leaders’ summit

Oil Markets

  • Oil prices edge higher on potential Brexit deal; OPEC signals of possible cuts
  • OPEC, allies to seek market stability beyond 2020
  • Brent up about 0.2% at $58.85 per barrel (0103GMT)
  • WTI up 0.2% at $52.91

Precious metals

  • Gold edges higher as Brexit uncertainty spurs safe-haven bid
  • Spot gold up 0.2% at $1,484.49/oz. (0130GMT)
  • US gold futures up 0.3% at $1,488.10/oz.

Grains

  • Corn edges lower but USDA harvest report caps losses
  • Wheat futures down 0.2% at $5.06 per bushel (0008GMT)
  • Corn futures down 0.6% at $3.91 per bushel
  • Soy futures down 0.1% at $9.32-3/4 per bushel
  • Rice futures nearly unchanged at $11.88 per hundredweight

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

  • Kenya’s Kenyatta to commission SGR phase 2A line & groundbreaking of Naivasha depot
  • Nigeria labour unions’ minimum wage negotiations with govt continue
  • Mozambique polls closed; vote counting ongoing, preliminary results on Thursday
  • South Africa retail sales Aug-19 [fcst. 1.1% yy, prev. 2.0%]
  • South Africa state capture inquiry resumes
  • Kenya’s ruling Jubilee party to meet members of Nairobi County Assembly over wrangling with Governor Sonko

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

  • Nigerian president vows crackdown on abusive Islamic schools after second raid
  • Nigeria’s land borders closed to all goods – customs chief
  • Ethiopia postpones autonomy referendum for ethnic Sidama – Fana news agency
  • Algeria court places journalist in custody
  • Mozambique president urges peace, opposition warns against fraud as votes counted
  • Young Africans face poor job prospects as education deteriorates – report
  • Africa Oil – Diffs continue to fall, Angola programme awaited
  • IMF cuts Kenya’s economic growth forecast for 2019 and 2020
  • South Africa’s rand steadies, Sasol leads stocks higher
  • IMF expects Egypt economy to grow 5.9% in year to end of June
  • Former Ivory Coast rebel leader Soro to run for president
  • 4 bodies pulled from Congo plane crash wreckage
  • Hundreds fled abusive Nigerian “school” before police raid
  • Nigeria inflation rises to 11.24% in September from near 4-yr low
  • Zimbabwe state employees say they cannot work as prices soar
  • 4 bodies found in Congo after crash of plane with president’s staff
  • South Africa’s Zuma to appeal decision he must face graft charges
  • Kenya shilling strengthens against the dollar
  • Kenya central bank to hold next rate-setting meeting on Nov. 25
  • Uganda shilling a touch stronger as liquidity mop-up helps
  • OPEC, allies to maintain oil market stability beyond 2020 – Barkindo
  • Takeda sells Mideast, Africa drug portfolio to Switzerland’s Acino
  • Mubadala sells Medgaz pipeline stake to Naturgy, Algeria’s Sonatrach
  • World Bank sees Egypt economy growing 5.8% in 2019/20
  • African masts operator Helios Towers prices IPO at low end of range

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

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