macroafricaintel Daily Brief | 17 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares pause after 5-day rally, Brexit in focus
  • US retail sales fall for first time in 7 months
  • Upbeat US earnings cushion blow from data
  • Sterling volatile as Brexit talks continue

Oil Markets

  • Oil prices fall as data points to huge build in US stocks
  • US crude stocks rose 10.5 mln bbls in week in Oct. 11 – API
  • Analysts had estimated increase would be 2.8 mln bbls
  • Brent down 0.7% at $59.02 a barrel (0110GMT)
  • WTI down 0.9% at $52.90

Precious metals

  • Gold steady as disappointing US retail sales weigh on risk appetite
  • Spot gold up 0.1% at $1,490.37/oz. (0044GMT)
  • US gold futures up 0.1% at $1,495.60/oz.

Grains

  • Soybeans firm after 2 days of falls, eyes on US-China
  • Wheat futures up 0.4% at $5.15-1/2 per bushel (0102GMT)
  • Corn futures up 0.1% at $3.92 per bushel
  • Soy futures up 0.1% at $9.28-3/4 per bushel
  • Rice futures unchanged at $11.98 per hundredweight

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

  • Preliminary results of Mozambique elections expected
  • World Bank/IMF meetings in Washington D.C.; 15-10 Oct. [Link to schedule: https://meetings.imf.org/en/2019/Annual/Schedule]
  • South Africa’s Eskom rotational loadshedding; day 2
  • By-elections in some Kenya county assembly wards
  • South Africa’s Ramaphosa in KZN to launch district development model & projects
  • 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]

  • Libyan govt raises commercial price for kerosene as first step in reforms
  • Guinea govt confirms 9 people killed in political protests this week
  • Sudan – Key rebel group halts direct peace talks with Khartoum
  • Morocco king pardons journalist in abortion case
  • Nigeria govt can’t recover $62 bln sought from oil majors – minister
  • Police free hundreds of males, some chained and beaten, from Nigerian school in third raid this month
  • South Africa’s rand rattled by power cuts, stocks led higher by Sibanye
  • Africa Oil – Angolan exports set to rise, freight pain eases
  • Kenya opens $1.5 bln Chinese-built railway linking Rift Valley town and Nairobi
  • World Bank court orders Tanzania pay $185 mln to Standard Chartered
  • South Africa’s latest power cuts highlight Eskom challenge
  • South Africa’s retail sales up 1.1% y/y in August
  • Zimbabwe bread price jumps 60%, but shortages persist
  • National Express to double Morocco presence with Casablanca bust contract
  • South Africa’s Eskom says power cuts likely on Wednesday

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

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