macroafricaintel Daily Brief | 18 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares erase gains after weak China GDP, pound pulls back
  • MSCI Asia ex-Japan turns lower, -0.17%
  • China GDP grows 6.0% in third quarter, 3-decade low
  • Nikkei trims gains, up 0.18%
  • Sterling gives back gains after Brexit deal rally

Oil Markets

  • Oil prices steady, all eyes on data seen showing China GDP growth slowdown
  • US crude stocks rose by 9.3 mln bbls last week – EIA
  • Brent down 0.2% at $59.82 a barrel (0039GMT)
  • WTI up 0.1% at $53.97

Precious metals

  • Gold steady as Brexit deal lifts stocks, pressures dollar
  • Spot gold unchanged at $1,491.62/oz. (0057GMT)
  • US gold futures down 0.2% at $1,495.40/oz.

Grains

  • Wheat edges higher, set to finish the week up more than 3%
  • Wheat futures down 0.1% at $5.24-3/4 per bushel (0036GMT)
  • Corn futures up 0.1% at $3.95 per bushel
  • Soy futures up 0.2% at $9.33-1/2 per bushel
  • Rice futures unchanged at $11.99 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 stage 1 rotational loadshedding continues
  • South Africa’s Ramaphosa in KZN to launch district development model & projects

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

  • South Africa’s power cuts expected to end Friday as generators return online
  • Appointment of new Eskom CEO expected before end-October – acting CEO
  • Egypt to press ahead with sale of stakes in state companies – govt adviser
  • Desperate African refugees pay to get into Libyan jails – UNHCR
  • Gunmen raid cafes in Libya capital to curb social freedoms
  • EU criticizes ‘unlevel playing field’ in Mozambique election
  • Morocco’s BCP Bank buys 71% stake in Madagascars’ BMOI
  • Africa Oil – Angolan sells for cheap, held back for domestic refineries
  • South Africa’s rand firms as cabinet approves power plan
  • Libya estimates 2020 budget at less than $34 bln – GNA economy ministry
  • Angola hopes key reforms will aid efforts to sell oil assets
  • Burundi arrests dozens in currency market crackdown
  • Guinea bauxite operations back to normal after political protests
  • Ethiopia crash victims’ families to subpoena US operators of Boeing 737 MAX
  • African refugee women report surge of sex attacks in Egypt
  • Morocco govt expects growth to improve to 3.7% in 2020 – govt spokesman
  • Zimbabwe cancels deal with Transnet to recapitalise state rail firm
  • Africa FX – Ugandan shilling seen firmer, Tanzania’s to soften
  • Despite Tunisia’s vote of change, enduring miseries drive youth exodus
  • Barrick misses quarterly gold output estimates on Tanzanai curbs
  • Kenya’s president refuses to sign the budget over rate cap
  • Eyeing economic growth, South Africa seeks to renegotiate old renewables projects
  • South Africa’s cabinet approves power plan
  • South African mid-term budget may come a day early – finmin
  • Shell aims to operate Egypt concessions in H2, 2020
  • Zimbabwe cancels deal with Transnet JV to recapitalise state rail firm
  • South Africa’s Eskom forced to cut power for a second day
  • South Africa’s rand slides further as blackouts return

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

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