macroafricaintel Daily Brief | 30 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares slip before Fed decision on trade deal worries
  • MSCI world index stays near 21-mth high
  • Investors expect Fed to cut rates, focus on policy outlook

Oil Markets

  • Oil prices drop, US falls for 3rd day as Cushing stocks rise
  • Brent down 0.2% at $61.44 a barrel (0118GMT)
  • WTI down 0.3% at $55.36

Precious metals

  • Gold steady on potential trade delay; focus on Fed rate decision
  • Spot gold steady at $1,488.23/oz (0114GMT)
  • US gold futures unchanged at $1,490.40/oz

Grains

  • Corn firms on concerns over US harvest pace
  • Wheat futures up 0.2% at $5.12-1/2 per bushel (0132GMT)
  • Corn futures up 0.2% at $3.87 per bushel
  • Soy futures up 0.1% at $9.19-1/4 per bushel
  • Rice futures unchanged at $11.93 per hundredweight

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

  • South Africa medium term budget statement by finmin Mboweni [fcst: 2019/20 (-4.3% of GDP), 2020/21 (-4.1%), 2021/22 (-4.4%)]
  • Nigeria’s Supreme Court to hear appeal by opposition PDP on presidential election tribunal verdict
  • 4th AU Judicial Dialogue in Kampala, Uganda; 30 Oct-1 Nov
  • Nigeria’s Buhari & Kenya’s Kenyatta in Saudi Arabia for 3rd Future Investment Initiative
  • South Africa’s Mabuza in China for bi-national commission; 31 Oct – 3 Nov
  • Zambia inflation Oct-19 [fcst. 10.6% yy, prev. 10.5%]
  • 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]

  • Kenyan parliamentary panel recommends rate cap repeal – report
  • Senegal SNE oil field capital cost jumps 40% to $4.2 bln
  • At least 42 people killed in Cameroon landslide
  • Migrants released amid fighting in Libyan capital seek refuge with UN
  • Ethiopia’s govt releases activists accused over unrest in June – journalist
  • US senior diplomat slams Egypt’s treatment of journalist
  • South Africa’s rand dips before budget speech
  • Egypt says Washington to host Nov.6 meeting on Ethiopia dam dispute
  • Mozambique’s main opposition party appeals election result
  • US pitted against UK, France, South Africa, others at UN over abortion
  • Nigeria’s Dangote Refinery to rely on ports, roads for fuel deliveries
  • South Africa plans sweeping power sector reform as Eskom struggles
  • Africa Oil – Nigerian price offers rebound as freight costs ease
  • Guinea-Bissau president names new PM but old one refuses to go
  • Volkswagen brings electric cars to Rwanda for ride-hailing service
  • Libya reopens Tripoli’s Mitiga airport after 2 months of closure
  • Zimbabwe central bank to introduce new dollar note and coins
  • LMEWEEK – Cobalt market to avoid shortage despite Congo mine closure – Nornickel
  • Tunisia dismisses foreign, defence ministers – statement
  • Chevron seeks to reduce Nigerian presence with oilfield sales
  • South Sudan to offer oil blocks for licensing by Q1 2020
  • South Africa aims to complete Eskom split around 2022
  • Kenyan team aims to stop fatal snake bites
  • MTN’s $2 bln Nigerian tax dispute case set for Jan 30-31
  • South Africa hopes to announce new Eskom CEO next week – Gordhan
  • Egypt’s first smartphone maker to export to Germany next month
  • South Africa’s Q3 unemployment rate at 29.1%, 11-year high
  • Kenya shilling firms on horticulture inflows, weak demand
  • Zimababwe hikes fuel prices 12%, hitting inflation-weary consumers
  • Uganda shilling strengthens, helped by aid organisations inflows
  • African Export-Import Bank puts London listing plan on ice
  • South Africa’s credit demand growth slows to 6.19% yy in September
  • ‘We know we made mistakes’ on 737 MAX – Boeing CEO

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

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