macroafricaintel Daily Brief | 31 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks edge higher after Fed rate cut
  • Fed cuts rates as expected but signals pause
  • BOJ keeps policy on hold
  • Policymakers struggle to dead with risks to growth

Oil Markets

  • Oil prices extend fall after surprise inventory build
  • Brent down 6 cents at $60.55 a barrel (0033GMT)
  • WTI down 16 cents at $54.90

Precious metals

  • Gold inches up on Fed rate cut cheer, sombre dollar
  • Spot gold up 0.3% at $1,499.06/oz. (0137GMT)
  • US gold futures up 0.3% at $1,501.40/oz

Grains

  • Corn falls more than 1-wk high, but harvesting delay fears cap losses
  • Wheat futures up 0.3% at $5.10-1/2 per bushel (0048GMT)
  • Corn futures down 0.1% at $3.90-1/2 per bushel
  • Soy futures up 0.3% at $9.33 per bushel
  • Rice futures unchanged at $12.0 per hundredweight

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

  • South Africa producer inflation Sep-19 [fcst. 4.3% yy, prev. 4.5%]
  • South Africa trade balance Sep-19 [prev. ZAR6.84B]
  • Kenya consumer inflation Oct-19 [fcst. 4.9% yy, prev. 3.8%]
  • Uganda consumer inflation Oct-19 [fcst. 2.8% yy, prev. 1.9%]
  • 4th AU Judicial Dialogue in Kampala, Uganda; 30 Oct-1 Nov
  • South Africa’s Mabuza in China for bi-national commission; 31 Oct – 3 Nov
  • 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]

  • Russia’s VTB hopes Mozambique will repay $500 mln loan on scandal-ridden project
  • Kenya’s economy to grow at a faster pace next year – World Bank
  • EU countries to give Sudan 466 mln euros in grants, aid – SUNA
  • Nigeria supreme court dismisses appeal against Buhari election win
  • Senegal launches online database to track the traffickers
  • South African union threatens more power cuts over Eskom split
  • South Africa CDS jump after budget flags wider deficits
  • Africa Oil – Angolan offered at high levels
  • Egyptian ticket collector held after ordering men off moving train, 1 dead
  • Facebook says it suspends accounts tied to Putin ally for meddling in Africa
  • Nigeria’s revenue quest could crush offshore oil golden egg – industry group
  • South African rand plummets on bleak budget projections
  • Egypt external debt climbs 17.3% in year to June – cbank
  • Algerian protesters march on in defiance of ‘The Power’
  • South Africa sees budget deficit and debt soaring as economy flags
  • Total not ready to make final investment decision on Uganda project – CFO
  • South Africa dollar bonds drop after medium term budget flags wider deficits
  • South Sudan’s Machar urges delay to unity govt as peace efforts stall
  • IOM suspends some ebola screening after 3 aid workers killed in South Sudan
  • Nigerian Supreme Court dismisses appeal against Buhari election win
  • South Africa police arrest 100 people in protest against xenophobia
  • Uganda says telecoms operators must list on local bourse
  • Kenyan shilling inches up due to offshore investor inflows
  • South Sudan’s Machar calls for delay to unity govt as peace efforts stall
  • Kenyan parliamentary panel backs lifting cap on lending rates
  • Egypt selects 5 lenders for dollar-denominated bond – ministry
  • Kenyan bank shares surge after house panel embraces rate cap appeal
  • Senegal’s SNE oil field project cost jumps 40% to $4.2 bln

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

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