macroafricaintel Daily Brief | 8 Nov

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks close in on record highs on US-China trade deal hopes
  • MSCI’s global gauge near record 2018 peak
  • Beijing says US, China agree to cancel tariffs in phases
  • Sources say the plan meets opposition within White House
  • Bond yields soar

Oil Markets

  • Oil drops on doubts US-China trade deal will be signed soon, rising US stockpiles
  • Brent down 11 cents at $62.18 a barrel
  • WTI down 22 cents at $56.93

Precious metals

  • Gold a tad firmer at $1,468.78/oz.
  • Hit 5-week low of $1,460.7/oz. on Thursday

Grains

  • Soybeans set for weekly loss as US-China trade deal unsigned
  • Soybean futures down nearly 0.5% for the week
  • Corn futures down more than 3% for the week
  • Wheat futures down 0.5% for the week

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

  • Results of Mauritius general election expected
  • Africa oil week; 4-8 Nov
  • Week-long celebrations in South Africa; after Rugby World Cup win
  • 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]

  • Africa must quadruple power investment to supply electricity for all, IEA says
  • Australia’s Perenti says 19 of its employees killed in Burkina Faso attack
  • South Africa’s Eskom warns of more power cuts on Thursday
  • Tunisia’s main parties refuse new government led by moderate Islamists
  • US imposes sanctions on leader of Mali Islamist militant group
  • War crimes judges jail Congolese warlord Ntaganda for 30 years
  • Africa Oil – Sellers of Nigerian crude raise offer levels
  • Sudan president, ex-rebel leader agree to delay unity govt – Uganda
  • South Africa’s rand boosted by US-China trade deal hopes, stocks inch up
  • Rivals promise better wealth distribution as Mauritius votes
  • DRC – Glencore strikes deal with Katanga over $5.8 bln rights issue
  • African pay-TV group Multichoice forecasts profit rise
  • South Africa sees new Saudi-backed $10 bln refinery onstream by 2028
  • South Africa manufacturing, business confidence falls take shine off investment drive
  • Africa FX – Bank stock investors seen supporting Kenyan shilling
  • Axian, ECP to acquire majority stake in Togo state telco
  • Kenya’s president finalises removal of rate cap for banks
  • South African retailer TFG’s H1 profits up 3%
  • Congo disputes Canadian miner Banro’s suspension of operations
  • South Africa’s manufacturing down 2.4% y/y in September
  • Congo Republic: Kosmos, Eni-Lukoil consortium succeed in 2018/19 round
  • Angola to name licensing winners in April, new round in Jan – ANPG official
  • Senegal’s new energy bid process to ensure transparency – state firm
  • Hamstrung Zimbabwe miners call to keep export earnings in dollars
  • Uganda shilling holds steady against the dollar
  • South Africa business confidence dips in Oct. as blackouts unnerve investors
  • Saipem wins $100 mln Equatorial Guinea pipeline contract
  • Court postpones hearing for 7th time for Tanzanian journalist jailed since July
  • South African drugstore Dis-Chem half year profits fall
  • South Africa’s net foreign reserves rise to $44.6 bln in Oct
  • Egypt, Ethiopia, Sudan to try to resolve dam dispute by Jan. 15 – Treasury

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

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