macroafricaintel Daily Brief | 3 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks drop as Trump’s Latin American tariffs revive trade angst
  • MSCI Asia ex-Japan -0.45%, Nikkei down 1.1%
  • Australian shares on track for worst day in 2 mths
  • US tariffs on Brazil & Argentina ‘effective immediately’

Oil Markets

  • Oil rises for a second day as Saudi Arabia pushes supply cut
  • Brent up 0.3% at $61.11 a barrel (0218GMT)
  • WTI up 0.4% at $56.17

Precious metals

  • Gold inches up as Trump’s Latin American tariffs curb risk appetite
  • Spot gold up 0.1% at $1,463.42/oz. (0134GMT)
  • US gold futures unchanged at $1,469.20/oz.

Grains

  • Soybeans rebound from near 3-mth low, ample global supplies cap gains
  • Soybean futures up 0.3% at $8.73-1/2 a bushel (0149GMT)
  • Corn futures up 0.1% at $3.81-1/4 a bushel
  • Wheat futures up 0.5% at $5.38 a bushel

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

  • South Africa GDP Q3-2019 [fcst. 1.2% qq saa, prev. 3.1%]
  • Nigeria’s legislature expected to pass 2020 budget
  • South Africa state capture inquiry resumes
  • African Economic Conference by AfDB, ECA & UNDP in Sharm el-Sheikh, Egypt; 2-4 Dec

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

  • Australia’s Woodside Petroleum submits final plan for Senegal oil project
  • Canada’s Semafo says Boungou mine operations in Burkina Faso not expected to restart this year
  • Tunisia’s police & demonstrators clash in third night of protests
  • Govt in Libya’s capital condemns deadly air strikes
  • East Libyan forces blamed for deadly air strikes in Tripoli, south
  • Accused in Namibian fishing corruption scandal withdraw bail application
  • South African Airways lost over $700 mln in past 2 years – documents
  • After Libya arms embargo breaches, UN Security Council warns countries to stop
  • South African Airways lost over 5 bln rand in 2018/19 – presentation
  • Lebanese salesman acquitted in case over $2 bln Mozambique loans
  • South African regulator tells Vodacom, MTN to cut data prices
  • South Africa’s rand hits 5-wk peak as US manufacturing slip aids EM’s
  • Africa Oil – Asking prices for Angolan slip, demand still robust
  • France’s Macron pays respects to soldiers killed in Mali, says battle goes on
  • Ghana G&S cocoa arrivals reach 208,000 T by Nov. 14 – COCOBOD
  • Poor nations pay price as millions flee ‘climate chaos’, Oxfam says
  • Ethiopia to keep banking sector only for domestic investors – draft law
  • Ivory Coast 2019/20 cocoa port arrivals seen at 694,000 T by Dec. 1 – exporters
  • Uganda reaches deal on tax dispute, paves way for Tullow stake sale
  • Morocco’s poor left behind by development boom
  • Uganda shilling holds steady, seen coming under pressure
  • Kenya shilling weakens on surging importer demand
  • South Africa’s Absa PMI slips to 47.7 in November
  • South Africa’s rand flat ahead of GDP figures

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

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