macroafricaintel Daily Brief | 12 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares rise as Fed cheer offsets trade, UK angst
  • Traders around the world brace for British election
  • Trump to meet advisors on China tariffs
  • Dovish Powell comments hurt dollar
  • Treasury yields rebound in Asia

Oil Markets

  • Oil prices stabilise on OPEC supply deficit forecast
  • Brent up 19 cents at $63.61 a barrel (0100GMT)
  • WTI down 9 cents at $58.85

Precious metals (11 Dec)

  • Gold rises 1% after Fed stands pat on rates, curbs hike hopes
  • Palladium hits peak of $1,917.30; set for 14th straight gain
  • Spot gold up 0.7% at $1,474.62/oz. (2100GMT)
  • US gold futures settled 0.5% higher at $1,475/oz.

Grains

  • Soybeans steady as market awaits Sino-US trade updates
  • Soybean futures nearly unchanged at $8.93-3/4 a bushel (0224GMT)
  • Corn futures up 0.1% at $3.71-1/2 a bushel
  • Wheat futures down 0.3% at $5.17-3/4 a bushel

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

  • Kenya Jamhuri Day; public holiday
  • Algeria presidential election
  • South Africa mining production Oct-19 [fcst. -1.8% yy, prev. 0.2%]
  • South Africa producer inflation Nov-19 [fcst. 3.0% yy, prev. 3.0%]
  • Aswan forum in Egypt; 11-12 Dec [Nigeria’s Buhari et al. attending]

Key African events or data releases yesterday & early a.m today

  • France, Niger propose to postpone G5 Sahel meeting to early 2020
  • Australia’s FAR completes $99 mln placement for Senegal project
  • Pompeo says US wants to work with Russia on Libya, reminded Lavrov of arms embargo
  • Production at Libya’s El Feel oil field restarts gradually – engineers
  • Goldman Sachs names new head of Johannesburg office
  • At least 70 soldiers killed in attack on Niger military camp – security sources
  • Africa Oil – High freight weighs, Angolan overhang looms
  • South Africa’s Eskom aims to stabilise grid by end of March after blackouts – president
  • IMF, Ethiopia reach preliminary agreement on $2.9 bln financing package
  • Algeria budget cuts spending, encourages foreign investors
  • South African rand firmer after data shows slowing inflation
  • Angola opens case against ex-minister over Namibia fishing bribe scandal
  • ICC: Central African Republic suspects to face war crimes trial
  • Egypt’s new sovereign fund cherry-picks assets to lure investors – CEO
  • South Africa’s cabinet to discuss self-generation of energy – Ramaphosa
  • Turkey says Libya accord does not include troop deployment
  • Small business owners count cost of South Africa’s power cuts
  • Egypt’s Rameda Pharmaceutical shares end 4.7% lower in debut trading
  • South Africa’s Eskom will work to restore network stability by end of March – Ramaphosa
  • Algerian protesters demand Thursday’s election be cancelled
  • Springfield E&P says it discovers 1.5 bln barrels of oil offshore Ghana
  • US sanctions five South Sudan officials over killings of govt critics
  • South Africa’s retail sales up 0.3% y/y in October
  • Kenyan court grants bail to Nairobi governor charged with corruption
  • South Africa’s Absa appoints new international head
  • Ugandan shilling little-changed, may gain on charity flows
  • South Africa annual consumer inflation slows to 9-yr low
  • Scaled power cuts set to continue in South Africa
  • Kenyan shilling holds steady amid importer demand
  • South African rand falls as nationwide blackouts weigh

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

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