macroafricaintel Daily Brief | 30 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares down from 18-mth top; oil steady after US strikes
  • MSCI Asia ex-Japan -0.09%
  • Brent crude higher after US strikes in Syria, Iraq
  • Gold continues push higher

Oil Markets

  • Oil steady on trade pact optimism, stock draw; eyes on MidEast
  • Brent up 12 cents at $68.28 a barrel (0210GMT)
  • WTI up 1 cent at $61.73

Precious metals

  • Gold edges up, holds near 2-mth peak in thin-volume trade
  • Spot gold up 0.3% at $1,514.56/oz. (0112GMT)
  • US gold futures unchanged at $1,517.50/oz.

Grains

  • US wheat, soybeans maintain trade around over 1-yr highs
  • Soybeans futures up 0.2% at $9.43-1/4 a bushel (0150GMT)
  • Wheat futures up nearly unchanged at $5.56-3/4 a bushel
  • Corn futures down 0.3% at $3.89 a bushel

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

  • Guinea-Bissau runoff presidential election vote-counting
  • Protests expected in Liberia
  • Turkey’s foreign minister Cavusoglu to meet opposition leaders on Libya troop deployment
  • Kenya inflation Dec-19 [fcst. 5.6% yy, prev. 5.4%]
  • Uganda inflation Dec-19 [fcst. 3.4% yy, prev. 3.0%]
  • South Africa PSCE Nov-19 [fcst. 7.7% yy, prev. 7.3%]
  • South Africa M3 Nov-19 [fcst. 6.9% yy, prev. 7.3%]
  • Nigeria manufacturing PMI Dec-19 [prev. 59.3]
  • Nigeria non-manufacturing PMI Dec-19 [prev. 60.1]

Key African events or data releases over the weekend & early a.m today

  • Sudan passes 2020 budget with anticipated deficit of $1.62 bln
  • Ghana wants to join new West African currency but ditch euro peg
  • Guinea-Bissau tallies votes from run-off to choose new president
  • Egypt lowers gas grid usage fees by 24% to $0.29 per mmbtu – gas regulator
  • ‘World’s oldest rhino’ dies in Tanzania at 57
  • Egypt competition watchdog approves Uber acquisition of Careem with conditions
  • Egypt & Sudan to operate joint electricity grid from Jan. 12 – agency
  • Turkey to evacuate wounded after deadly Mogadishu blast
  • Turkey speeds up Libya troop deployment deal to prevent slide into ‘chaos’
  • Egypt awards oil and gas exploration concessions in Red Sea – statement
  • Ivory Coast presidential candidate Soro rejects coup allegations
  • Sudan to postpone lifting of fuel subsidies – minister
  • Libya’s NOC may evacuate Zawiya refinery due to fighting nearby
  • Ivory Coast leader says Soro must face full force of the law
  • Truck bomb kills at least 90 in Mogadishu – international organisation
  • Algeria names Abdelaziz Djerad as its new prime minister
  • Ivory Coast opposition says Soro case is attempt to stifle dissent
  • Sudan to lift fuel subsidies gradually in 2020 – minister
  • [Terrorists] kill 10 in Nigeria attack targeting aid workers, Christians – witnesses
  • Tunisia central bank keeps benchmark rate stable at 7.75% – state news agency
  • Loadings at western Libya oil port undisrupted by nearby missile strike
  • Zambia’s energy regulator allows state power utility to hike prices
  • Africa Oil – High freight rates weigh on offers
  • Ethiopia charges former head of state electricity firm, others with corruption
  • South Africa’s rand powers to new 5-mth high
  • Nigeria inks major LNG expansion with oil majors
  • Namibian ex-ministers enmeshed in fish scandal in jail for New Year

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

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