macroafricaintel Daily Brief | 31 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares lower as investors book decade-end profits
  • MSCI Asia ex-Japan -0.39%, still up 16% on year
  • Profit-taking drives losses
  • US, China expected to sign deal soon – White House officials
  • China December manufacturing activity better than expected

Oil Markets

  • Oil prices edge down but set for biggest yearly rise since 2016
  • Brent, WTI futures each down 0.2%
  • Benchmarks on track for biggest annual gain in 3 years
  • US crude stocks fell about 3.2 mln bbls last week – poll
  • Brent down 0.2% at $66.56 a barrel (0158GMT)
  • WTI down 0.2% at $61.57

Precious metals

  • Gold prices steady, set for best year since 2010
  • Spot gold little changed at $1,515.23/oz. (0044GMT)
  • US gold futures unchanged at $1,518.30/oz.

Grains

  • US grains fall on profit booking
  • Wheat set for 3rd straight yearly gain
  • Wheat futures down 0.4% at $5.54 a bushel (0200GMT); +10.1% y/y
  • Soybean futures down 0.1% at $9.51-3/4 a bushel; +6.3% y/y
  • Corn futures down 0.3% at $3.87-1/4 a bushel; +3.2% y/y

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

  • Ghana’s December 31 revolution anniversary in Winneba; Rawlings to speak
  • Uganda’s Museveni New Year address
  • Guinea-Bissau runoff presidential vote-counting; results due Wed.
  • 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%]

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

  • Sudan to deploy troops to West Darfur after deadly unrest
  • Militants kill 18 in attack in eastern Congo
  • Sudan sentences 29 intelligence agents to hang for teacher’s killing
  • Turkey may send allied Syrian fighters to Libya – sources
  • Africa Oil – Angolan slow to sell due to freight rates
  • South Africa’s rand slips; MTN drops on US complaint
  • Somalia says unnamed country behind blast that killed 90 people
  • Guinea-Bissau presidential candidate Embalo claims victory, opponent says wait
  • South Africa’s MTN reviewing allegations after being named in US complaint
  • Egypt’s central bank to auction $800 mln of 1-yr T-bills on Jan 6
  • Morocco’s Cosumar to start operating Saudi sugar refinery in March 2020
  • Exxon acquires over 1.7 mln exploration acreage offshore Egypt
  • Young Libyans train as pastry chefs as state jobs dry up
  • Turkey fast-tracks bill to deploy troops to Libya
  • Merkel, Erdogan and Putin discuss diplomatic solution for Libya
  • Turkish opposition says it opposes Libya troop deployment bill
  • Mauritius closes main airport as cyclone Calvinia approaches
  • Kenyan shilling weakens, pressured by end-mth dollar demand
  • Ugandan shilling unchanged amid flat market activity
  • US military says Somalia air strikes killed 4 militants
  • Rio Tinto to restart South African unit in 2020 after security scare

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

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