macroafricaintel Daily Brief | 6 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asian shares gain after solid US data, focus on virus
  • Upbeat US private jobs, service data lift mood
  • WHO says no break-through reported on coronavirus drugs

Oil Markets

  • Oil gains a second day as coronavirus optimism may mean demand rebound
  • Brent up 1.1% at $55.90 a barrel (0142GMT)
  • WTI up 1.4% at $51.48

Precious metals

  • Gold steady as virus fears offset robust US data
  • Spot gold flat at $1,556.36/oz. (0100GMT)
  • US gold futures down 0.2% at $1,559.30/oz.

Grains

  • Soybeans extend gains for fourth straight day
  • Soybean futures up 0.4% at $8.83-3/4 a bushel (0127GMT)
  • Corn futures unchanged at $3.80-3/4 a bushel
  • Wheat futures up 0.4% at $5.64-3/4 a bushel

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

  • International day of zero tolerance for FGM
  • Germany’s Merkel visits South Africa
  • Ghana’s main opposition NDC press briefing on Airbus scandal
  • Kenya’s Kenyatta in Washington DC for trade talks
  • African Union executive council meets
  • South Africa SACCI business confidence Jan-20 [prev. 93.1]
  • South Africa state capture inquiry continues
  • Investing in African mining indaba in Cape Town; 3-6 Feb

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

  • Kenya wants close ties with both US and China, Kenyan president says
  • Female genital mutilation hurts economies says WHO
  • Sudan gives Israel initial okay for overflights – official
  • Nigeria drafting oil reform bill “from scratch” to pass this year – Senate President
  • OPEC+ technical meeting drags on amid oil cut debate
  • Malawi presidency to challenge court ruling overturning vote result
  • Algeria names new chief for state energy firm Sonatrach – state TV
  • Ivory Coast navy seizes record cocaine haul off coast
  • Africa Oil – Contango market, China virus upends trading
  • Nigeria sets ambitious target for mining sector growth
  • South Africa’s rand firms for third straight session
  • Lesotho PM’s wife in court charged with killing his previous wife
  • Italian court throws out witness request in Eni Nigeria graft case
  • Egypt’s c.bank to auction $900 mln of 1-yr t-bills on Feb 10
  • ‘Fragile’ Africa prepares for high risk of coronavirus spread
  • Morocco’s unemployment rate slips to 9.2% in 2019
  • Saudi Telecom must offer to buy remaining 45% in Vodafone Egypt – regulator
  • South Africa’s Ramaphosa open to Eskom debt proposal
  • Qatar Airways swoops for RwandAir stake and eyes bigger LATAM holding
  • Tunisia’s next govt must be broad-based, says leader of biggest party
  • First payment in South African silicosis settlement expected in Q2
  • Morocco’s trade deficit widens by 1.5% in 2019
  • Tunisia’s gas output capacity jumps 50% as Nawara field opens
  • Ghana draws strong demand as sells $3 bln in eurobonds
  • Nigeria sees exponential growth in mining sector within five years – minister
  • Nigeria’s contortionists go out on a limb for recognition
  • 8-yr old rapper strikes chord in Uganda with songs about poverty
  • Uganda shilling weakens as interbank players beef up positions
  • Nigeria customs find $8 mln in cash on bus at airport
  • Kenya private sector activity down in January – PMI
  • Kenya shilling strengthened due to inflows from remittances
  • South Africa private sector activity shrinks again in Jan – PMI
  • Trafigura to take 100% control of its Zimbabwe fuel import business
  • IMF lowers Uganda growth projection, cites oil investment delays
  • Sudan’s Burhan casts doubt on rapid normalization of ties with Israel
  • Measles vaccine drive aims to protect 45 mln children in Africa, Asia

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

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