macroafricaintel Daily Brief | 11 Feb

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

Global Markets

  • Asian shares bounce, China factories fight to re-start
  • Shares ex-Japan up 0.9%, Shanghai stocks rally
  • Focus on how fast China companies can return to work
  • Sentiment supported by late jump on Wall St
  • Dollar hits 4-mth high on euro as US economy outperforms

Oil Markets

  • Oil gains 1% as short-sellers take profit; investors still wary of coronavirus
  • Brent up nearly 1.5% at $54.06 a barrel (0216GMT)
  • WTI up about 1.3% at $50.20

Precious metals

  • Gold steady as virus fears counter firmer equities
  • Spot gold little changed at $1,570.98/oz. (0041GMT)
  • US gold futures down 0.3% at $1,574.60/oz.

Grains

  • Soybeans extend gains into seventh straight session
  • Soybean futures up 0.3% at $8.87-1/4 a bushel (0209GMT)
  • Corn futures down 0.2% at $3.81 a bushel
  • Wheat futures down 0.5% at $5.49-1/2 a bushel

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

  • Nigeria’s Buhari state visit to Ethiopia; after AU summit
  • Kenya’s Moi state funeral in Nairobi; public holiday
  • South Africa manufacturing production Dec-19 [fcst. -2.9% yy, prev. -3.6%]
  • South Africa unemployment rate Q4-19 [prev. 29.1%]
  • South Africa state capture inquiry continues
  • 3rd Nigeria international petroleum summit in Abuja; 9-12 Feb

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

  • Algeria military court upholds jail sentences for former intelligence chiefs
  • Sudan seeks US help on subsidy payments, dollar transfers – finmin
  • Mali’s president seeks dialogue with insurgents
  • [Terrorists] kill at least 30 in northeast Nigeria – residents
  • Egypt’s core inflation at 2.7% in January from 2.4% in Dec – central bank
  • Africa Oil – Cheap freight sparks little buying interest as virus weighs
  • Oil producers still in talks over extending output cut – Algeria minister
  • Algeria plans to develop bond, stock markets to ease financial pressure
  • South Africa’s rand inches up ahead of key data
  • Smart drones to be tested in battle against E.Africa locust swarms
  • Libya oil revenues fall to zero in Jan as ports blocked – central bank data
  • Mozambique drops court appeals to extradite ex-minister from South Africa
  • Google plan to buy into largest African wind farm ended by delay
  • Egypt slashes energy subsidy spending in second half of 2019
  • Nigeria’s petroleum bill to be passed by mid-2020 says oil minister
  • Eskom’s urgent bid for bigger tariffs rejected by South Africa court
  • Nigeria’s parliament to receive petroleum bill next week – oil minister
  • Uganda sprays locust swarms to protect coffee crop, livestock
  • Egyptian pound strengthens to 3-yr high
  • Egypt sells $984.8 mln in dollar t-bills at yield of 3.49% – c.bank
  • West African countries to investigate Nigeria border closure
  • Uganda shilling unchanged on lacklustre dollar demand
  • Violence in Africa’s Sahel region attacks the mining food chain
  • Shanta Gold buys Kenya exploration project from Barrick
  • Girl’s drowning sparks water riot in thirsty South African township
  • Kenya shilling weakens due to increased importer dollar demand
  • South Africa’s rand rises after plunging to 3-mth low
  • Satellite data brings farming advice to remote areas of Zimbabwe
  • Congo’s move to control artisanal cobalt is double-edged – Andy Home

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

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