Monthly Archives: June 2020

macroafricaintel Daily Brief | 30 Jun

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

Global Markets

  • Asia stocks up as China PMI, US data cheer markets worried over coronavirus surge
  • Equities see positives in economic data
  • Hong Kong shares not phased by China security bill
  • Coronavirus surge remains a risk to markets

Oil Markets

  • Oil prices slip as weak Japan data exposes market jitters over fragile demand
  • Brent down 0.8% at $41.53 a barrel (0038GMT)
  • WTI down 1% at $39.32

Precious metals

  • Gold poised for best quarter in four years as virus fears persist
  • Spot gold steady at $1,771.30/oz. (0306GMT)
  • US gold futures up 0.2% at $1,783.80/oz.

Grains

  • Soybeans edge higher ahead of USDA report
  • Soybean futures up 0.3% at $8.69 a bushel (0101GMT)
  • Corn down 0.2% at $3.25-1/4 a bushel
  • Wheat down 0.5% at $4.84 a bushel

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

  • Electoral Commission Ghana starts voter re-registration exercise
  • EU leaders meet G5 Sahel heads of state in Mauritania
  • Nigeria’s Buhari flags off section of Trans-Nigeria gas pipeline
  • Kenya & Uganda publish June inflation data
  • South Africa’s central bank publishes money & credit statistics
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Nigeria’s slave descendants hope race protests help end discrimination
  • Congo president vows not to accept judicial reforms that cause ‘harm’
  • Senegal lifts covid-19 state of emergency to protect economy
  • Macron slams Turkey’s ‘criminal’ role in Libya, Putin’s ambivalence
  • Saudi crown prince, Nigerian president discuss OPEC+ deal compliance
  • South Africa court sides with Eskom in clawback dispute
  • Libya’s NOC confirms international talks on resuming oil output
  • South Africa’s Naspers posts 4.5% fall in full-year profit
  • South Africa’s MTN allows customers to pay for online shopping using mobile money
  • Algeria annual inflation rises in May
  • Four aid workers say militants abducted them in northeast Nigeria
  • Nigeria to ease covid-19 curbs on inter-state travel and students
  • Matonge, An African home in Brussels
  • Nigeria to allow travel between states outside curfew hours from July 1
  • Lesotho’s former first lady granted bail in murder case
  • Libya tribal leaders says oil output to resume
  • Uganda power distributor Umeme to invest $83 mln to boost network
  • “On our knees”: Kenya tourism revenue collapses
  • Malawi names former insurance executive as finance minister
  • Kenya shilling holds steady against the dollar
  • Burundi’s new cabinet includes two under Western sanctions over rights abuses
  • Kenya loses 80 bln shillings in tourism revenue due to coronavirus
  • Libya’s NOC confirms international talks on resuming oil output
  • Potato diplomacy as Malta seeks new era of Namibia relations
  • West Africa instability risks gains against militants – French official
  • South Africa firm aims to plug covid-19 test kits shortage as virus spreads
  • France warns political uncertainty in Mali, Burkina risks recent progress
  • Uganda shilling a touch stronger as charity flows offer support
  • Spain says PM off to Africa, EU’s list of safe nations ready soon

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

macroafricaintel Daily Brief | 29 Jun

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

Global Markets

  • Asia stocks wary as coronavirus threatens economic reopening
  • Asia ex-Japan eases off 4-mth top, S&P 500 futures steady
  • Deaths from covid-19 reached half a million on Sunday
  • Dollar, bonds supported on safe haven appeal

Oil Markets

  • Oil falls in second straight session as virus cools demand
  • Brent down 1.6% at $40.36 a barrel (2350GMT)
  • WTI down 1.6% at $37.86

Precious metals

  • Gold climbs as fears over surging virus cases boost demand
  • Spot gold up 0.1% at $1,772.61/oz. (0015GMT)
  • US gold futures up 0.3% at $1,785.90/oz.

Grains

  • Corn rebounds from 6-wk low, bearish fundamentals cap gains
  • Corn futures up 0.4% at $3.18-1/4 a bushel (0218GMT)
  • Soybeans up 0.2% at $16.73-1/2 a bushel
  • Wheat up 0.2% at $4.76-3/4 a bushel

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

  • South Africa state capture inquiry resumes
  • Electoral Commission Ghana press briefing on new voters register
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Guinea-Bissau president sacks five ministers
  • Sudan extends coronaviru lockdown in Khartoum state
  • Sudan says it will rein in state firms, including those owned by security
  • Egypt court jails belly dancer for ‘debauchery’ in social media crackdown
  • Malawi’s Chakwera sworn in as president after re-run election
  • Congo PM threatens govt resignation over minister’s arrest
  • Sudan extends closure of Khartoum international airport by two weeks
  • Congo’s justice minister released hours after arrest
  • Egypt, Ethiopia & Sudan hope for Nile dam deal in weeks
  • More than 90% of issues in Nile dam negotiations resolved, AU chief says
  • Facing defeat, Malawi president says election re-run had irregularities
  • Insurgents stage ‘very violent’ attack close to gas projects in Mozambique
  • Ghana’s President Akufo-Addo choses by ruling party for poll rematch against Mahama
  • Guinea-Bissau braces for rise in coronavirus cases, enlists Cuban medical help
  • Tunisia reopens borders to tourists after halting spread of coronavirus
  • Sudan, Egypt say Ethiopia will not fill Nile dam without reaching deal
  • Morocco rejects Amnesty’s allegations on spying on journalist
  • IMF board approves $5.2 bln, 12-mth loan program for Egypt
  • Zimbabwe suspends stock exchange, mobile payments over ‘economic sabotage’
  • Ivory Coast’s Air Cote d’Ivoire says propped up by $24 mln from govt
  • East Congo ebola outbreak no longer an international emergency, says WHO
  • South Afriac to reopen casinos and cinemas despite covid-19 spread
  • UK Export Finance set to back Total’s $20 bln Mozambique LNG project – source
  • MTN to challenge Ghana regulator’s move to reduce market dominance
  • Ivory Coast flash floods kill at least seven, more rain expected
  • Congo president wins approval for state mining company nominees
  • South Africa’s Sasol to sell stakes in Mozambique pipeline, power plant – sources
  • Nigeria needs to deepen reforms to boost growth, revenues – World Bank
  • Ethiopia receives 12 bids for two telco licences – regulator
  • Libya’a NOC says Russia mercenaries entered oilfield, with output blocked
  • Congo aims to launch state cobalt monopoly in two mths, mines minister says
  • Kenya Airways estimates coronavirus revenue loss at $100 mln – CEO
  • Kenya central banker sees silver lining in economic gloom
  • Uganda – Hit the brakes on reform, say Kampala’s transport workers
  • Kenya cbank says current account gap could be narrower than forecast

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

macroafricaintel | Africa FX Monthly – July 2020

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

Click here for PDF version

Currency   1 month

(31 Jul 2020)

3 month

(30 Sep 2020)

6 month

(31 Dec 2020)

12 month

(30 Jun 2021)

South African Rand (USD:ZAR) 17.5 17.1 17.3 16.5
Nigerian Naira (USD:NGN) 391.0 400.0 405.0 415.0
Ghanaian Cedi (USD:GHS) 5.7 5.5 5.3 6.1
Kenyan Shilling (USD:KES) 106.5 106.3 106.7 108.3
Ethiopian Birr (USD:ETB) 34.5 35.0 37.3 40.1
Mauritian Rupee (USD:MUR) 40.5 40.9 41.1 43.0
Namibian Dollar (USD:NAD) 17.5 17.1 17.3 16.5
Botswanan Pula (USD:BWP) 12.3 12.5 12.1 13.0
Zambian Kwacha (USD:ZMW) 18.5 18.7 18.9 19.1
US Dollar Index (DXY) 97.9 98.1 97.3 96.5

macroafricaintel Weekly | 29 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Click here for PDF version

Date Data / Event Period Forecast Previous
30 Jun South Africa GDP, % qq saa Q1 2020 -0.4 -1.4
30 Jun South Africa PSCE, % yy May 2020 8.7 7.4
30 Jun South Africa M3, % yy May 2020 10.7 10.5
30 Jun Uganda CPI, % yy (mm) Jun 2020 3.2 (0.2) 2.8 (-0.1)
Botswana CPI, % yy (mm) Jun 2020 2.5 (0.3) 2.4 (0.0)
Tanzania CPI,   % yy (mm) Jun 2020 3.6 (0.3) 3.2 (0.2)
Namibia CPI, % yy (mm) Jun 2020 2.3 (0.4) 2.1 (0.4)
Nigeria CPI, % yy (mm) Jun 2020 12.7 (1.3) 12.4 (1.2)
South Africa CPI, % yy (mm)* May 2020 2.8 (0.1) 3.0 (-0.5)
Ethiopia CPI, % yy (mm) Jun 2020 20.4 (2.1) 19.8 (-1.6)
Mauritius CPI, % yy (mm) Jun 2020 4.0 (0.2) 2.8 (-1.3)
Seychelles CPI, % yy (mm) Jun 2020 -0.2 (0.0) -0.2 (-0.1)

macroafricaintel Daily Brief | 26 Jun

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

Global Markets

  • Stocks going nowhere as virus fears hold optimism in check
  • MSCI AxJ grinds 0.5% weekly gain, Nikkei flat
  • Dollar steady as investors see risks balanced

Oil Markets

  • Oil prices crawl up on demand recovery, tempered by virus outbreaks
  • Brent up 0.5% at $41.27 a barrel (0009GMT)
  • WTI up 0.4% at $38.87

Precious metals

  • Gold on track for third weekly gain as virus cases surge
  • Spot gold up 0.1% at $1,763.48/oz. (0042GMT)
  • US gold futures up 0.2% at $1,773.60/oz.

Grains

  • Corn firms; set for weekly losses of more than 4% on supply glut, low demand
  • Corn futures down more than 4% for the week
  • Soybeans down nearly 1% for the week
  • Wheat up more than 1% for the week

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

  • Ghana’s ruling NPP declares Nana Akufo-Addo as presidential flagbearer (27 Jun)
  • Kenya senate decides fate of impeached Kirinyaga county governor Waiguru
  • Corporate Council on Africa leaders forum; Kagame, Kenyatta, Nyusi & Akufo-Addo key speakers; 23-26 Jun
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • In China’s ‘Little Africa’, a struggle to get back to business after lockdown
  • Malawi’s opposition appears to win presidential election re-run
  • Congo aims to launch state cobalt monopoly in two months, mines minister
  • Commander in Somalia militant group killed – state media
  • Morocco’s OCP to commission Nigeria, Ghana plants in 2024
  • Ivory Coast to allow international flights from July 1
  • Donors pledge $1.8 bln for Sudan’s troubled transition
  • Egypt’s Eva Pharma begins producing covid-19 drug Remdesivir
  • Egypt central bank keeps benchmark rates on hold
  • Ivory Coast says Burkina Faso national led deadly attack against army
  • At least 10 aid workers kidnapped in southwest Niger
  • South Africa Airways restructuring vote delayed until next month
  • Africa Oil – European gasoline margins boost hope for Nigeria exports
  • South Africa rand recovers after gloomy budget; stocks fall
  • Malawi opposition’s Chakwera leads re-run with 60% – state broadcaster mbc
  • Djibouti sets up sovereign wealth fund, targets $1.5 bln in 10 yrs
  • Nigeria banks to restructure over a third of loans – MPC member
  • Kenya central bank holds key rate at 7.0% for the second time
  • Egypt national carrier to resume flights from July
  • Western donors pledge some $900 mln for Sudan’s transition
  • Ghana bank governor fears ballooning deficit not sustainable
  • Turkey says Libya’s GNA demands Haftar withdraw from Sirte, Jufra
  • Congo announces end of ebola outbreak in east, second deadliest on record
  • Zambia sees 2020 expenditure up $1.1 bln as kwacha falls
  • South Africa retailer Mr Price pulls plug on Nigeria
  • South Africa mines record six covid-19 deaths, 1,796 cases
  • Botswana issues maiden power generation licences to private producers
  • Nigeria’s covid-19 outbreak could impoverish 5 mln people, World Bank says
  • Uganda shilling trades unchanged supported by month-end flows
  • Nigeria’s cenbank aims to boost foreign reserves to support naira
  • Algeria’s Sonatrach, Total extend LNG supply deal – Sonatrach statement
  • Egypt’s Rameda gets requests to export covid-19 drug – CEO
  • Civil society groups tell Congo to reject AJN Resources deal
  • Senegal president self-quarantines after contact with covid-19 case
  • South Africa’s Harmony raises $200 mln in share sale
  • South Africa’s Exxaro Resources expects dip in coal production, sales volumes
  • South Africa’s Mr Price full-year earnings fall, scraps dividend

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

macroafricaintel Daily Brief | 25 Jun

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

Global Markets

  • Stocks sell-off as coronavirus surge knocks recovery hopes
  • Virus surges in US, new restrictions considered
  • AxJ down 0.7%, falls over 1% in Japan & Australia
  • US stock futures down 0.7%; dollar steady

Oil Markets

  • Oil prices hold ground after sharp retreat on virus fears
  • Brent up 0.1% at $40.36 a barrel (0129GMT)
  • WTI up 0.3% at $38.13

Precious metals

  • Gold firms as fears of second pandemic wave boost safe-haven bids
  • Spot gold up 0.2% at $1,764.20/oz. (0059GMT)
  • US gold futures down 0.1% at $1,773.60/oz.

Grains

  • Corn falls to near 3-wk low on ample supplies, weak demand
  • Corn futures down 0.2% at $3.23-3/4 a bushel (0137GMT)
  • Soybeans down 0.1% at $8.69-1/2 a bushel
  • Wheat down 0.3% at $3.84-1/4 a bushel

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

  • Nigeria’s Buhari attends crucial ruling APC party executive committee meeting
  • Kenya’s Kenyatta meets county governors; cabinet reshuffle imminent
  • South Africa’s Mabuza briefs parliament on Eskom
  • Kenya senate hears impeached Kirinyaga county governor Waiguru’s defense; ruling tomorrow (26 Jun)
  • Corporate Council on Africa leaders forum; Kagame, Kenyatta, Nyusi & Akufo-Addo key speakers; 23-26 Jun
  • South Africa producer inflation Apr-20 [fcst. 3.6% yy, prev. 4.5%]
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Bank of Central African States says region’s 2020 GDP to shrink 5.9%
  • Malawi media give opposition candidte 55% lead in presidential election
  • Former South Africa president De Klerk withdraws from US rights talk
  • Congo police disperse parliament protesters with tear gas, water cannon
  • Pompeo says China’a Africa lending creates unsustainable debt burdens
  • South Africa rolls out continent’s first trials for covid-19 vaccine
  • Sierra Leone protests demand justice after girl, 5, raped and killed
  • Ethiopia rejects Tigray region’s call for election, citing pandemic
  • Western donors hope to Sudan cash scheme with $500 mln – diplomats
  • South Africa urges support for SAA resuce but allocates no new funds
  • Artisanal miner in Tanzania finds large rare gemstones worth $3.3 mln
  • South Africa’s Harmony to start share sale to fund AngloGold deal
  • Africa Oil – Nigerian programmes show no sharp cuts
  • Sudan to establish trade financing fund in face of forex shortage
  • Three dead in violence at SMB’s coltan mine in Congo
  • South Africa rand little moved by emergency budget, bonds rally
  • South Africa’s debt grows into hippo “eating our children’s inheritance”
  • Egypt looking to sell majority stake in Arab Investment Bank, potential buyers say
  • Kenya’s central bank extends mobile payments relief by six months
  • South Africa’s Implats lifts force majeure, revises 2020 output
  • Zambia health minister arrested for corruption
  • South Africa’s budget deficit seen widening to 14.6% of GDP
  • IMF forecasts deeper recession for sub-Saharan Africa
  • MTN to launch 5G network in South Africa next week
  • With no tourists to watch migration, Kenya operator’s planes are grounded
  • Nigeria talking to World Bank and others to raise $6.5 bln
  • Nigeria central bank to work t unify FX rates across markets
  • All African countries now have coronavirus lab testing capacity – WHO chief
  • Migrant workers need support, jobs at home after pandemic disruption – ILO
  • The big chill: How Africa is moving to battle ‘zombie’ appliances
  • South Africa retail sales up 2.7% y/y in March
  • Nigeria’s rating at risk as debt, financing gap rise – Fitch
  • World Bank approves $750 mln loan for Nigeria’s power sector
  • South Africa govt urges creditors to support SAA rescue plan
  • South Africa inflation sinks to 15-yr low 3.0% y/y in April
  • Kenya shilling firm amid end month demand
  • Uganda shilling flat amid subdued activity
  • South Africa’s African Bank falls to H1 loss after taking charge
  • South Africa’s Sun International close properties, cuts jobs as pandemic pressure mounts
  • Zimbabwe fuel prices more than double
  • South Africa’s Pepkor raises nearly 2 bln rand via share placement
  • Australia’s FAR says Senegal unit in default over Sangomar project

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

macroafricaintel Daily Brief | 24 Jun

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

Global Markets

  • Asia stocks touch 4-mth top on dogged optimism
  • Asia ex-Japan nudges to highest since early March
  • Market assumes economies to re-open even as virus rages
  • Dollar remains inversely correlated to risk
  • Gold near 7-1/2-yr peak, oil off a 4-mth top

Oil Markets

  • Oil edges lower as US stockpiles grow more than expected
  • Brent down 2 cents at $42.61 a barrel (0045GMT)
  • WTI down 4 cents at $40.33

Precious metals

  • Gold hovers near 8-yr high as second coronavirus wave fears mount
  • Spot gold up 0.2% at $1,769.76/oz. (0234GMT)
  • US gold futures up 0.2% at $1,785.80/oz.

Grains

  • Corn falls for 3rd session on US weather; wheat climbs
  • Corn futures down 0.2% at $3.24-1/2 a bushel (0007GMT)
  • Wheat up 0.2% at $4.92 a bushel
  • Soybeans flat at $8.75 a bushel

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

  • South Africa’s Mboweni delivers supplementary covid-19 budget speech
  • Africa CDC webinar on covid-19 vaccine; Ramaphosa et al. to participate
  • Corporate Council on Africa leaders forum; Kagame, Kenyatta, Nyusi & Akufo-Addo key speakers
  • South Africa inflation Apr-20 [fcst. 4.1% yy, prev. 4.1%]
  • Vote-counting of Malawi presidential poll rerun starts
  • South Africa SACCI business confidence May-20 [prev. 77.8]
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • IMF, Sudan reach agreement on macroeconomic policies structural reforms
  • Algeria names new energy and finance ministers – state TV
  • South Africa’s Aspen could supply 10 mln dexamethasone pills in covid-19 crisis
  • Nigeria’s Buhari sees threat to West African currency plan
  • Tanzania arrests opposition party leader, revokes newspaper licence
  • Zimbabwe dollar falls at first weekly forex auction
  • South Africa trade union takes state arms firm to court over wage payments
  • Africa Oil – Nigeria raises term prices, trims Qua loadings
  • UK Supreme Court hears Nigeria communities’ case against Shell
  • South Africa sees investors putting billions into infrastructure drive
  • World Bank lends Morocco $500 mln to improve access to online finance
  • South Africa rand firmer as market awaits budget
  • South Africa’s Comair administrators to present restructuring plan by June 30
  • Egypt lifts night curfew, eases coronavirus restrictions from Saturday
  • Libya and foreign forces mobilise at Sirte, Arab ministers urge calm
  • South Africa unemployment rate hit record high, rises to 30.1% in Q1, before virus
  • South Africa receives unsolicited proposals for new national airline
  • Zambia approves $438 mln covid-19 economic stimulus package
  • South Africa’s Comair gets cash offer, needs a week to secure funding, say administrators
  • Former South Africa president Zuma appears in court for resumed graft trial
  • Congo officials vow to tackle child labour at mines as virus threatens spike
  • Kenya shilling holds steady against the dollar
  • Uganda shilling weakens slightly on uptick in importer demand
  • Zimbabwe’s Centragrid to scale up solar output

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

macroafricaintel Daily Brief | 23 Jun

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

Global Markets

  • Asia stocks swing wildly on US-China trade deal mix-up
  • MSCI Asia-Pacific ex-J up 0.7%
  • China blue-chips recover, Hang Seng up 0.7%
  • Australia shares up 0.1%, Nikkei up 0.8%

Oil Markets

  • Oil prices steady amid signs of demand coming back after coronavirus
  • Brent up 6 cents at $43.14 a barrel (0046GMT)
  • WTI up 8 cents at $40.81

Precious metals

  • Gold slips ahead of euro PMI data, second virus wave fears cap losses
  • Spot gold down 0.2% at $1,750.75/oz. (0324GMT)
  • US gold futures down 0.2% at $1,763.70/oz.

Grains

  • Corn falls to near 1-wk low on upbeat USDA crop condition report
  • Corn futures down 0.5% at $3.26-3/4 a bushel (0111GMT)
  • Soybeans up 0.1% at $8.77-1/2 a bushel
  • Wheat down 0.4% at $4.87-1/2 a bushel

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

  • Malawi court-ordered presidential election rerun
  • Nigeria’s Buhari & other WAMZ heads of state meet (virtual)
  • South Africa publishes Q1-2020 labour statistics
  • South Africa’s Zuma returns to court for corruption trial
  • Kenya senate hears impeached Kirinyaga county governor Waiguru’s defense
  • South Africa’s Ramaphosa opens inaugural sustainable infrastructure symposium
  • Nigeria finance minister Ahmed speaks at NESG webinar
  • South Africa SACCI business confidence May-20 [prev. 77.8]
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Malawi election re-run a test case for African democracy
  • Liberia extends covid-19 state of emergency as cases rise ‘exponentially’
  • South Africa’s City Lodge to raise 1.2 bln rand via rights issue
  • South Africa’s Cell C plans to lay off 960 workers as it streamlines operations
  • Coronavirus slowdown squeezes Ivory Coast cotton sector
  • South Africa rand steadies as focus shifts to budget
  • Suspected militant head arrested in Ivory Coast
  • South Africa to oppose Airlink’s bid to halt SAA creditors meeting
  • Namibia further relaxes coronavirus restrictions despite rising case
  • South Africa’s Aspen says it has capacity to meet demand for dexamethasone
  • Nigeria’s WTO candidate gets regional backing – document
  • Nigeria doctors suspend strike over benefits to hold talks
  • Turkey dismisses Egypt warning of Libya intervention
  • Morocco used NSO’s spyware to snoop on journalist, Amnesty says
  • Police, job-seeking protesters clash in Tunisia city of Tataouine
  • South Africa Telkom axes dividends for 3 years after profit slide
  • Ivory Coast says arrested head of commando unit of June 10 attack
  • Minibus drivers in South Africa strike over coronavirus funding
  • Mozambique offers $2.5 bln funding guarantee to LNG project, says report
  • Morocco’s CPI drops to 0.2% y/y in May – planning agency
  • ICC prosecutors cite grave errors in Ivory Coast’s Gbagbo acquittal at start of appeal
  • Uganda shilling trades unchanged amid flat appetite
  • South Africa’s Edcon creditors go to court to halt restructuring meeting
  • South Africa’s Omnia Holdings in talks for sale of Oro Agri unit

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

macroafricaintel Daily Brief | 22 Jun

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

Global Markets

  • Stocks try to shake off second wave virus fears
  • S&P 500 futures erase early gains but second wave fears persist
  • Gold near 7-1/2-year peak touched last month
  • Hong Kong in focus after China reveals details of security law

Oil Markets

  • Oil edges up on tighter supply, but demand concerns check gains
  • Brent up 9 cents at $42.28 a barrel (0009GMT)
  • WTI up 1 cent at $39.76

Precious metals

  • Gold hits 1-mth peak as rising virus fears boost demand
  • Spot gold up 0.7% at $1,754.74/oz. (0225GMT)
  • US gold futures up 1.1% at $1,771.40/oz.
  • SPDR Gold Trust holdings rose 2% on Friday
  • Specs raise gold bullish positions in week to June 16 – CFTC
  • Silver hits more than 1-wk high

Grains

  • Soybeans falls from near 3-mth high, hopes of Chinese demand cap losses
  • Soybean futures down 0.1% at $8.75-1/2 a bushel (0110GMT)
  • Corn down 0.3% at $3.31-1/2 a bushel
  • Wheat down 0.2% at $4.80-1/4 a bushel

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

  • Kenya’s Kenyatta meets ruling Jubilee MPs; cabinet reshuffle imminent
  • Ghana reopens senior high schools
  • Ghana opposition NDC press briefing
  • South Africa SACCI business confidence May-20 [prev. 77.8]
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Morocco to resume domestic flights starting June 25
  • Egypt high school pupils, masked and gloved, head into exams
  • Former South Africa president De Klerk withdraws from US rights talk
  • UK police arrested Libya man after knife attack in Reading – security source
  • US farming body and Zambia firm partner aim to boost crop yields
  • Ivory Coast ex-president Bedie says he will run in 2020 election
  • Blasts kill 7 people in southern and central Somalia
  • Egypt has a legitimate right to intervene in Libya, Sisi says
  • Egypt is committed to a diplomatic solution to Ethiopia’s dam crisis – Sisi
  • West Africa bloc urges Mali to re-run disputed elections amid mass protests
  • Zimbabwe health minister granted bail over $60 mln graft claims
  • Congo court sentences president’s chief of staff to 20 years in prison
  • Egypt’s Sisi orders army to be ready for missions abroad amid tensions over Libya
  • UN calls for calm, dialogue amid huge Mali protests
  • IMF approves $148 mln emergency credit for Guinea
  • New Development Bank provides South Africa with $1 bln covid-19 loan
  • Egypt calls for UN intervention in talks on Ethiopia’s GERD
  • Rwanda GDP growth slows to 3.6% in Q1 2020 from 6.1% in the same period last year
  • Swiss prosecutors launch Glencore criminal probe over Congo
  • Thousand of protesters demand Mali president step down
  • Morocco records biggest single-day rise in covid cases
  • Nigeria levies $598 mln from banks via cash ratio debit ahead of FX auction
  • Ivory Coast cocoa traders seek fairer share of fairtrade, letter shows
  • Africa Oil – Angola July supply clearing, Vitol wins tender
  • Glencore’s South Africa venture with Merafe starts job cuts process
  • Bangladesh arrests dozens after migrant workers murdered in Libya
  • Kenya shilling firm, supported by horticulture export inflows
  • South Africa unions reject SAA rescue plan over job cuts
  • Russia sovereign fund chief says no point extending OPEC+ cuts – RBC

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

macroafricaintel Daily Brief | 19 Jun

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

Global Markets

  • Stocks stutter as second wave virus fears test recovery hopes
  • Investors worry about second wave of covid
  • Oil prices support energy-related shares
  • Dollar benefits as safe haven currency

Oil Markets

  • Oil prices inch up on faith in supply cuts, demand recovery
  • Brent up 0.2% at $41.58 a barrel (0101GMT)
  • WTI up 0.4% at $38.98

Precious metals

  • Gold ticks higher on virus fears; firm dollar caps gains
  • Spot gold up 0.1% at $1,724.91/oz. (0253GMT)
  • US gold futures up 0.2% at $1,733.90/oz.

Grains

  • Wheat lingers near 8-mth low, set to finish week down 4%
  • Wheat futures down almost 4% for the week
  • Soybeans up 0.1% for the week
  • Corn down 0.5% for the week

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

  • South Africa briefing on new covid alert level 3 measures expected
  • Africa innovation & investment forum 2020; 15-19 Jun
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Egypt surpasses 50,000 confirmed coronavirus cases
  • Ethiopia dam talks stall with proposal for mediation by PMs
  • Barrick Gold alerts authorities after fake news release claims it sold [Zambia] Lumwana mine
  • After second round of voting, Kenya wins spot on UN security council
  • South Africa’s Naspers says earnings for year end March to fall 10-16%
  • At least 13 killed in landslide in Ivory Coast’s main city
  • Algeria in talks with Desertec over solar power projects
  • Mozambique court jails police officers for murder of election observer
  • Sudan approves plan to liquidate, privatise state firms
  • Africa Oil – Chinese buying abating, unlikely to rebound quickly
  • South Africa’s rand, stocks slide as second wave coronavirus fears resurface
  • Nigeria president rebukes security chiefs over worsening violence
  • Kenya president says talks on trade deal with US delayed
  • Russia aircraft active in Libya, AFRICOM says
  • Iraq tells OPEC+ it will compensate for high May oil production
  • Burundi incoming president vos to unite nation isolated over rights abuses
  • South Africa retailer TFG looks to raise $229 mln via rights issue
  • ArcelorMittal South Africa plans job cuts following pandemic hit
  • China’s Shandong Gold to buy Ghana-focused Cardinal Resources for $221 mln
  • Suspects accused of huge South Africa bank theft appear in court
  • South Africa – Cape Town had covid-19 infections earlier than thought, says health official
  • South Africa’s SABC preparing to lay off 600 workers
  • Uganda, Kenya shilling, Zambia kwacha to be stable
  • Ethiopia dam talks stall with proposal for mediation by PMs
  • Nigeria naira recovers after it opens sharply weaker on official window
  • South Africa’s bad debts may hit highest ever level of 10% due to virus
  • Amazon to hire 3,000 people in South Africa for customer service roles
  • Burundi swears in incoming president, week after predecessor’s death
  • Nigeria’s naira opens weaker on official window for second session
  • Kenya video-conference platform elbows its way into crowded field
  • Nigerians face tough job market amid coronavirus outbreak
  • Zambia mining revenues drop 30% due to covid-19, chamber of mines says
  • South Africa’s Sasol revamp to cut jobs, focus on core businesses
  • South Africa non-performing bank loans could hit 10% on covid – association director
  • Uganda shilling trades unchanged, dollar appetite low
  • South Africa’s Amplats targets mines at 75-80% capacity by end-year
  • China will exempt some African countries from repaying certain loans
  • South Africa’s Sasol to discontinue all oil growth activities in West Africa

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