Monthly Archives: June 2020

macroafricaintel Daily Brief | 18 Jun

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

Global Markets

  • Global stocks retreat on rising second wave fears
  • S&P 500 futures, MSCI ex-Japan Asia shares down more than 1%
  • Investors fret over rise in infections in US, China
  • Australia dollar hit by weak local jobs data

Oil Markets

  • Oil prices drop on demand worries as coronavirus cases rise
  • Brent down 1.1% at $40.26 a barrel (0035GMT)
  • WTI down 1.6% at $37.36

Precious metals

  • Gold flat as dollar strength checks concerns over virus case spike
  • Spot gold flat at $1,725.90/oz. (0256GMT)
  • US gold futures nearly unchanged at $1,734.70/oz.

Grains

  • Wheat hits 8-mth low on ample global stocks
  • Wheat futures down 0.5% at $4.86-1/2 a bushel (0113GMT)
  • Soybeans down 0.1% at $8.70-1/2 a bushel
  • Corn up 0.2% at $3.29-1/2 a bushel

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

  • AU chair & South Africa president, Ramaphosa, briefs press on continental covid efforts
  • Kenya’s Kenyatta speaks at the Atlantic Council on US-Africa trade; cabinet reshuffle reportedly imminent
  • Kenya (AU endorsed candidate) & Djibouti vie for UN security council Africa slot in second round vote
  • Burundi president-elect Ndayishimiye takes oath of office
  • South Africa VBS Mutual Bank fraud suspects appear in court
  • South Africa ministerial 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

  • WHO halts trial of hydroxychloroquine in covid-19 patients
  • Turkey says discussed lasting ceasefire during Libya trip
  • Oxford college says it wants to remove statue of colonialist Rhodes
  • With climate change, conflict & covid, stresses grow for Mali villagers
  • South Africa coronavirus restrictions further eased for casinos, salons
  • Sudan extends lockdown in Khartoum state to June 29
  • West Africa ministers propose phased re-opening of borders
  • France accuses Turkey of hostile acts to stop enforcement of Libya arms embargo
  • Zimbabwe hikes govt salaries 50% as nurses picket for pay in dollars
  • Namibia faces red locust invasion
  • Ghana Cocobod seeks club deal as banks refuse underwriting risk
  • South Africa’s rand inches up, Aspen leads stocks higher
  • South Africa Land Bank close to completing restructuring plan
  • OPEC+ panel makes no recommendation on supply cuts – sources
  • Congo cuts 2020 economic growth forecast to -2.4% – cbank
  • Egypt passes electoral changes that could bolster Sisi supporters
  • Africa Oil – Angola June cargoes selling, differentials steady
  • Important to use dexamethasone only for serious covid cases – WHO
  • OPEC points to 2020 oil surplus even as demand gradually recovers
  • Ugandans join global push to rename colonial-era landmarks
  • China will exempt some African countries from repaying certain loans
  • Poor health and family ties brought Rwanda genocide suspect into custody
  • Zimbabwe nurses protest to demand US dollar salaries
  • South Sudan parties agree on state governorships, in step closer to peace
  • Ghana GDP growth slows to 4.9% y/y in first quarter
  • Acacia Mining employees pay Tanzania $650,000 in tax evasion case
  • Turkish ministers visit Libya, Tripoli govt says
  • Sudan further opens gold trade to private sector
  • Eight suspects arrested in South Africa’s “biggest bank robbery” VBS fraud case
  • Tunisia economy could shrink by as much as 7% this year
  • Nigeria naira slides on official market on plan to align exchange rates
  • Acacia Mining employees released from Tanzania jail
  • Nigeria to seek uniform exchange rates, finmin says
  • Moscow urges US to help reach Libya ceasefire – RIA
  • Nigeria naira opens weaker at 385 per dollar on official window
  • Kenya shilling firm on tight liquidity, low importer demand
  • Nigeria inflation rises in May to 12.4%, lifted by food and drug prices
  • South Africa’s Tongaat to sell eSwatini sugarcane farm for $21 mln
  • South Africa’s Massmart warns of 50% deeper half-year loss due to lockdown

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

macroafricaintel Daily Brief | 17 Jun

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

Global Markets

  • Asia stocks given pause by virus surge, geopolitics
  • Nikkei eases back after rally, S&P 500 futures dip
  • Mood restrained by surge in virus cases, China/India spat
  • Recovery hopes supported by jump in US retail sales

Oil Markets

  • Oil falls on rise in US crude stocks, virus resurgence fears
  • Brent down 1.0% at $40.56 a barrel (0047GMT)
  • WTI down 1.5% at $37.79

Precious metals

  • Gold steady as virus fears offset firmer equities, dollar
  • Spot gold flat at $1,727.22/oz. (0054GMT)
  • US gold futures steady at $1,737/oz.

Grains

  • Wheat drops for 2nd session on harvest pressure, soybeans fall
  • Wheat futures down 0.2% at $4.95-1/4 a bushel (0102GMT)
  • Soybeans down 0.1% at $8.66-1/4 a bushel
  • Corn down 0.5% at $3.27-1/2 a bushel

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

  • Bank of Namibia decides on interest rates [fcst. 3.75%, prev. 4.25%]
  • Nigeria inflation May-20 [fcst. 12.4% yy, prev. 12.3%]
  • Malawi lawyers protest action on judicial independence
  • 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

  • World Bank provides $400 mln to boost health insurance in Egypt
  • Around 9% of Guinea-Bissau health workers have been infected with covid-19
  • Congo mining provinces impose new covid-19 lockdowns
  • Nigeria’s Lagos state suspends plans to reopen places of worship
  • South Africa Airways rescue plan needs over 10 bln rand to work
  • South Africa Airways administrators propose restructuring plan
  • Congo says it will launch a tender for a new passport maker after Semlex talks fail
  • Congo probing ‘violent death’ of judge in landmark graft trial
  • Turkey accuses France of exacerbating Libya crisis
  • Morocco central bank cuts rates to 1.5% to shore up economy
  • Judge in landmark Congo graft trial died violent death, says minister
  • Bodies of children and others found in Libya town after LNA retreat, Red Crescent says
  • Red Cross fears coronavirus spreading silently in Somalia’s displaced camps
  • Egypt Air seeking $185 mln from state banks to weather crisis
  • Dozens missing after boat capsizes on Congo side of Lake Kivu
  • Egypt’s GASC seeking vegoils in local tender for arrival August 10-30
  • Merkel, Erdogan agree UN process for Libya should be bolstered – statement
  • Cameroon archbishop says treating covid-19 with plant-based remedy
  • World Bank approves $1 bln for health, education in Congo
  • Uganda to hold elections in early 2021, campaign rallies banned
  • Egypt seeks loan of over $1 bln, taps UAE banks – sources
  • Tanzania president Magufuli dissolves parliament before vote, touts development record
  • Ivory Coast requests debt holiday from creditors including Paris Club
  • Murders of South Africa women as lockdown eases sparks online campaigns
  • Mali fights coronavirus, cotton farmers fear loss of climate aid
  • Zimbabwe gold miner RioZim halts production over payment delays
  • UK’s SFO ends probe in to De La Rue’s South Sudan dealings

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

macroafricaintel Daily Brief | 16 Jun

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

Global Markets

  • Asia shares jump, yields rise as Fed readies corp bond buying
  • Fed announces start of corporate bond buying programme
  • Asia equities rally as mood improves
  • Treasury yields edge higher

Oil Markets

  • Oil prices ease as coronavirus infections rise
  • Brent down 0.4% at $39.58 a barrel (0027GMT)
  • WTI down 0.7% at $36.88

Precious metals

  • Gold gains after Fed ramps up support measures
  • Spot gold up 0.1% at $1,726.04/oz. (0504GMT)
  • US gold futures up 0.4% at $1,733.90/oz.

Grains

  • Chicago corn jumps over 1% as warm weather hits US crop; wheat gains
  • Corn futures up 1.1% at $3.32-3/4 a bushel (0339GMT)
  • Wheat up 0.5% at $5.07 a bushel
  • Soybeans up 0.4% at $8.72 a bushel

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

  • Nigeria Senate investigative public hearing on the power sector
  • South Africa opposition EFF virtual youth rally; Malema to speak
  • Africa innovation & investment forum 2020; 15-19 Jun
  • Nigeria resident doctors go on strike over PPEs
  • Kenya’s Kenyatta speaks at Atlantic Council on US-Africa trade
  • Uganda opposition coalition protest against Museveni
  • World Bank discusses Africa’s fiscal policy space to address covid-19 economic impacts; Okonjo-Iweala key speaker
  • Nigeria inflation May-20 [fcst. 12.4% yy, prev. 12.3%]
  • 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

  • Cape Verde can hold businessman who is close to Maduro for up to 40 days pending extradition
  • Botswana lifts coronavirus lockdown in capital city
  • Mali says 24 soldiers killed in ambush on Sunday
  • France wants talks about ‘aggressive’ Turkish role in Libya
  • Nigeria doctors strike for better benefits during coronavirus crisis
  • Senegal says two soldiers killed after vehicle hit anti-tank mine
  • South Africa rand drops as virus fears hit riskier assets
  • Sudan finds mass grave of conscripts killed during Bashir’s rule
  • South Africa’s Telkom flags 70% fall in annual earnings
  • Africa Oil – Angolan programmes awaited amid glut
  • Kinross Gold resolves Mauritania disputes and secures expansion
  • Gunmen ambush Mali army convoy, soldiers killed – residents
  • Turkey eyes Libya bases for lasting military foothold – source
  • Up to 17 infected, 11 dead in new ebola outbreak in Congo
  • For black people in France, George Floyd protests are personal
  • Nigeria sells 162.6 bln naira of [sukuk] bonds – debt office
  • Botswana investigates 154 elephant deaths, rules out poaching
  • Turkey says no issues with Russia on Libya after talks delayed
  • Siege of Libya’s Sirte behind Turkey-Russia talks delay – Turkish official
  • Sudan war crimes charges are untrue, suspect says
  • IMF cuts Senegal’s 2020 GDP forecast to 1.1%
  • UN rights expert asks to give evidence in South Africa air pollution case
  • UN rights body to examine US racism, police brutality – statement
  • Kenya shilling holds steady, remittances and horticulture exports help
  • Credit from Safaricom’s farming app sows seeds of change in Kenya
  • Congo fashion designer goes virtual as virus hits runway shows
  • South Africa Discovery warns of up to 90% profit plunge
  • Congo’s gold being smuggled out by the tonne, UN report finds
  • Tunisia PM decides against relying on more external debt, will freeze salaries

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

macroafricaintel Daily Brief | 15 Jun

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

Global Markets

  • Asia stocks, oil fall as second wave fears grow
  • MSCI Asia-Pacific shares ex-Japan down 0.3%
  • Australia shares off 0.1%
  • South Korea easing 0.3%
  • Nikkei down 0.7%

Oil Markets

  • Oil prices drop as rising US coronavirus cases stoke fears of weak fuel demand
  • Brent down 1.7% at $38.07 a barrel (0016GMT)
  • WTI down 2.2% at $35.45

Precious metals

  • Gold steady as second wave fears weigh on risky assets
  • Spot gold steady at $1,729.40/oz. (0316GMT)
  • US gold futures down 0.1% at $1,734.90/oz.

Grains

  • Wheat falls on ample supplies, Chinese buying supports soybeans
  • Wheat futures down 0.3% at $5.00-3/4 a bushel (0039GMT)
  • Soybeans down 0.1% at $8.70-1/2 a bushel
  • Corn down 0.1% at $3.29-3/4 a bushel

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

  • Ghana starts phased reopening of schools
  • Nigeria inflation May-20 [fcst. 12.4% yy, prev. 12.3%]
  • 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

  • Tunisia PM decides against relying on more external debt, will freeze salaries
  • Morocco’s king undergoes successful heart surgery – agency
  • Ghana’s president says health minister tested positive for covid-19
  • Veteran Congo politician Pierre Lumbi dies from coronavirus
  • Tunisia prime minister decides against relying on more external debt
  • Orange eyes Nigeria, South Africa as possible new markets
  • Egypt to reopen all airports on July 1, aviation minister says
  • Zambia asks Paris Club for suspension of debt payments until December
  • Sudan to introduce direct cash payments to its neediest citizens
  • Sudan extends airport closures by another two weeks due to coronavirus
  • Police officer, two militants killed in Kenya, says security official
  • South Africa consults with industry on nuclear power plans
  • Turkey and Russia put off talks expected to tackle Libya and Syria
  • UN says two peacekeepers killed in an attack on a convoy in Mali
  • Militants kill 20 soldiers, 40 civilians in northeast Nigeria attacks
  • Algeria to further relax coronavirus lockdown
  • Egypt confirms highest daily rise of new covid-19 cases and deaths
  • Death toll in migrant ship disaster off Tunisia rises to 61
  • Egypt registers highest daily rise in coronavirus cases in nearly two weeks
  • Botswana reinstates strict coronavirus lockdown in capital city
  • Somalia’s [militant group] says sets up covid-19 treatment centre
  • Congo’s gold being smuggled out by the tonne, UN report finds
  • Tear gas fired as crowd seizes Kenya pop star’s body to halt hasty covid funeral
  • Nigeria’s daily oil output overfull OPEC+ deal – Kyari
  • Popular 25-yr old Uganda gorilla killed at UNESCO park
  • France launches Sahel coalition to fight rising violence
  • Africa Oil – Differentials slide as virus fears, margins weigh
  • South Africa’s rand recovers slightly after selloff
  • Kenya central bank to hold its rate-setting meeting on June 25
  • Coronavirus exposes ‘brutal inequality’ of South Africa townships
  • Burundi president-elect to take power immediately after death of ex-leader
  • Risk of new lockdowns rises with fear of second covid-19 wave
  • French court allows to access to archives on 1994 Rwanda genocide
  • US report on child labour on West Africa cocoa farms faces review after criticism
  • Leopold not to blame for Congo abuse, Belgian king’s brother says
  • South Africa mobile data-only operator plans 5G expansion
  • Malawi 2020 GDP to shrink if coronavirus persists, finmin says
  • New Lesotho PM Majoro says to focus on stability after scandal
  • Gambia ‘Jungler’ arrested in US for role in torture program
  • South Africa should consider zero-based budgeting, finmin says
  • Activists remove statue of Belgian colonial King Leopold II in Brussels
  • Kenya’s Centum confident can weather coronavirus crisis
  • Kenya shilling biased toward stronger side on remittance flows
  • Uganda shilling inches up as some banks trim positions
  • Ruth, 8, tags along as Great Ethiopian Run goes virtual
  • South Africa’s TymeBank rethinks unsecured loans after coronavirus
  • Coronavirus slams West Africa’s cashew market, some crops left to rot
  • South Africa’s rand bounces back after sell-off
  • Kenya’s Centum Investment says full year pretax profit up 85% to 8.2 bln shillings
  • Ethiopia moves children from streets to shelters to slow coronavirus
  • UN warns coronavirus may push millions of children into underage labour

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

macroafricaintel Daily Brief | 12 Jun

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

Global Markets

  • Asia shares, oil slump as coronavirus fears take hold
  • Equities slump on resurgence of coroanviru infections
  • Oil futures extend sell-off on demand worries
  • Yuan slips against dollar as coronavirus rattles Asian FX

Oil Markets

  • Oil prices extend slump as US coronavirus cases climb
  • Brent down 3% at $37.40/barrel (0011GMT)
  • WTI down nearly 4% at $35.02

Precious metals

  • Gold steady as firmer dollar offsets risk-off sentiment
  • Spot gold flat at $1,727.24/oz. (0056GMT)
  • US gold futures down 0.4% at $1,733.30/oz.

Grains

  • Wheat hits near 3-wk low on ample supply forecast, set to end week 3.5% lower
  • Wheat futures set for 3.5% drop for the week
  • Soybean down 0.5% week thus far
  • Corn futures down 0.5% for the week

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

  • Democracy day in Nigeria; public holiday & Buhari speech
  • South Africa’s Mabuza in North West to assess covid response
  • 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

  • Kenya’s Centum Investment says full year pretax profit up 85% to 8.2 bln shillings
  • Coronavirus crisis could see number of extreme poor rise to 1.1 bln worldwide
  • Egypt raids activist’s family after US suit against former PM – lawyers
  • US wary of Egypt truce effort in Libya, wants former Danish PM to lead UN peace bid
  • Congo prosecutor seeks 20-yr sentence for president’s chief of staff
  • UN decries reported mass graves found in Libya town after LNA retreat
  • IMF approves additional $111.06 mln to Rwanda to address covid-19 pandemic
  • South Africa activists threaten to sue over nuclear plan
  • Mercy Corps says more than $600,000 lost in Congo aid scam
  • Tanzania says it has begun negotiations over debt relief to shore economy
  • Congo prosecutor seeks 20-yr sentence for president’s chief of staff
  • Egypt to open seaside resorts to foreigners from July 1
  • Burundi constitutional court to decide interim leader after president’s death
  • South Africa rand tumbles on Fed, dismal domestic data
  • Africa’s MultiChoice looks to Netflix and Amazon in strategy shift
  • Africa free trade zone could launch on Jan. 1, says official
  • Africa Oil – Nigeria offers steady with margins still under pressure
  • Kenya arrests 3 policemen for dragging woman behind motorbike
  • Kenya targets tax exemptions to boost coronavirus-hit revenue
  • Pandemic accelerating in Africa, test kits needed, WHO says
  • Tanzania has begun negotiations with G20 nations over debt relief – finmin
  • Ethiopia 2020/21 growth seen at 8.5%, spending to rise 6.8% – finmin
  • South Africa’s Harmony expects to be at full production by around mid-July
  • At least 10 Ivory Coast soldiers killed in attack near Burkina border, army says
  • Uganda to boost external funding to shore up budget
  • Kenya sets a budget deficit of 7.5% of GDP in 2020/21 FY
  • Nigeria Senate passes revised 10.8 tln naira budget based on $28/bbl oil
  • Kenya currency under pressure, Uganda’s firming; in week ahead
  • Angola oil export value plunges 48% in May – finance ministry
  • Uganda to reduce taxes on mobile banking & mobile money transactions – budget speech
  • International trade set to shrink 27% in Q2 after April “nosedive”, says UNCTAD
  • South Africa court rules independent candidates can contest elections
  • Death toll in migrant ship disaster off Tunisia rises to 46
  • South Africa mining output plunges on covid-19 lockdown
  • South Africa manufacturing output down 5.4% y/y in March
  • Namibia economy contracts 0.8% in Q1 2020
  • Turkey says US needs to play more active role in Libya
  • Africa coronavirus “hotspots” in South Africa, Algeria, Cameroon – WHO
  • Kenya shilling loses ground as importers exert demand
  • Uganda shilling unchanged ahead of budget speech
  • Tanzania raises 2020 growth forecast to 5.5% from 4% – finmin
  • Jobs gone, investments wasted: Africa’s deserted safaris leave mounting toll
  • Uganda wants people to leave flooded wetlands – and not come back

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

macroafricaintel Daily Brief | 11 Jun

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

Global Markets

  • Asia stock rush pauses, bonds rally on sober Fed
  • Ex-Asia stocks pause after 10-session winning streak
  • Fed cautious on economy, ready to take further action
  • Bonds rally as Fed mulls yield curve control, guidance
  • Dollar near 3-mth lows on dovish outlook

Oil Markets

  • Oil prices slide on concerns about patchy demand recovery, record US stocks
  • Brent down 2.0% at $40.88 a barrel (0031GMT)
  • WTI down 2.2% at $38.74 a barrel

Precious metals

  • Gold hits over 1-wk high on gloomy US Fed outlook
  • Spot gold down 0.2% at $1,732.56/oz. (0114GMT)
  • US gold futures up 1.2% at $1,741.90/oz.

Grains

  • Chicago soybeans trade near 2-mth peak on strong China demand
  • Soybean futures down 0.1% at $8.64-1/4 a bushel (0142GMT)
  • Corn up 0.1% at $3.26-1/2 a bushel
  • Wheat up 0.2% at $5.07-1/4 a bushel

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

  • Kenya, Uganda & Tanzania finance ministers present 2020/21 budgets
  • Nigeria Senate expected to pass amended $30 billion 2020 budget
  • Burundi’s fragile presidential transition in focus
  • Statistics South Africa releases mining & manufacturing data for March & April
  • Nigeria MPs conduct public hearing on contentious health bill
  • 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

  • Ugandans melt plastic waste into coronavirus face shields
  • Pompeo welcomes agreement for UN Libya talks, urges speedy ceasefire
  • Nigeria minister calls for action on ‘alarming’ increase in rapes during coronavirus lockdown
  • Mali 2019 gold mining revenue boosted by strong output, prices
  • WHO hopes to work with US on ebola despite Trump criticism
  • Nigeria’s House send 10.8 trillion naira budget to Senate
  • UN Libya mission says warring sides have engaged in truce talks
  • Libya’s GNA & LNA engage in UN-supported 5+5 joint military commission talks – tweet
  • Morocco MPs rap virus lockdown extension, saying people “exhausted”
  • Nigeria 5-yr naira futures sink to 578 on dollar shortage
  • Nigeria’s House of Representative passes 10.8 tln naira budget based on $28/bbl oil
  • Egypt presidency says Trump welcomed Egypt’s proposal for Libya ceasefire in a call with President Sisi – statement
  • South Africa rand gains as dollar weakens ahead of Fed
  • Africa Oil – Nigeria to cut output by mid-July, HPCL issues tenders
  • Bandits kill at least 20 in northwest Nigeria’s Katsina state, say police
  • AfDB VP resigns, says unrelated to whistleblower probe
  • Zimbabwe president says currency under attack as prices spiral
  • South Africa Implats chairman to retire in October
  • Turkey dismisses Egypt proposal for Libya ceasefire – Hurriyet
  • Eni says situation at Libya’s Mellitah has returned to normal
  • Should we remove statues of Congo’s coloniser king, Belgium councillor asks
  • Paris Club debt freeze reaches $1.1 bln as Ethiopia, Pakistan get relief
  • Toppled statue of English slave trader to be moved to a museum
  • South Africa insurer Sanlam cautious about new business growth on recession worries
  • Burundi begins official mourning of President Nkurunziza
  • Ethiopia extends PM & lawmakers’ terms, to hold polls within a year
  • South Africa pay-TV firm MultiChoice reports first full-year profit
  • Hairdressers go underground as lockdown drags on in South Africa
  • Uganda shilling little-changed but may weaken on importer demand
  • Egypt headline inflation slowed to 4.7% in May – CAPMAS
  • Nigeria to reach OPEC+ compliance by mid-July
  • Zambia tackles ‘deliberate’ undervaluation of mineral exports
  • South Africa mall operator Hyprop says seeing pick up in rent collections
  • Libya’s NOC says output shut down at El Feel oilfield
  • South Africa business confidence hits record low as lockdown batters economy – survey
  • South Africa – Platinum processing continues at Amplats plant despite repairs
  • ArcelorMittal South Africa fined over hydrogen sulfide emissions
  • Battling Somalia’s epidemic, a grieving British doctor finds peace
  • Moody’s downgrades South Africa’s Land Bank deeper into ‘junk’
  • Kenya shilling weakens as easing lockdown restrictions boosts demand
  • South Africa Ascendis Health’s CFO resigns

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

macroafricaintel Daily Brief | 10 Jun

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

Global Markets

  • Asia shares creep higher as markets wait for Fed
  • MSCI AxJ index up 0.3%, Nikkei +0.1%
  • Currencies becalmed, yen firm
  • Fed statement due 1800GMT

Oil Markets

  • Oil drops after US inventory build renews oversupply concerns
  • Brent down 1.4% at $40.61 a barrel (0055GMT)
  • WTI down 1.8% at $38.26

Precious metals

  • Gold gains as equity rally pauses ahead of Fed verdict
  • Gold up for third straight session
  • Spot up gold 0.1% at $1,715.43/oz. (0248GMT)
  • US gold futures up 0.1% at $1,723.60/oz.

Grains

  • Soybeans rise on China demand, wheat snaps 3 day of losses
  • Soybean futures up 0.2% at $8.64-3/4 a bushel (0007GMT)
  • Wheat up 0.2% at $5.05-1/4 a bushel
  • Corn unchanged at $3.27-1/2 a bushel

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

  • Kenya’s Kenyatta meets county governors on covid preparedness
  • Burundi presidential transition after Nkurunziza death; Assembly president Nyabenda yet to be sworn in
  • 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

  • [Terrorist group] kills 69, razes village in northern Nigeria – sources
  • Libya’s NOC confirms continuation of force majeure at Sharara field
  • EU calls on conflict parties in Libya to withdraw foreign forces
  • Sudan committee seizes Bashir’s bank account, closes FX bureaus
  • Morocco to ease coronavirus lockdown measures
  • EU call on conflict parties in Libya to agree on ceasefire, withdraw foreign forces
  • Egypt, Ethiopia, Sudan resume talks on Blue Nile dam
  • Guinea signs Simandou iron deal with SMB-Winning consortium
  • Sudan – Darfur militia leader in ICC custody, face allegations of crimes against humanity
  • South Africans protest police brutality against poor under lockdown
  • Ivory Coast to reduce fees paid by domestic cocoa exporters
  • Outgoing Burundi president Nkurunziza, famed for soccer and violence, dies
  • Africa Oil – Spot activity muted after large tender
  • South Africa rand flat, stocks slip as risk bulls pause for Fed meeting
  • Malawi presidential re-run moved forward to June 23
  • Putin & Merkel discuss Syria, Libya, Ukraine in phone call – Kremlin
  • Coronavirus threatens Kenya goal to end FGM by 2022
  • South Africa airline SA Express escapes liquidation for now
  • At least 20 die as migrant boat sinks off Tunisia
  • Administrators propose sale of South Africa’s Edcon, see potential job cuts
  • Orange subsidiary to raise $174 mln on West African debt market
  • Tanzania opposition leader attacked by unidentified people
  • South Africa solar startup SunExchange raises $3 mln
  • Kenya shilling inches down against the dollar
  • South Africa’s Steinhoff flags pandemic hit, scraps Conforama Iberia sale
  • South Africa’s Life Healthcare hit by cyber attack
  • Kenya central bank to hold its rate-setting meeting on June 30
  • Libya’s NOC says “armed force” entered El Sharara oilfield, told employees to stop work

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

macroafricaintel Daily Brief | 9 Jun

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

Global Markets

  • Asia stocks extend rally as economic recovery hopes boost confidence
  • MSCI ex-Japan up for ninth straight session
  • Longest winning streak for the index since early 2018
  • Oil prices jump hopes for higher fuel demand as lockdowns ease
  • Analysts say the road to recovery is still long

Oil Markets

  • Oil prices rise on optimism easing of lockdowns to spur fuel demand
  • Brent up 1.4% at $41.36 a barrel (0134GMT)
  • WTI up 1.3% at $38.69

Precious metals

  • Gold inches higher, moves in tight range ahead of US Fed meeting
  • Spot gold up 0.1% at $1,695.48/oz. (0251GMT)
  • US gold futures down 0.2% at $1,701/oz.

Grains

  • Soybeans edge higher on China demand, upbeat USDA crop report check gains
  • Soybean futures up 0.1% at $8.65-1/4 a bushel (0100GMT)
  • Corn unchanged at $3.33-3/4 a bushel
  • Wheat up 0.3% at $5.13-1/4 a bushel

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

  • AU-UNECA virtual youth policy dialogue on covid-19
  • CSIS-CDD discussion on elections, democracy & covid-19 in West Africa
  • 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

  • Adminstrators propose sales plan for South Africa’s Edcon, see potential job cuts
  • Libya’s NOC says “armed force” entered El Sharara oilfield, told employees to stop work
  • WHO says pandemic ‘far from over’ as daily cases hit record high
  • Iraq is fully committed to the OPEC+ cut deal – oil minister
  • Erdogan says he and Trump agreed ‘some issues’ on Libya
  • Oil falls 3% despite OPEC+ cuts as Gulf ends voluntary curbs
  • Erdogan says he and Trump agree ‘some issues’ on Libya
  • Germany’s Merkel urges UN-backed Libya talks in phone call with Egypt’s Sisi
  • Arrest of military pilot sparks protests in Djibouti – lawyer, social media
  • Speaker of Ethiopia’s upper House resigns after polls postponed
  • Sudan calls for renewed talks on Blue Nile dam
  • At least half of mystery deaths in Nigeria’s Kano due to covid-19 – minister
  • Rivals Russia & Turkey both support a Libya peace process, Moscow says
  • South Africa’s rand creeps up as risk sentiment holds, stocks slip
  • South Africa SAA rescue plan delayed again after unions object
  • Africa Oil – India’s IOC mops up 6 cargoes
  • Schools reopen in South Africa as parents worry about safeguards
  • Tunisia ends coronavirus curfew
  • Libya’s NOC confirms El Feel production restart
  • Ghana to reduce MTN’s telecoms market share
  • World Bank expects Tanzania’s economic growth to fall to 2.5% in 2020
  • Uganda’s economic growth slumps to 3.1%
  • “Hunger is worse than corona”: Sudanese demand end to lockdown amid economic woes
  • “Enough is enough”: South Africa opposition leads protests outside US missions
  • Felling of slave trader prompts fresh look at British history
  • Uganda economic growth slumps to 3.1%
  • Norway to keep oil output cut unchanged after OPEC+ deal extension
  • Saudi Arabia says strong OSP is indication of oil demand returning
  • Russia backs Egypt peace initiative for warring factions in Libya conflict
  • Mali orders investigation into killings of 43 villagers
  • Uganda shilling inches on emerging markets optimism
  • Uganda central bank cuts policy rate to 7%
  • Oil prices expected to stay above $40 – PAJ boss Sugimori
  • Kenya shilling holds steady against the dollar
  • UAE says Egypt initiative for Libya boost peace track
  • Ninety One launches $600 mln fund targeting South Africa firms hit by covid-19

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

macroafricaintel Daily Brief | 8 Jun

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

Global Markets

  • World shares advance on surprise US job recovery, oil steadies
  • US stock futures hit highest since late Feb
  • Oil steadies near 3-mth high after output cuts extended

Oil Markets

  • Oil prices extend gains on OPEC+ cuts, record China imports
  • Brent up 2.1% at $43.19 per barrel (0500GMT)
  • WTI up 1.6% at $40.17
  • OPEC+ extends record oil production cuts to end-July
  • Saudi raises July crude prices sharply
  • China’s May crude imports hit record of 11.3 mln bpd
  • US producers shut 30% of offshore oil output amid storm

Precious metals

  • Gold steadies as surprise US jobs rebound dents demand
  • SPDR gold holdings dip on Friday
  • Speculators cut bullish positions in COMEX gold
  • Spot gold up 0.1% at $1,682.57/oz. (0351GMT)
  • US gold futures up 0.5% at $1,691.40/oz.

Grains

  • Chicago soybeans firm on strong demand; wheat rebounds
  • Soybean futures up 0.2% at $8.69-3/4 a bushel (0048GMT)
  • Wheat up 0.2% at $5.16-1/2 a bushel
  • Corn up 0.7% at $3.33-1/2 a bushel

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

  • South Africa reopens schools after weeks of closure owing to covid-19
  • 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

  • Sudan says it has begun talks with IMF on non-funded programme
  • Slave trader’s statue torn down in UK amid global inequality protests
  • Two major Libya oilfields reopen after months of blockade
  • “Numerous” reports of looting in retaken Libya towns, UN says
  • Turkey says it may expand cooperation with Libya’s GNA after conflict ends – Milliyet
  • Algeria trade deficit deepens on lower energy revenue
  • Saudi Arabia raises July crude prices after OPEC+ extends cuts
  • UN examines reports of looting in retaken Libya towns
  • Egypt net foreign reserves drop by $1 bln to $36.0037 bln in May
  • South Africa govt, private hospitals agree deal on covid-19 patients
  • Egypt shares jump after IMF agreement announced
  • Mexico to sit out extension of OPEC+ oil output cuts
  • Men in military fatigues kill at least 20 Mali villagers
  • OPEC, Russia extend record oil cuts to end of July
  • Egypt offers new Libya plan as Haftar offensive collapses
  • Iraq tells OPEC it will cut oil output to comply with quota – OPEC delegate
  • South Africa’s MTN faces new allegations in US complaint
  • Zimbabwe grain deficit seen widening to 1.17 mln tonnes
  • Egypt state banks collect over $10 bln from high-yield savings product
  • Nigeria ready to compensate for overproduction in May-June
  • G20 pledges more than $21 bln to fight coronavirus
  • French army kills [terrorist group’s] North Africa chief Droukdel – armed forces minister
  • Libya’s Haftar pulls back east as Tripoli offensive crumbles
  • Mali rally against President Keita, demand his resignation
  • Africa Oil – Demand firms as OPEC+ meeting looms, Angola sells
  • South Africa “junk” bonds back in demand as high-yield lures local, foreign investors
  • Cameroon military says missing journalist died in its custody
  • WHO continues hydroxychloroquine trial after UK test halts
  • South Africa rand hits 11-wk high, stocks gain
  • South Africa’s MultiChoice expects to post annual profit
  • Nigeria proposes steep basic healthcare budget cuts despite coronavirus
  • Nigeria campaigners stage protest over sexual violence
  • Zimbabwe police arrest opposition officials in dispute over party HQ
  • South Africa covid-19 cases rise and president worries about Cape Town
  • Guinea approves SMB-Winning deal for Simandou iron mine project
  • Zambia Chamber of Mines says govt tensions with power firm CEC bad for investment
  • Ethiopia’s mobile camel libraries keep children from forced labour
  • CAR court rejects bid to extend president’s mandate
  • South Africa’s Comair intends to cut fleet in half
  • Arab Monetary Fund to provide loans of $211 mln to Morocco, $98 mln to Tunisia – WAM agency
  • Women hit as Congo faces triple threat of coronavirus, ebola and measles
  • South Africa public sector unions take wage dispute to court
  • Aker Energy seeks to revive Ghana’s Pecan oilfield development
  • Malawi revises down 2020 growth forecast to 1.9% on covid-19 impact
  • Swiss prosecutors investigating Mozambique loans
  • Uganda shilling strengthens as players pare positions
  • WHO denies its representative falsified Equatorial Guinea covid-19 data
  • Libya govt says it has entered Haftar stronghold Tarhouna
  • Kenya to sell 5-yr, 10-yr bonds in June – central bank
  • South Africa net foreign reserves edge up to $45.5 bln in May
  • Burundi court affirms ruling party candidate’s presidential victory
  • As lockdown fuels food shortages, Africa goes online for groceries
  • South Africa dehorns dozens of rhinos to prevent lockdown poaching surge

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

macroafricaintel Daily Brief | 5 Jun

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

Global Markets

  • Asian stocks set for best weekly gain in 9 years, ECB stimulus boosts euro; US jobs eyed
  • US dollar slide continues
  • Euro maintains strength
  • US employment report in view

Oil Markets

  • Oil dips on uncertainty over producers’ commitment to output cuts
  • Brent down 0.1% at $39.94 a barrel (0051GMT)
  • WTI down 0.4% at $37.27

Precious metals

  • Gold gains as equity rally halts, dollar softens
  • Spot gold up 0.2% at $1,714.78/oz. (0056GMT)
  • US gold futures down 0.3% at $1,721.90/oz.

Grains

  • Soybeans set to mark biggest weekly gain in 8 mths
  • Soybean futures up nearly 3.5% so far this week
  • Corn up nearly 1% for the week
  • Wheat up 1% so far this week

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

  • Nigeria releases covid-19 households socio-economic effects survey
  • South Africa’s Ramaphosa in Cape Town to assess WC covid response
  • Ghana eases restrictions on religious gatherings
  • South Africa foreign exchange reserves May-20 [prev. $53B]
  • South Africa SACCI business confidence May-20 [prev. 77.8]
  • OPEC+ meets tomorrow
  • 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

  • South Africa dehorns dozens of rhinos to prevent lockdown poaching surge
  • African Development Bank board stands by embattled chief
  • Algeria to ease coronavirus restrictions on Sunday
  • Guinea approves SMB-Winning deal for Simandou iron mine project
  • Vaccines group raises $8.8 bln for immunisation plans for poor countries
  • Uganda to allow firms to defer tax payments to buoy lockdown-battered economy
  • Africa Oil – Nigerian trade slows as IOC results awaited
  • Turkey vows more support to secure gains in Libya conflict
  • WHO says its representative told to leave Equatorial Guinea
  • Eastern forces quit Libya capital after year-long assault
  • ‘I lost my mind’: Ethiopian migrants forced home empty-handed by coronavirus
  • Profit-taking pauses rally in South Africa’s rand, stocks
  • Zambia reviews 2020 budget after covid-19 hits revenue
  • Egypt to prosecute doctor, father over genital cutting of three girls
  • South Africa govt to appeal ruling declaring some covid-19 measures invalid
  • Egypt pound slips to weakest in seven months
  • South Africa miners seek return of foreign mineworkers
  • Tunisia to allow resident firms to borrow from abroad in foreign currencies
  • African countries secure 90 million coronavirus test kits for next six months
  • African currencies seen stable next week
  • Senegal to ease coronavirus curfew as protests spread to capital
  • South Africa’s FirstRand warns profit could fall more than 20%
  • South Africa’s Barloworld hits hurdle over Tongaat’s starch business deal
  • South Africa – AngloGold Ashanti’s Mponeng mine restarts slowly after covid-19 closure
  • South Africa’s FirstRand warns of over 20% profit fall
  • Tunisians emerge from lockdown into mosques and cafes
  • Two girls’ lockdown learning underlines South Africa’s educational divide
  • Egypt bans white sugar imports for 3 months – document
  • Villagers in Togo mourn homes swallowed by the sea
  • Mali’s industrial gold production expected to slump in 2020
  • ‘Hunger or murder”: Lockdown poverty exposes African sex workers to more violence
  • Erdogan hosts Libya PM as Turkey looks to lock in gains
  • Libya’s GNA says it regains control of capital Tripoli
  • World food price index hits 17-mth low in May – UN
  • Kenya private sector up slightly in May, outlook poor – PMI
  • Mozambique expects Exxon gas project decision next year

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