macroafricaintel Daily Brief | 1 Jul

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

Global Markets

  • Asia shares inch higher as data drives rebound hopes
  • Chinese PMI data helps stocks edge higher
  • Caution holds gold near 8yr top, supports yen

Oil Markets

  • Oil rises after sharp drop in US crude inventories
  • Brent up 0.8% at $41.60 a barrel (0044GMT)
  • WTI up 1.1% at $39.69

Precious metals

  • Gold firms near 8-yr peak as virus fears grow
  • Spot gold up 0.1% at $1,782.67/oz. (0336GMT)
  • US gold futures steady at $1,800.60/oz.

Grains

  • Corn falls from 3-mth high, USDA estimates cap losses
  • Corn futures up 0.2% at $3.41 a bushel
  • Soybeans down 0.1% at $8.81 a bushel
  • Wheat down 0.3% at $4.90-1/2 a bushel

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

  • Nigeria reopens interstate borders
  • Egypt reopens airports
  • Impeachment motion against Kenya’s Nakuru county governor Kinyanjui imminent
  • South Africa Absa manufacturing PMI Jun-20 [prev. 50.2]
  • Electoral Commission Ghana voter re-registration continues
  • 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

  • South Africa retailer Steinhoff posts bigger annual loss
  • One killed in Sudan as thousands rally for faster reform
  • At least 10 dead as slaying of Ethiopia singer triggers protests
  • Sahel summit agrees need to intensify campaign against militants
  • France’s Macron says recent “spectacular” results make victory in Sahel possible
  • Three deadly blasts rock Ethiopia capital during protests – police
  • South Africa activists hail ruling to protect poor residents from police raids
  • Zimbabwe central bank raises main lending rate to 35% as inflatioin soars
  • Protests in Ethiopia town of Adama kill eight, injure 80 – doctor
  • Belgium king expresses deep regret for colonial past in Congo
  • Egypt M2 money supply up 17.24% y/y in May – cbank
  • Soccer – Africa cup of nations postponed from January next year to 2022
  • Kenya economic growth slows down in the first quarter
  • OPEC, Russia seen easing oil production cuts from August – sources
  • Nigeria WTO nominee says has “strong support” from Africa
  • Kenya economy expands by 4.9% in the first quarter of this year
  • Tunisia coalition under pressure over PM conflict of interest allegations
  • MTN launches 5G network across major cities in South Africa
  • OPEC oil output sinks as Saudi deepens cuts and others cut more, survey shows
  • Ethiopia satellite television: federal police arrested media mogul amid protests
  • Kenya inflation falls to 4.59% in June
  • Spain to open border with Morocco only in case of reciprocity
  • Ethiopia media mogul’s bodyguards in standoff with police, his TV station says
  • South Africa – Shipping firm CMA CGM to impose emergency surcharge at Cape Town port
  • Global covid-19 prevential trial of hydroxychloroquine to resume
  • Fitch: Sub-Sahara Africa debt burdens rising faster than elsewhere
  • South Africa trade balance swings to a surplus in May
  • South Africa recession deepens in first quarter as mining plummets
  • Egypt says gold deposit discovered in southeast
  • Sahel remains fragile despite battle gains against militants
  • Uganda shilling holds steady against the dollar
  • Botswana taps into strategic fuel reserves to ease shortages
  • South Africa first quarter expenditure on GDP down 2.3% q/q
  • Kenya shilling edges down against the dollar
  • Swarms of locust devastate parts of northern Kenya
  • South Africa Barloworld sees drop in H1 earnings as pandemic hits demand
  • South Africa credit growth slows to 6.35% y/y in May
  • Shell to take up to $22 bln in writedown after climate review

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

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