macroafricaintel Daily Brief | 2 Jul

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

Global Markets

  • Asia stocks rise on vaccine hopes, eyes on US payrolls
  • MSCI ex-Japan rises, all major Asian indexes in black
  • Shanghai copper at 6-mth highs on supply fears
  • Investor focus on US employment data due later in the day
  • Currencies tread water

Oil Markets

  • Oil prices dip on demand worries as California reimposes restrictions
  • Brent down 0.3% at $41.89 a barrel (0024GMT)
  • WTI down 0.3% at $39.69

Precious metals

  • Gold eases off near 8-yr peak after solid US data
  • Spot gold down 0.2% at $1,767.11/oz. (0034GMT)
  • US gold futures down 0.2% at $1,777.30/oz.

Grains

  • Corn eases after rally, lower US planting stems fall
  • Corn futures down 0.2% at $3.59-3/4 a bushel (0030GMT)
  • Soybeans down 0.1% at $8.98 a bushel
  • Wheat down 0.4% at $4.96-3/4 a bushel

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

  • Nigeria raises fuel prices
  • AfDB hosts Africa infrastructure finance webinar
  • South Africa current account balance Q1-20 [fcst. -2.7% of GDP, prev. -1.3%]
  • 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

  • Burkina Faso probes bullet-ridden bodies discovered after army operation
  • Nigeria to restart domestic flights July 8 in easing of coronavirus curbs
  • Mali opposition seeks to curb president’s authority in reform plan
  • Algeria president pardons protest movement activists
  • Military deployed in Ethiopia capital after more than 80 killed in protests
  • Egypt reopens airports and welcomes tourists to pyramids after covid closure
  • Sierra Leone doctors treating covid-19 patients to go on strike
  • ‘We are not guinea pigs’, say South Africa anti-vaccine protesters
  • Egypt parliament approves $5 bln supplemental spending bill
  • Monk’s death sentence commuted to life for murder of bishop at Egypt monastery
  • Big South Africa insurers face $232 mln in claims from 500 virus-hit firms
  • South Africa eases lockdown, eco-tourism community fears for future
  • South Africa’s Sasol to sell Escravos gas-to-liquids plant to Chevron
  • Sierra Leone doctors treating covid-19 patients to go on strike
  • Mauritius investigates alleged round-tripping linked to Wirecard AG
  • Portfolio inflows to emerging markets to continue to recover – IIF
  • Morocco’s trade deficit narrows 12% y/y in Jan-May
  • More than 40,000 people forcefully evicted in East Africa during coronavirus crisis
  • Libya’s NOC says force majeure continues pending lifting of blockade
  • Outflanked by China in Africa, Taiwan eyes unrecognised Somaliland
  • South Africa’s Transnet names Dlamini as CFO
  • South Africa – Johannesburg exchange fines Tongaat over non-compliance
  • Child labour on Ivory Coast cocoa farms rises during pandemic, study finds
  • Actis-backed African education group acquires Nigeria university – CEO
  • Turkey business group plans Libya trip to set post-war plan – sources
  • Congo and the chocolate factory: New producer hits the sweet spot
  • Uganda shilling inches up against the dollar
  • Easing lockdown lifts South Africa’s Absa PMI in June
  • Congo vows zero tolerance over child soldiers after US anti-trafficking nod
  • South Africa retailer Steinhoff posts bigger full-year loss

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

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