macroafricaintel Daily Brief | 10 Jul

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

Global Markets

  • Asian shares down on virus risk, US-China tension
  • Equities and risk assets take a hit
  • China stocks fall after red-hot rally
  • Growth in US coronavirus cases unsettles markets

Oil Markets

  • Oil dips, heading for weekly loss as virus cases rise
  • Brent down 0.2% at $42.28 a barrel (0114GMT)
  • WTI down 0.3% at $39.49

Precious metals

  • Gold set for 5th weekly gain as pandemic rages
  • Spot gold little changed at $1,801.69/oz. (0041GMT)
  • US gold futures up 0.2% at $1,806.90/oz.

Grains

  • Wheat set for best weekly gain in 4 mths on global harvest worries
  • Wheat futures on track for weekly gain of more than 6%
  • Corn also set for a weekly gain
  • Soybeans also expected higher for the week

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

  • Nigeria’s Buhari signs revised 2020 budget
  • Nigeria’s finmin Ahmed hosts public forum on 2021-23 MTEF
  • South Africa state capture inquiry resumes
  • 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

  • Algeria tightening travel restrictions to limit coronavirus infections
  • Kenya musuem, Mau Mau fighter shed light on British colonial abuses
  • Sudan’s Khartoum airport partially opens to flights from Egypt, Turkey and UAE
  • Nigeria’s President Buhari to sign revised 2020 budget into law on Friday – presidency
  • At least three killed in protests over Congo election chief
  • Ivory Coast ruling party may ask president to stand again after PM dies
  • Botswana to ration fuel amid shortage
  • Egypt annual headline inflation rises to 5.6% in June – CAPMAS
  • Nigeria excess crude account held $72.41 mln as of July 7 – finmin
  • Nigeria naira ease on black market after moves to unify official FX rate –traders
  • Malawi new female cabinet ministers vow to push for jobs for women
  • South Africa court dismisses appeal against SAA layoff ruling
  • Botswana finds more elephants, says test results due this week
  • Africa could have covid-19 vaccine in Q1 if human trials work – South Africa trial lead
  • Ghana health workers warn of potential covid-19 calamity
  • Foreign mineworkers return to South Africa mines after lockdown
  • Nigeria drops plan for some pupils to return to school amid covid-19 concerns
  • Sudan finance, foreign and energy ministers replaced in reshuffle
  • US warns aid at risk unless alleged abuses in W.Africa’s sahel region addressed
  • Eastern Congo militia pledges to surrender after leader forced out
  • Kenya shilling under pressure, Tanzania’s stable; in week ahead
  • Ivory Coast dollar bonds fall after death of ruling party candidate
  • Kenya to sell 5-yr, 10-yr and 15-yr bonds in July – cenban
  • South Africa manufacturing output falls 49.4% y/y in April
  • Air Namibia allowed to fly again after court suspends licence cancellation
  • Africa urged to test more as coronavirus cases exceed 500,000
  • Mali president offers concessions to end political stalemate
  • Zambia health minister corruption trial delayed a week
  • Fears at Nile’s convergence in Sudan that new dam will sap river’s strength
  • Kenya shilling weakens against dollar
  • Uganda shilling firms as low consumer spending cuts demand
  • Uganda central bank may cap commercial bank interest rates

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

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