macroafricaintel Daily Brief | 14 Jul

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

Global Markets

  • Asian markets dip as virus & Sino-US tensions flare
  • Dollar firm & stocks under pressure
  • Asia ex-Japan index down 1%, Nikkei off month high

Oil Markets

  • Oil prices drop on demand recovery fears amid US virus surge
  • Brent down 1.8% at $41.95 a barrel (0138GMT)
  • WTI down 2.1% at $39.26

Precious metals

  • Gold eases on firmer dollar, virus fears cap losses
  • Spot gold down 0.2% at $1,798.52/oz. (0042GMT)
  • US gold futures down 0.7% at $1,802.20/oz.

Grains

  • Corn eases, but USDA crop report caps losses
  • Corn futures down 0.1% at $3.36-1/4 a bushel (0127GMT)
  • Soybeans unchanged at $8.75-1/4 a bushel
  • Wheat little changed at $5.24-1/2 a bushel

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

  • OPEC JMMC meets; 14-15 Jul
  • AfDB launches 2020 North Africa economic outlook report
  • South Africa releases May-20 mining production data
  • 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 in court battle to overturn $10 bln arbitration award
  • G7 ministers urge full implementation of G20 debt freeze – US treasury
  • UN peacekeeper killed in CAR attack
  • Tunisia PM will reshuffle cabinet amid row with moderate Islamist Ennahda
  • Sudan declares emergency in Darfur region after violence
  • Morocco plans $624 mln aid package for RAM airlines
  • Protesters injured in Mali demonstrations as UN calls for calm
  • South Africa to introduce universal income grant – minister
  • Nigeria will boost its compliance with OPEC+ cuts – SPA
  • Algeria aims to save $20 bln through reforms, lower import spending
  • Zimbabwe sacks hospital bosses after firing of health minister
  • Ebola spreading in western Congo with nearly 50 confirmed cases – WHO
  • South Africa retail group TFG to buy Jet assets from Edcon
  • Better African heatwave data could save lives, shield economies, report says
  • After losing jobs, many Sudanese struggle to make ends meet in Egypt
  • Ivory Coast cocoa farmers bullish about growing conditions ahead of main crop
  • Grassroots help for homeless, drug addicts thrives in lockdown South Africa
  • Madagascar’s president says two lawmakers have died from covid-19
  • Head of Somalia’s military unhurt, civilian killed in suicide car bomb on convoy
  • DR Congo police fire tear gas to disperse protests over election chief
  • UAE wants to see a return of Libya’s oil production with safeguards – minister
  • Ivory Coast vice president quits, days after PM’s death
  • South Africa – Zindzi Mandela, daughter of Nelson Mandela, dies
  • Ceasefire in Libya now would not benefit GNA, Turkey says
  • Mali govt criticised by UN, EU for lethal response to protests
  • Uganda cracks down on media ahead of elections in 2021, watchdog says

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

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