macroafricaintel Daily Brief | 17 Jul

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

Global Markets

  • Asia stocks rebound, hopes of more stimulus offset virus worries
  • MSCI Asia-Pacific ex-Japan shares up 0.5%
  • China shares up 1.1%
  • Oil prices little changed
  • Brent down 0.25% at $43.26
  • WTI down 0.22% at $40.84
  • Spot gold little changed at $1,797.24/oz.

Oil Markets

  • Oil prices steady as clouds gather over fuel demand, looser supply curbs
  • Brent steady at $43.37 a barrel (0204GMT)
  • WTI up 1 cent at $40.76

Precious metals

  • Gold steadies on rising virus fears, US-China tensions
  • Spot gold little changed at $1,797.24/oz. (0045GMT)
  • US gold futures mostly unchanged at $1,799.70/oz.

Grains

  • Wheat firms, set for third straight weekly gain
  • Wheat futures up more than 0.5% for the week
  • Soybeans little changed for the week
  • Corn up more than 0.5% for the week

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

  • CSIS hosts discussion with opposition leaders from Zambia, Zimbabwe & Tanzania on how covid-19 is impacting African politics
  • Nelson Mandela Day (18 Jul)
  • Nigeria inflation Jun-20 [fcst. 12.7% yy, prev. 12.4%]
  • 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

  • UN aid chief to G20 on coronavirus: ‘Step up now or pay price later’
  • Tunisia protesters close main oil pumping station in the south
  • Zambia rejects Glencore copper mine’s suspension plan
  • Sisi says Egypt won’t stand idle in Libya if security is threatened
  • US senior diplomat complains Europe not doing enough in Libya
  • Villagers killed in central Mali as mediators seek to restore stability
  • Nigeria hopes gold mining reforms can bring in $500 mln a year
  • Public, private lending mash-up offers lifeline to virus-hit African firms
  • Gabon appoints first woman prime minister amid govt shakeup
  • Zimbabwe economy to shrink by 4.5% this year on covid-19, drought
  • Egypt’s Sisi meets Libya tribesmen after eastern call to intervene
  • Sudan says Ethiopia denies filling the Renaissance dam reservoir
  • South Africa renewables firms look for debt savings to lower tariffs
  • South Africa’s TFG prices rights issue at 41% discount
  • Zambia health minister denies corruption charges in court
  • Afreximbank finalises a $3.9 bln Egypt package
  • South Africa’s Amplats platinum output fell 41% in Q2, warns FY guidance at risk
  • South Africa commits to mobilise funds for SAA rescue

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s