macroafricaintel Daily Brief | 21 Jul

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

Global Markets

  • Asian shares extend gains as investors count on stimulus, vaccines
  • EU recovery fund deal reached
  • Investors expect US stimulus of more than $1 trillion
  • Nikkei up 0.6%, MSCI Asia-Pacific ex-Japan up 1.5%
  • Gold firm at $1,818/oz.
  • Brent up 0.1% at $43.35, WTI flat at $40.94

Oil Markets

  • Oil steady as vaccine news counters rise in virus cases
  • Brent up 15 cents at $43.43 a barrel (0117GMT)
  • WTI up 2 cents at $40.83

Precious metals

  • Gold near 9-yr high as virus fears support safe-haven demand
  • Spot gold up 0.1% at $1,818.53/oz. (0040GMT)
  • US gold futures up 0.1% at $1,819/oz.

Grains

  • Corn, soybeans slip on sound US crop conditions, wheat slide continues
  • Corn futures down 0.6% at $3.33-3/4 a bushel (0208GMT)
  • Soybeans down 0.4% at $8.96-3/4 a bushel
  • Wheat down 0.3% at $5.20-1/2 a bushel

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

  • Issoufou, Akufo-Addo & Ouattara expected in Mali to solve crisis [Anytime this week from today]
  • South Africa’s Ramaphosa chairs follow-up AU summit on Ethiopia GERD talks
  • South Africa central bank MPC meets; 21-23 Jul [fcst. 3.75%, prev. 3.75%]
  • Nigeria’s agriculture minister Nanono speaks on food security amid covid-19 at virtual conference
  • Ivory Coast’s Ouattara expected to respond to party’s request to seek third term
  • 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

  • Egypt’s Sisi wins parliamentary approval for possible Libya intervention
  • West Africa presidents to head to Mali to help solve crisis
  • Trump, Macron discuss situation in Libya – White House
  • Algeria aims to reform tax system, targets informal market
  • Vowing reform, Kenyan emerges as one of early WTO frontrunners
  • Nigeria official collapses during televised Niger Delta corruption hearing
  • South Africa outbreak should be wake-up call for continent – WHO
  • Egypt says Sisi and Trump agree on need to maintain Libya ceasefire
  • West Congo ebola cases up to 60, funerals a risk, says WHO
  • Kenya’s No. 2 retailer seeks strategic investor as supplier debts mount
  • Zimbabwe police arrest critics ahead of anti-govt protests
  • Egyptians struggle to return to work even as lockdown lifts
  • Egypt’s Sisi discusses Libya & Ethiopia dam with Trump – presidency
  • More sun, rain needed to strengthen Ivory Coast main cocoa crop – farmers
  • Pay rises for civil servants amid crisis are unjust and unaffordable, South Africa govt says
  • Vodacom partners with China’s Alipay to create ‘super app’ in South Africa
  • CEO of South Africa state defence firm Denel to step down
  • Pirates kidnap seven Russia sailors in Gulf of Guinea
  • Zimbabwe Econet asks court to suspend warrant in money laundering case
  • Ivory Coast ruling party says it has asked president to run again
  • South Africa’s Spur CEO Van Tonder to retire in Dec
  • Ethiopia farmers slaughter thousands of chicks as covid hits demand
  • Zimbabwe on course to meet 2020 budget deficit target – finmin
  • Kenya fishermen say they are squeezed by Ethiopia mega dam
  • Coronavirus causes poaching spike in Congo’s Virunga park

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

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