macroafricaintel Daily Brief | 27 Jul

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

Global Markets

  • Gold hits record high as US-China ties worsen, Asia stocks helped by tech
  • Asia tech shares gain as Intel delays new chips
  • Earnings, US stimulus talks in focus
  • Gold rose 1% to record high of $1,920.9/oz.
  • Oil down on worsening Sino-US relations
  • Brent down 0.5% at $43.14, WTI down 0.44% at $41.11

Oil Markets

  • Oil slips as rising virus cases, US-China tensions weigh on markets
  • Brent set to post 4th monthly gain in July
  • Brent down 0.3% at $43.20 a barrel (0242GMT)
  • WTI down 0.2% at $41.19

Precious metals

  • Gold soars to all-time high as dollar dive adds fuel to record run
  • Silver notches up fresh 7-yr peak
  • Spot gold up 1.5% at $1,928.83/oz. (0306GMT)
  • US gold futures up 1.4% at $1,924.20/oz.

Grains

  • Soybeans drop for second session on US-China tension, wheat falls
  • Soybean futures down 0.2% at $8.97-1/2 a bushel (0323GMT)
  • Wheat down 0.7% at $5.35-3/4 a bushel
  • Corn down 0.3% at $3.34 a bushel

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

  • ECOWAS leaders meet virtually on Mali; follow-up to their trip to Bamako last week
  • Bank of Ghana decides interest rates [fcst. 14.5%, prev. 14.5%]
  • Kenya’s Kenyatta meets county governors on covid-19 response
  • Electoral Commission of Ghana press briefing on ongoing voter registration
  • Ghana’s NDC flagbearer Mahama formally “outdoors” running mate Opoku-Agyemang
  • 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 over the weekend & early a.m today

  • Some 120 said to be killed or wounded in attack in Sudan’s Darfur region – UN
  • Morocco shuts down major cities after spike in coronavirus cases
  • Kenya arrests two police after ‘shooting incident’, launches enquiry
  • South Africa extends covid-19 loans for struggling businesses
  • Rwanda refugee put under formal investigation for Nantes Cathedral fire – Le Monde
  • Tunisia president designates new PM amid hopes of ending political crisis
  • Somalia’s parliament ousts prime minister in no-confidence vote
  • Deposed CAR leader announces presidential bid
  • South Africa police nab 63 prisoners from mass escape
  • Senegal strengthens coronavirus testing for travellers
  • Zimbabwe court rules journalist danger to public, extends detention
  • Morocco fertiliser group OCP could quit US if duty imposed, sources say
  • Botswana rape survivor fights sexual violence with awareness campaign
  • MTN Uganda stake sale to be restricted to East Africans – regulator
  • 15 Zambia lawmakers, 11 parliamentary staff contract covid-19
  • South Africa’s Pepkor Q3 sales drop 17% on lockdown hit
  • Tanzania former president Mkapa, regional peacemaker dies
  • South Africa’s MTN buoyed by expected leap in first-half earnings
  • Libyans face painful power cuts as years of chaos hit grid
  • Kenya recycling firm mixes kitchen waste to boost urban farming
  • Kenya covid-19 hospital gears up for surge in new infections
  • South Africa’s Woolworths sees annual sales dip as covid-19 hits
  • South Africa’s MTN expects at least 100% jump in first-half earnings
  • Prominent South Sudan critic says govt sent hit squad for him; Juba denies

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

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