macroafricaintel Daily Brief | 28 Jul

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

Global Markets

  • Gold hits record, gets more precious as dollar loses value
  • Gold runs into profit-taking after meteoric rise
  • Dollar holds near 2-yr lows, breaks major chart supports
  • Shares take comfort in endless stimulus, Fed policies
  • Brent up 5 cents at $43.46, WTI down 7 cents at $41.53
  • Spot gold almost $40 higher earlier at $1,980/oz.

Oil Markets

  • Oil prices rise on US stimulus hopes, weaker US dollar
  • Brent up 0.8% at $43.76 a barrel (0118GMT)
  • WTI up 0.7% at $41.87

Precious metals

  • Gold eyes $2,000 in record run as dollar dips on dovish Fed bets
  • Spot gold up 1.4% at $1,969.76/oz.
  • US gold futures up 1.7% at $1,963.30/oz.

Grains

  • Soybeans hit 6-day low as US crop weather favours yield prospects
  • Soybean futures down 0.8% at $8.92 a bushel (0056GMT)
  • Corn down 0.7% at $3.32-1/4 a bushel
  • Wheat down 0.3% at $5.26-1/4 a bushel

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

  • Kenya senate debates & votes on contentious revenue allocation formula
  • Nigeria’s finance minister Ahmed & AFC’s Zubairu speak at Corporate Council on Africa’s Africa finance forum
  • Ghana’s Akufo-Addo tours Northern, North East & Savanna regions
  • South Africa’s ruling ANC summons presidential spokesperson Diko over allegations on tender irregularities
  • 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

  • West Africa proposes plan to resolve Mali crisis; opposition unimpressed
  • Algeria suspends tax payments for firms affected by coronavirus
  • IMF board approves $4.3 bln loan to help South Africa to fight pandemic
  • Egypt & Sudan criticise Ethiopia at start of new Nile dam talks
  • South Africa’s Steinhoff offers $1 bln to settle global lawsuits
  • Zimbabwe calls US ambassador ‘thug’ as anti-govt protests loom
  • Egypt jails five women influencers over TikTok posts
  • UN announces start of Libya central bank audit
  • Nigeria to allow would-be graduates back to school despite spreading covid-19
  • Morocco women break through in rap scene dominated by men
  • Kenya extends curfew for a month as covid-19 cases jump
  • Ivory Coast cocoa main crop should weather below-average rain
  • Tanzania opposition leader who survived 2017 gun attack returns from exile
  • Africa trade deal could lift millions out of poverty, World Bank says
  • South Africa’s Santam to pay $60 mln in relief to virus-hit firms within months – CEO
  • AngloGold Ashanti forecasts higher H1 earnings

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

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