macroafricaintel Daily Brief | 29 Jul

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

Global Markets

  • Dollar teeters, gold takes a breather as markets await Fed
  • Dollar could post worst month v basket since 2011
  • Dovish Fed expected, statement due 1800 GMT
  • MSCI AxJ stocks up 0.3% led by China
  • Brent up 0.2% at $43.29, WTI flat at $41.03

Oil Markets

  • Oil rises after surprise drop in US inventories offsets demand concerns
  • Brent up 0.3% at $43.36 a barrel (0326GMT)
  • WTI up 0.1% at $41.06

Precious metals

  • Gold steadies on virus fears, stimulus bets; Fed meet eyed
  • Spot gold little changed at $1,957.84/oz. (0049GMT)
  • US gold futures up 0.5% at $1,954.50/oz.

Grains

  • Soybeans near 2-wk low as improved US crop weather weighs
  • Soybean futures down 0.1% at $8.87 a bushel (0309GMT)
  • Wheat up 0.4% at $5.25-3/4 a bushel
  • Corn up 0.2% at $3.30-3/4 a bushel

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

  • Central Bank of Kenya decides interest rates [fcst. 7.0%, prev. 7.0%]
  • South Africa inflation Jun-20 [fcst. 1.9% yy, prev. 2.1%]
  • South Africa PSCE Jun-20 [fcst. 6.3% yy, prev. 6.4%]
  • South Africa M3 Jun-20 [fcst. 10.8% yy, prev. 10.3%]
  • Ghana’s Akufo-Addo tours Northern, North East & Savanna regions
  • AfDB’s Africa information highway live exchange webinar
  • 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

  • Zimbabwe to resume stock trading, Old Mutual unit remains suspended
  • South Africa court allows Eskom to claw back $4 bln over three years
  • US says air strike in Somalia killed one civilian, injured three
  • South Africa Airways rescue plan ready bar the funding, say administrators
  • WHO says covid-19 pandemic is “one big wave”, not seasonal
  • Three migrants shot dead in Libya after failed crossing to Europe
  • Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix
  • AfDB rightly cleared its president of wrongdoing – independent panel
  • Nigeria banks squeezed as central bank shores up naira
  • Mali’s opposition rejects West Africa leaders’ plan to end deadlock
  • Kenya’s Safaricom launches 4G phone purchase by instalment scheme with Google

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

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