macroafricaintel Daily Brief | 31 Jul

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

Global Markets

  • Asian stocks falter as global growth fears temper tech boost
  • MSCI Asia ex-Japan -0.22%; Nikkei -1.87%
  • China, Japan post positive manufacturing data
  • Brent up 0.5% at $43.17, WTI up 0.3% at $40.04
  • Spot gld up 0.5% at $1,968.84/oz.

Oil Markets

  • Oil rises further from 3-wk lows, but headwinds loom amid pandemic
  • Brent up 0.3% at $43.08 a barrel (0358GMT)
  • WTI up 0.5% at $40.13

Precious metals

  • Gold set for best month in nearly 4-1/2 years as weak US data dents dollar
  • Silver on track for best month on record
  • Spot gold up 0.4% at $1,967.53/oz. (0458GMT)
  • US gold futures up 1% at $1,961.30/oz.

Grains

  • Corn set for monthly loss as US weather boosts crop outlook
  • Corn has lost 4% in July
  • Soybeans up more than 1% this month
  • Wheat has risen 8% in July

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

  • Eid holiday
  • Anti-government protests in Zimbabwe; after arrest of journalists, crackdown
  • Botswana reinstates 2-week Covid-19 lockdown in Gaborone
  • South Africa’s Ramaphosa addresses summit on science & innovation response to Covid-19
  • Kenya resumes international flights (1 Aug)
  • South Africa trade balance Jun-20 [prev. ZAR15.94B]
  • 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

  • Out of hospital, Saudi King tweets Eid greetings
  • Botswana reinstates coronavirus lockdown in capital for two weeks
  • IMF approves $171.9 mln to Madagascar to address Covid-19 pandemic
  • Saudi King Salman leaves hospital – state news agency
  • Kenya Unilever tea workers escalate fight for reparations to UN
  • Zimbabwe govt minister died from Covid-19
  • Diamond giant De Beers likely to cut jobs after Covid-19 hit
  • Botswana says natural toxin could be behind elephant deaths
  • Zimbabwe security forces clear streets ahead of planned protests
  • South Africa probes medical suppliers over Covid-19 tender allegations
  • AngloGold Ashanti CEO Dushnisky steps down after two years in the role
  • Ivory Coast defence minister Bakayoko named prime minister
  • Libya to impose full lockdown as pandemic cases grow
  • South Africa insurers’ offer in Covid claims fight too little too late for some
  • South Africa’s Steinhoff’s first-half loss more than doubles to $1.7 bln
  • Tunisia’s parliament speaker narrowly survives confidence vote
  • Nigeria expects to comply with 1.412 mln bpd output quota – oil minister
  • Kenya central bank has ‘plenty of firepower’, governor says
  • UN warns that 60% of Zimbabweans threatened by hunger
  • Starved of dollars, Nigeria businesses struggle for survival
  • Mali cleric says crisis can be resolved without president resigning
  • ArcelorMittal South Africa falls deeper into half-year loss as steel demand falls
  • Shell writes down Nigeria licence at heart of Italian bribery trial

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

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