Monthly Archives: August 2020

macroafricaintel Daily Brief | 31 Aug

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

Global Markets

  • Asian stocks reach 29-mth top, China services surprisingly strong
  • Nikkei rallies, hopes new PM will stick with stimulus
  • China service PMI strong, blue chips highest since mid-2015
  • Dollar near 2-yr trough as Fed commits to easy policy
  • Risk of future inflation pushes up US long-term yields
  • Brent up 26 cents at $46.07/barrel, gold at $1,969/oz.

Oil Markets

  • Oil prices edge up on stimulus support despite ample supplies
  • Brent set for 5th monthly gain; 4th mth for WTI
  • Hedge funds cut bullish bets on US crude – CFTC
  • Brent up 0.6% at $46.08 a barrel (0038GMT)
  • WTI up 0.3% at $43.11

Precious metals

  • Gold hits near 2-wk high on dollar weakness, dovish Fed
  • Spot gold up 0.3% at $1,969.98/oz. (0304GMT)
  • US gold futures up 0.2% at $1,978.70/oz.

Grains

  • Corn set for biggest monthly gain since May 2019 on US dryness
  • Corn futures up 0.8% at $3.62-1/4 a bushel (0304GMT)
  • Soybeans up 1.5% at $9.64-2/3 a bushel
  • Wheat up 4% so far in August

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

  • Central Bank of Nigeria resumes FX sales to BDCs
  • South Africa M3 Jul-20 [fcst. 10.3% yy, prev. 11.1%]
  • South Africa PSCE Jul-20 [fcst. 5.6% yy, prev. 5.6%]
  • South Africa trade balance Jul-20 [prev. ZAR46.63B]
  • Kenya, Uganda & Zambia release August inflation data
  • South Africa state capture inquiry continues
  • Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today

  • Ghana to reopen international air borders from Sept. 1, says president
  • Schools to reopen in Nigeria’s Lagos as Covid-19 cases decline
  • Ten militants and five civilians killed in east Congo violence – army, local leader
  • Egypt detains second suspect in alleged rape case, three more held in Lebanon
  • Mauritius fishermen battle to save dozens dolphins near oil spill
  • South Africa’s Ramaphosa to appear before ruling party’s integrity commission
  • Angola to join oil and extractives transparency group
  • Thousands protest in Mauritius over dead dolphins, demand resignations
  • Namibia opens airports and schools but extends overnight curfew
  • Influential Libya interior minister suspended amid protests
  • Acting leader of Egypt’s Muslim Brotherhood arrested in Cairo
  • Mali’s neighbours tell junta to transfer power to transitional govt
  • Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subsidiary’s assets
  • Sierra Leoneans sue govt for alleged environmental failings at diamond mine
  • Sierra Leone community’s suit against diamond miner shows activist trend
  • Tanzania opposition alleges irregularities in candidates’ enrollment
  • South Africa’s ex-leader Zuma, accused of graft, hits out at successor
  • Former CAR interim leader to run in December poll
  • At least two students killed during exams in eastern Congo
  • Western diplomats express deep concern over Zimbabwe crisis
  • ECOWAS agrees Mali’s transitional govt to last only one year: Nigerian presidency
  • South Africa sees worst power cuts in record in 2020, research shows
  • UN says life of Congo’s Nobel Laureate doctor in danger
  • Renewed tensions over commercial farming on Uganda abandoned land
  • West Africa leaders to push Mali junta to hand over power within a year
  • Kenya Airways losses deepen, expects more challenges ahead
  • Uptake of South Africa’s Covid loan scheme likely to stay minimal – banking association
  • South Africa’s coronavirus loan scheme likely to pay out only $1.5 bln by 2021 – banking association
  • Where state is weak, Mali militants broker talks between rival clans

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

macroafricaintel Daily Brief | 28 Aug

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

Global Markets

  • Treasury yields, dollar gain after Fed’s historic policy shift
  • Dollar gains vs yen as Fed pushes new strategy
  • Longer-dated Treasuries yields rise, curve steepens
  • Asian shares mixed in choppy trade
  • Brent down to $45.07, gold up to $1,935.07

Oil Markets

  • Oil drifts down as US producers, refiners avoid worst of storm
  • Port of Houston set to reopen
  • Refiners assess plants after storm passes
  • Brent down 2 cents at $45.07 a barrel (0202GMT)
  • WTI down 6 cents at $42.98

Precious metals

  • Gold recovers some lost ground as slowdown fears persist
  • Spot gold up 0.4% at $1,936.64/oz. (0316GMT)
  • US gold futures up 0.6% at $1,943.20/oz.

Grains

  • Corn set for 3rd week of gains on Chinese demand; soybeans, wheat firm
  • Wheat on track for fourth consecutive session of gains
  • Corn up more than 5% for the week; up almost 12% over 3 weeks
  • Soybeans up more than 4% this week
  • All 3 markets set for third straight weekly gain

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

  • 2nd extraordinary ECOWAS virtual summit on Mali
  • Zuma ally & South Africa’s ruling ANC scribe Magashule appears before integrity committee
  • Central Bank of Nigeria resumes FX sales to BDCs
  • Ethiopia parlimentary elections (29 Aug)
  • 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

  • Gambia president extends state of emergency as Covid-19 cases surge
  • Oil not found in dead Mauritius dolphins – preliminary autopsy
  • Glencore puts entire stake in Mopani on the table in talks with Zambia – sources
  • Mali junta frees ousted president Keita ahead of regional summit
  • Scientists map out mosquito immune system to help fight malaria
  • Nigeria to resume international flights from Sept 5 – aviation authority
  • Nigeria might fall into recession as virus takes toll, budget office says
  • Greece ratifies deal with Egypt, Turkey to hold military drills in east Med
  • Malawi to lift Covid-19 air travel, school restrictions from September
  • South Africa’s Sibanye-Stillwater reinstates dividend as higher metals prices boost earnings
  • Militants kill four Mali soldiers in ambush
  • WHO: broad population Covid-19 testing not always useful
  • Record floods cause deaths and widespread damage in Sudan
  • Egypt detains suspect in high-profile rape case
  • AfDB re-elects Akinwumi Adesina as president
  • Covid-19 reveals risky life on the buses for Ethiopia child conductors
  • Libya’s Tripoli govt imposes Covid-19 curfew after protests escalate
  • Nigeria targest non-oil exporters to boost FX as recession looms
  • South Africa’s Denel not planning to seek further bailouts
  • Angola’s energy roadmap aims to reverse oil output decline
  • Doctors in Kenya capital end strike over pay delays, lack of PPE
  • Senegal’s first female pro-surfer draws others in her wake
  • Mali transition must be quick, France military action to continue, French foreign minister says
  • Delivery Hero buys InstaShop to expand in Middle East, North Africa

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

macroafricaintel Daily Brief | 27 Aug

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

Global Markets

  • Asia shares take on breather, hope for flexible Fed
  • Sino-US tensions send a chill across Asia shares
  • Markets wager Fed to be more flexible on inflation
  • Oil underpinned as hurricane closes US refineries
  • Brent up 5 cents at $45.69, gold down to $1,943/oz.

Oil Markets

  • Oil treads water as huge Gulf of Mexico storm shuts output
  • Storm risk cushioned by high US oil, product stockpiles
  • Market awaits post-storm damage assessments
  • Brent up 5 cents at $45.69 a barrel (0148GMT)
  • WTI down 4 cents at $43.35

Precious metals

  • Gold slips as investors book profit ahead of Powell’s speech
  • Silver fall nearly 2%
  • Spot gold down 0.6% at $1,941.43/oz. (0315GMT)
  • US gold futures down 0.2% at $1,949.50/oz.

Grains

  • Soybeans up for 4th session on strong Chinese demand, corn rebounds
  • Soybean futures up 0.1% at $9.25 a bushel (0354GMT)
  • Corn up 0.5% at $3.56 a bushel
  • Wheat up 0.1% at $5.40-1/2 a bushel

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

  • Kenya eases restrictions on social gatherings, extends curfew
  • Kenya senate adhoc committee on county revenue allocation presents recommendations to resolve standoff
  • Kenya parliament interrogates KEMSA chief over Covid-19 funds scandal
  • 10th anniversary of Kenya’s 2010 constitution; awaited BBI report to be in focus
  • South Africa producer inflation Jul-20 [fcst. 1.1% yy, prev. 0.5%]
  • AfDB 2020 annual meetings; 25-27 Aug [Adesina expected to be re-elected chief]
  • 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

  • Suspects in high-profile rape case fled Egypt in July – prosecutors
  • Namibia apartheid politician turned independence advocate dies of Covid-19
  • Mali junta seeks 3-yr post-coup transition, West Africans say one is enough
  • EU freezes Mali training missions after military coup, denies responsibility
  • West Africa mediators proposed 12-mth transitional govt in Mali
  • Pompeo discusses Libya conflict, Iran with UAE counterpart
  • Tanzania president Magufuli to face 14 challengers in Oct elections
  • Nigeria says Q3 & Q4 GDP to reflect further economic slowdown – presidency
  • 17 dead dolphins wash up on Mauritius beach near oil spill site
  • Kenya extends coronavirus curfew as cases rise outside capital
  • Kenya condemns women to ‘death by unsafe abortion’, campaigners warn
  • South Africa’s Adcock Ingram scraps divided on weak outlook
  • Kenya’s President Kenyatta extends nationwide curfew by 30 days
  • Nigeria cocoa output to fall in 2020/21 on virus, dry weather – cocoa association
  • Ivory Coast president sees growth slowing to 1.8% in 2020
  • South Africa approves AngloGold’s Harmony sale but with conditions
  • EU freezes Mali training missions after coup
  • Malawi traditional leader orders chiefs to dissolve lockdown child marriages
  • Congo army says militia kills 20 in east
  • South Africa union group plans strike on Oct. 7 over corruption
  • Botswana sees risk of no De Beers sales deal by end-2020

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

macroafricaintel Daily Brief | 26 Aug

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

Global Markets

  • Asian shares slip from 2-yr top as economic strains pile up
  • Focus back on macro as earnings season recedes
  • MSCI AxJ dips marginally from 2-yr peak
  • Dollar steady as traders wait for Powell speech
  • Brent up 0.3% at $45.98/barrel
  • Gold steady at $1,930.80/oz.

Oil Markets

  • Brent prices rise on US output cuts, China trade deal hopes
  • US crude, gasoline stocks fall in last week – API
  • Brent up 0.3% at $45.98 a barrel (0335GMT)
  • WTI steady at $43.35

Precious metals

  • Gold flat as growth risks offset trade hopes; Powell speech in focus
  • Spot gold flat at $1,928.35/oz. (0306GMT)
  • US gold futures up 0.6% at $1,934.70/oz.

Grains

  • Corn up for 4th session, soybeans at 7-mth top on US-China trade hopes
  • Strong Chinese demand driving Chicago corn, soybean prices higher
  • Corn futures up 0.1% at $3.54-3/4 a bushel (0250GMT)
  • Soybeans up 0.2% at $9.22-1/4 a bushel
  • Wheat up 0.3% at $5.37 a bushel

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

  • South Africa inflation Jul-20 [fcst. 2.4% yy, prev. 2.2%]
  • African Banker announces winners of 2020 awards
  • AfDB 2020 annual meetings; 25-27 Aug [Adesina expected to be re-elected chief]
  • Kenya’s Kenyatta potential cabinet reshuffle in focus ahead of Friday when ordered recess ends
  • 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

  • Congo elephant poacher jailed for 30 years; landmark case hailed
  • ‘UFO’ in Congo jungle turns out to be internet balloon
  • Sudan PM tells Pompeo he’s not authorised to normalise ties with Israel
  • Zambia’s ZCCM-IH seeks to take control of Glencore’s Mopani Copper Mines
  • Zambia court acquits health minister accused of corruption
  • South Africa court allows sheep exports to Middle East, rejects cruelty concerns
  • Sudan & Ethiopia pledge to push for deal on Blue Nile dam
  • Wild polio suffers reflect as Africa declared free of the disease
  • Egypt orders arrests after Instagram account exposes gang rape
  • Zimbabwe makes it illegal for schools to expel pregnant girls
  • Pompeo says Sudan’s democratic transition is “once in a generation opportunity”
  • South Sudan seeks $250 mln loan from Afrexim bank
  • S Secretary of State Pompeo flies to Sudan from Israel
  • Tunisia premier designate names a technocratic govt

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

macroafricaintel Daily Brief | 25 Aug

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

Global Markets

  • Asian stocks mostly higher as trade, virus treatment hopes lift mood
  • MSCI AxJ gains 0.32%, close to 2-yr peak
  • Nikkei +1%, ASX 200 +0.7%
  • Positive signs from US & China trade talks
  • Brent firms in early Asian trade at $45.21
  • Stronger dollar holds gold at $1,933/oz.

Oil Markets

  • Oil prices mixed on storm-driven output cuts, rising Covid-19 cases
  • Twin storms force deep US production cuts
  • Brent up 0.1% at $45.18 a barel (0055GMT)
  • WTI up 0.2% at $42.53

Precious metals

  • Gold ticks higher as dollar slips; focus turns to Powell’s speech
  • Spot gold up 0.2% at $1,935.88/oz. (0335GMT)
  • US gold futures up 0.1% at $1,941.60/oz.

Grains

  • Corn at 6-wk high on US-China trade talks, crop condition
  • Decline in US crop ratings support underpins CBOT futures
  • Corn futures up 1.5% at $3.50 a bushel (0312GMT)
  • Soybeans up 1.1% at $9.15-1/2 a bushel
  • Wheat up 0.4% at $5.29-3/4 a bushel

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

  • AfDB 2020 annual meetings; 25-27 Aug [Adesina expected to be re-elected chief]
  • WHO Africa regional committee holds 70th session
  • Kenya’s Kenyatta cabinet reshuffle in focus ahead of Friday when ordered recess ends
  • 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

  • Japan’s Nagashiki says has scuttled part of Mauritius oil-spill ship
  • Tunisia prime minister designate announces a technocratic govt
  • At least 15 dead as rebels attack southern Burundi
  • Algeria to hold referendum on constitution on Nov. 1
  • Mali talks end with no decision on transitional govt
  • Ivory Coast’s Ouattara applies to run for third term amid protests
  • Mali junta says decision on transitional govt to be decided “by Malians”
  • South Africa’s Absa shares up as investors look past profit plunge
  • Ivory Coast weather helps main cocoa crop, outlook good – farmers
  • Congo grants new export ban waivers for copper, cobalt, tin
  • Zimbabwe court denies bail to journalist over anti-govt protests
  • West Africa’s BCEAO cbank reopens in Mali for first time since coup
  • Nigeria’s economy shrinks 6% in second quarter on oil crash, pandemic double whammy
  • South Africa’s Ramaphosa reprimands finance minister over tweets on Zambia
  • South Africa’s Aspen in deal talks about European commercial unit’s segment

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

macroafricaintel Daily Brief | 24 Aug

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

Global Markets

  • Stocks jump as investors pin hopes on coronavirus treatment
  • Asia shares rise for 2nd straight day; China, Japan climb
  • E-mini futures for S&P 500 gain 0.3%
  • Coronavirus treatment, vaccine hopes support sentiment
  • Oil prices rise, gold falters
  • Brent down at 0.1% at $44.33, gold down 0.3% at $1,934.13

Oil Markets

  • Oil prices steady as ‘double trouble’ storms bear down on Gulf of Mexico
  • OPEC+ needs to offset large May-July oversupply – document
  • Brent down 0.1% at $44.33 a barrel (0316GMT)
  • WTI down 0.1% at $42.32

Precious metals

  • Gold slips as coronavirus treatment hopes lift risk appetite
  • Spot gold down 0.3% at $1,934.13/oz. (0317GMT)
  • US gold futures down 0.2% at $1,942.90/oz.

Grains

  • Corn rises for 2nd session on expectations of lower US output
  • Corn futures up 0.7% at $3.42-3/4 a bushel (0233GMT)
  • Soybeans down marginally at $9.04-1/2 a bushel
  • Wheat down 0.2% at $5.34 a bushel

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

  • Nigeria Q2-2020 GDP [fcst. -11.0% yy, prev. 1.9%]
  • ECOWAS’ Jonathan et al. continue Mali talks to restore Keita govt
  • Kenya senate back on thorny revenue allocation formula
  • Kenya’s Kenyatta cabinet reshuffle in focus ahead of Friday when ordered recess ends.
  • CSIS Africa hosts webinar on “digital currency & remittances in the time of Covid-19”
  • 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

  • Protesters dispersed by gunfire in Libya’s capital
  • Morocco rejects normalising ties with Israel – PM
  • East Libya forces dismiss ceasefire push by rivals
  • US secretary of state Pompeo to visit Sudan in coming days
  • Sanctions in focus as West Africa mediators meet Mali coup leaders
  • Sudan ready to cooperate with ICC over Darfur, says PM
  • Mali’s coup leaders meet mediators seeking return to civilian rule
  • Zambia president fires central bank governor in surprise move
  • Congo grants new export ban waivers for copper, cobalt, tin
  • South Africa seeks proposals for 2,000 MW of emergency power
  • Suspected militants kill 13 in eastern Congo villages
  • Gulf Arab states welcome truce announcement in Libya – UAE news agency
  • Libya’s Tripoli-based govt & rival parliament take steps to end hostilities
  • Nigeria will bar entry for citizens of countries that block Nigerians – minister
  • South Africa’s Covid-19 infections breach 600,000 mark
  • Zimbabwe politician who called for protests denied bail for third time
  • US halts military cooperation with Mali as coup supporters celebrate
  • South Africa mobile operator Cell C to close 128 stores, affecting 546 jobs
  • Ebola outbreak in western DR Congo hits 100 cases
  • US suspends military cooperation with Mali following president’s overthrow
  • Tunisia imposes curfew in two southern towns to counter coronavirus
  • Kenya all-female conservation ranger unit patrols amid Covid-19
  • Sierra Leoneans sue govt for alleged environmental failings at diamond mine
  • Sierra Leone court freezes Steinmetz’s Octea assets
  • Libya’s NOC welcomes oil restart proposal, calls for military withdrawal
  • South Africa’s Tiger Brands says chairman to step down
  • Kenya doctors in Nairobi over pay, lack of Covid protection
  • Zimbabwe politician who called for protests denied bail for third time
  • Egypt’s Sisi welcomes ceasefire calls by Libya warring parties – statement
  • Zimbabwe central bank keeps main lending rate at 35%
  • Libya Tripoli-based govt declares ceasefire – statement
  • Kenya all-female conservation ranger unit patrols amid Covid-19
  • Comedian mocks Zimbabwe’s govt, despite fear of reprisal
  • Japan ship deviated from shipping lane before Mauritius impact, data shows
  • South Africa’s Eskom halts power cuts after recovering three coal units

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

macroafricaintel Daily Brief | 21 Aug

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

Global Markets

  • Record-breaking stocks take a breather, data weighs on dollar
  • Lull in momentum as Wall Street scales record peaks
  • MSCI AxJ heads for steady week, softest in a month
  • Dollar bounce runs out of puff as US labour market looks weak
  • Brent last up 0.4% at $45.06, gold steady at $1,947.66/oz.

Oil Markets

  • Oil climbs for third straight week, buoyed by producers holding back output
  • Brent up 0.4% at $44.07 a barrel (0158GMT)
  • WTI up 0.2% at $42.90

Precious metals

  • Gold rises as softer dollar, recovery concerns lift demand
  • Spot gold up 0.4% at $1,949.83/oz. (0030GMT)
  • US gold futures up 0.6% at $1,958.30/oz.

Grains

  • Soybeans, corn set for 2nd week of gains; US crop outlook weighs
  • Wheat futures up 5.8% so far this week
  • Soybeans on course for weekly gain of 1%
  • Corn set to add 0.7% for the week

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

  • Ghana presidential frontrunners Akufo-Addo & Mahama tour regions
  • Ghana’s ruling NPP launches 2020 manifesto (22 Aug)
  • Kenya’s Kenyatta cabinet reshuffle back in focus
  • 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

  • On Libya’s front lines, Sirte is focus for regional rivalries
  • Morocco may reimpose full lockdown as Covid-19 cases surge – King
  • Miner B2Gold says Mali border shutdown to be short-lived after coup
  • Regional delegation to visit Mali to try to reverse coup as junta, opposition close ranks
  • Mali junta orders border re-opened after coup
  • Somalia pirates release last 3 hostages as armed men attack Panama-flagged ship
  • Scientists peer inside ancient Egypt cat, snake and bird mummies
  • Nigeria to bar flights from countries that block Nigerians – minister
  • Ivory Coast, Ghana create joint body to coordinate cocoa policies
  • France’s Macron asks for quick transition to civilian rule in Mali
  • Senegal port seeks removal of 2,700 tonnes of chemical that caused Beirut blast
  • Mauritius starts to scuttle Japan oil-spill vessel
  • South Africa’s Gold Fields profit jumps on surging bullion prices
  • Libya’s humanitarian crisis deepens, talks needed – Red Cross says
  • Ethiopia protest clashes kill at least nine, most by gunshot, doctors say
  • African beginning to “bend the curve” of coronavirus – Africa CDC
  • Nigeria considers using private firms to coronavirus tests after foreign flights resume
  • OPEC+ needs to fix daily oversupply of more than 2 mln barrels – document
  • Sonae ditches partnership with Angola’s dos Santos in Portugal’s NOS
  • South Africa airports group ACSA gets new funding, shelves projects
  • France says its military operation Barkhane will continue in Mali
  • Uproar after Somali lawmaker presents bill to legalise child marriage
  • Nigeria’s wet market thrive desipite coronavirus pandemic

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

macroafricaintel Daily Brief | 20 Aug

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

Global Markets

  • Asia stocks, oil buckle on uncertain US recovery
  • Equities weak across Asia in wake of Fed minutes
  • China tensions, coronavirus weigh on some markets
  • Oil falls, gold rises as sentiment weakens
  • Brent down 0.8% at $45.03, gold up 0.5% at $1,939.28/oz.

Oil Markets

  • Oil eases on demand risks, US stockpile data
  • Brent down 0.6% at $45.09 a barrel (0049GMT)
  • WTI down 0.7% at $42.62

Precious metals

  • Gold rebounds as recovery fears resurface post Fed minutes
  • Spot gold up 0.9% at $1,946.09/oz. (0307GMT)
  • US gold futures down 0.9% at $1,952.90/oz.

Grains

  • Soybeans ease from 7-mth high, US dryness limits decline
  • Soybean futures down 0.1% at $9.13-1/2 a bushel (0307GMT)
  • Corn down 0.2% at $3.39-1/4 a bushel
  • Wheat down 0.2% at $5.21 a bushel

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

  • ECOWAS heads of state & govt meet virtually on Mali
  • Bank of Botswana decides interest rates [fcst. 4.25%, prev. 4.25%]
  • Nigeria finance minister Ahmed et al. appear before Senate committee on 2012-23 MTEF
  • Ghana presidential frontrunners Akufo-Addo & Mahama tour regions
  • South Africa state capture inquiry continues
  • Kenya’s Kenyatta cabinet reshuffle back in focus
  • 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

  • Mali protest leader steps back as coup leaders promise election
  • Ivory Coast finance ministry suspends financial ties with Mali
  • South Sudan central bank says foreign exchange reserves have run out
  • Supporters of Egypt’s Sisi set to dominate newly created Senate
  • After meeting Mali mutineers, protest leader Dicko to step back from politics
  • OPEC+ presses for compliance with oil cuts
  • At least 45 African migrants die off Libya in worst shipwreck of 2020 – UN
  • UN Security Council condemns mutiny in Mali, urges soldiers to return to barracks
  • France demands immediate release of Mali’s ousted president
  • Equatorial Guinea reappoints Prime Minister Asue after govt resignation
  • Mauritius to scuttle oil-spill tanker, Japanese owner apologises
  • Zambia vice president tests positive for Covid-19
  • South Sudan central bank says it has run out of FX reserves
  • Mali’s gold miners carry on digging despite coup, shares hit
  • Nespresso launches coffee range sourced from eastern Congo
  • Egypt says from Sept all those entering country must show virus test results
  • South African fraudster tricks credit bureau Experian into handing over data
  • Egypt electoral list dominated by Sisi supporters wins Senate election
  • EU wheat consolidates as traders weigh Algeria purchase
  • South Africa’s Eskom extends power cuts into Thursday
  • AU suspends Mali’s membership after coup
  • Russia’s Novak calls for strict OPEC+ deal compliance
  • EU says Mali coup crisis could destabilize whole region
  • South Africa investigates Covid-linked corruption of $290 mln
  • Sierra Leone court freezes Steinmetz’s Octea assets
  • Stored crude, condensate could be shipped from shuttered Libya ports
  • Sudan fires foreign ministry spokesman following Israel remarks
  • West Africa’s G5 Sahel force calls for release of Mali president
  • South Africa’s Denel made $99 mln annual loss, ministry says
  • Mining companies in Mali say gold production continues despite crisis
  • Kenya woman’s ordeal highlights newly identified sex trafficking route
  • South Africa game reserve turns to meat sales to survive pandemic
  • China, on Mali president resignation, says opposes regime change by force
  • South Africa’s Truworths flags full-year profit decline, impairs Office
  • Mali soldiers promise civilian transition after president’s ouster
  • Saudi King Salman, Nigeria president discuss oil market – SPA

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

macroafricaintel Daily Brief | 19 Aug

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

Global Markets

  • Asia stocks at 7-mth highs after Wall Street cracks more records
  • MSCI ex-Japan at highest since late January
  • Australia, South Korea lead gains; Chinese shares in red
  • Dollar at 27-mth low on easy monetary policy
  • Fed meeting minutes awaited
  • Brent down 26 cents at $45.20, Gold back above $2,000

Oil Markets

  • Oil prices skid as concerns over US demand recovery seep through market
  • API says US crude stocks fall 4.3 mln bbls, more than forecast
  • OPEC+ ministerial panel meets later to review compliance on output cuts
  • Brent down 0.8% at $45.08 a barrel (0029GMT)
  • WTI down 0.6% at $42.64

Precious metals

  • Gold inches higher as dollar extends fall; focus on Fed minutes
  • Spot gold up 0.1% at $2,002.12/oz. (0029GMT)
  • US gold futures down 0.1% at $2,011.60/oz.

Grains

  • Corn eases as US crop tour forecasts above-average yields
  • Corn futures down 0.7% at $3.39-1/4 a bushel (0250GMT)
  • Soybeans down 0.3% at $9.11 a bushel
  • Wheat up 0.5% at $5.20 a bushel

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

  • Bank of Zambia decides interest rates [fcst. 9.25%, prev. 9.25%]
  • Bank of Namibia decides interest rates [fcst. 3.75%, prev. 4.0%]
  • OPEC+ ministers meet
  • Kenya auctions 11-year infrastructure bond
  • Ghana presidential frontrunners Akufo-Addo & Mahama tour regions
  • South Africa state capture inquiry continues
  • Kenya Senate adhoc committee meets on revenue allocation impasse; after passage failure for umpteenth time
  • Kenya’s Kenyatta cabinet reshuffle back in focus; after cabinet et al. sent on compulsory leave
  • 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

  • Mali president resigns after detention by military, deepening crisis
  • West Africa regional bloc closes borders with Mali after president detained
  • Sudan ‘astonished’ at spokesman’s remarks about ‘contacts’ with Israel
  • UN chief calls for immediate release of Mali president, others
  • Mauritius arrests captain of stricken Japan oil tanker
  • Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subisidiary’s assets
  • Egypt passes law shielding sex crime victims’ identities
  • Algeria to allow private banks, airlines, sea transport firms
  • Mali protest movement seays detention of president “not a military coup”
  • Mali state television channel goes offline after president detained
  • Mali PM also detained by mutinying soldiers, African Union condemns
  • Zimbabwe shortens coronavirus curfew, extends business hours
  • South Africa smokers empty shops of cigarettes after ban lifted
  • Sudan confirms ‘contacts’ with Israel, says UAE move is ‘brave’
  • Faction of DR Congo rebel group surrenders after internal revolt
  • France condemns mutiny in Mali – foreign minister
  • Ethiopia PM fires defence minister, a one-time ally, in major reshuffle
  • Dozens of Kenya doctors strike over lack of PPE, delayed pay
  • Nigeria’s long-awaited oil reform bill to go to president – sources
  • Ivanhoe Mines & China’s CNMC announce Africa partnership
  • Namibia warns about elephant dung cure for coronavirus as cases rise
  • Sudan, major rebel group sign deal to integrate rebels into army
  • Egypt bank Beltone diversifies in hunt for profitability
  • From Africa to America, businesses and insures face survival showdowns
  • Overfishing in Congo threatens endangered sharks, report warns
  • Mauritius oil clean-up team turns focus from sea to mangroves

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

macroafricaintel Daily Brief | 18 Aug

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

Global Markets

  • Asia shares sluggish after Wall Street’s tech-inspired rally
  • Dollar weaknes slightly on disappointing data
  • Nikkei slips 0.5%, Chinese blue chips down 0.25%
  • Safe haven gold rises on Buffet move
  • Oil mostly holds gains after output cut
  • Brent down 0.1% at $45.31, Gold up 0.4% at $1,995/oz.

Oil Markets

  • Oil lower as suppliers seek to hold promises on output cuts
  • Brent down 0.5% at $45.15 a barrel (0322GMT)
  • WTI down 0.5% at $42.66

Precious metals

  • Gold prices extend gains on dollar weakness, $2,000-mark eyed
  • Spot gold up 0.2% at $1,990.13/oz. (0351GMT)
  • US gold futures up 0.1% at $1,999.70/oz.

Grains

  • Corn eases from 5-wk top on expectations of higher US production
  • Corn futures down 0.3% at $3.43-1/2 a bushel (0258GMT)
  • Wheat down 0.4% at $5.24-1/4 a bushel
  • Soybeans down 0.2% at $9.13-1/4 a bushel

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

  • Ghana presidential frontrunners Akufo-Addo & Mahama tour regions
  • Ghana’s Bawumia speaks on infrastructure
  • Kenya Senate adhoc committee meets on revenue allocation impasse; after passage failure for umpteenth time
  • Kenya’s Kenyatta cabinet reshuffle back in focus; after cabinet et al. sent on compulsory leave
  • 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 shrinks subsidized bread loaf by 20 gms, revises cost of flour
  • Nigeria eyes record 12.65 trillion naira spending plan for 2021 – document
  • MTN Ivory Coast CEO sees 2020 revenue rising up to 10%
  • Nigeria to reopen airports for international flights from Aug. 29
  • OPEC+ panel focuses on compliance with oil cuts, calls for ‘vigilance’
  • G7 to consider extending debt freeze for low-income countries – US Treasury
  • Nigeria’s central bank to set up $39 bln infrastructure firm with sovereign fund
  • Algeria’s Sonatrach, Wintershall Dea sign MoU to boost partnership
  • Congo Ebola responders end strike over unpaid salaries
  • Sudan security forces fire tear gas at protesters on anniversay of power-sharing deal
  • Nigeria’s $1.5 bln World Bank loan delayed over reforms – sources
  • Nigeria inflation rises for 11th month in July as import disruption weigh
  • Turkey, Qatar & Germany ministers visit Libya amid ceasefire efforts
  • Coronavirus banishes female inmates to far-flung jails in Malawi
  • Nigeria annual inflation at 12.82% in July – stats office
  • South Africa’s TFG concludes agreement to buy Jet stores, some approvals pending
  • Death toll from attack on Somalia Mogadishu hotel rises to 16
  • Putin, Erdogan discuss conflicts in Libya, Syria in phone call
  • Ivory Coast’s main cocoa harvest to begin early, boosted by good weather
  • South Africa’s embattled state arms firm appoints interim CEO
  • South Africa’s Tiger Brands to sell processed meats businbess for $24.7 mln
  • Egypt unemployment rate rose to 9.6% in Q2 due to coronavirus – CAPMAS
  • Hit by worsening drought, Zimbabwe taps funding for water-wise farming

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