macroafricaintel Daily Brief | 5 Aug

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

Global Markets

  • Gold shines on falling dollar, yields; pandemic cost concerns drag on shares
  • Gold surges past key technical barrier of $2,000/oz.
  • Falling US dollar, bond yields push gold higher
  • Asian shares mostly lower on rising pandemic costs, uncertainty
  • Brent off 8 cents at $44.35, WTI down 11 cents at $41.59

Oil Markets

  • Oil prices toppled from rising streak as jump in Covid-19 cases stokes fuel demand fears
  • Brent down 0.4% at $44.27 a barrel (0117GMT)
  • WTI down 0.4% at $41.53

Precious metals

  • Gold extends record rally on softer dollar, stimulus bets
  • Spot gold hit record high of $2,030.72/oz. (0234GMT)
  • US gold futures up 0.7% at $2,032.30/oz.

Grains

  • Corn recovers from 5-wk low; bumper crop estimates cap gains
  • Bumper US, Brazil soybean output to keep pressure on prices
  • Corn futures up 0.6% at $3.22-1/4 a bushel (0132GMT)
  • Soybeans up 0.2% at $8.83-3/4 a bushel
  • Wheat up 0.1% at $5.08-3/4 a bushel

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

  • Nigeria’s Buhari cabinet meets [Recent killings & growing insecurity likely top of agenda; eyes on veteran security chiefs]
  • South Africa Standard Bank PMI Jul-20 [prev. 42.5]
  • Nigeria Stanbic IBTC PMI Jul-20 [prev. 46.4]
  • Kenya, Ghana, etc. Jul-20 PMIs due as well
  • 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

  • Trump security adviser warns against foreign military involvement in Libya
  • Egypt to withdraw from latest dam talks for internal consultations – statement
  • Tanzania opposition names presidential candidate who survived shooting
  • Zimbabwe’s president names his deputy as new health minister
  • South Africa’s Denel ordered to pay outstanding salaries by Friday
  • Egypt lawmakers approve bill to protect sex assault victims’ identity
  • Cape Verde court rejects Maduro envoy’s appeal against US extradition
  • After arrest, Zimbabwe novelist declares state “chokehold”
  • Congo to suspend value-added tax exemption for mining imports
  • Somalia sets up disaster warning centre to battle floods and locusts
  • Algeria leader secures fugitive officer with Erdogan call, source says
  • Kenya – Hair scavenged from Nairobi dump ends up in salon amid covid-19 pandemic
  • South Africa’s Pick n Pay warns of 50% earnings drop
  • Centamin earnings jump on strong gold prices, higher Egypt mine output
  • Africa activists fight violence against women one law at a time

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

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