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