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

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