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

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