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

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