macroafricaintel Daily Brief | 4 Sep

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

Global Markets

  • Asian stocks drop after Wall Street’s tech rally stumbles
  • Nikkei, ASX 200, Kospi all open lower
  • Falls more muted than 5% Nasdaq plunge, MSCI AxJ -0.6%
  • Dollar & bonds trade firmly, US payrolls eyed
  • Brent down 0.5% at $43.83, gold steady at $1,933.28

Oil Markets

  • Oil set to post weekly drop on lacklustre demand
  • China’s crude import set to slow in Sept – Refinitiv
  • High diesel inventory cap US refiners’ utilisation rates
  • Brent down 0.4% at $43.88 a barrel (0034GMT)
  • WTI down 0.5% at $41.17

Precious metals

  • Gold gains as stocks pull back; US jobs data in focus
  • Spot gold up 0.3% at $1,935.84/oz. (0304GMT)
  • US gold futures up 0.2% at $1,941.80/oz.

Grains

  • Soybeans fall from 2-yr high, on course for weekly gain of 1.5%
  • Soybean futures up 1.5% for the week
  • Corn down nearly 1.5% for the week
  • Wheat up nearly 1% for the week

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

  • Nigeria eases Covid-19 measures, international flights resume (5 Sep)
  • Ivory Coast’s Ouattara meets France’s Macron in Paris
  • South Africa’s Eskom reduces power cuts
  • South Africa state capture inquiry continues
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Algeria’s Sonatrach says 2 oil leakages occurred at the OK1 pipeline due to bad weather
  • South Africa telecoms regulator delays spectrum release until 2021
  • Nigeria ‘no longer in the business of fixing’ fuel prices, oil minister says
  • Libya interior minister restored to post after talks
  • Nigeria authorities cite need for more Covid-19 test sample collections
  • Nigeria authorities disturbed by low level of coronavirus test sample collection
  • Ex-first daughter of Angola Neto say no wrongdoing by husband in Swiss corruption probe
  • South Africa’s Eskom to reduce power cuts on Friday
  • South Africa franchise restaurant chain Spur to further defer interim dividend payment
  • Beyond Covid, Russia’s state grain trader UGC eyes Algeria & Iraq
  • WHO aiming for 20% of Africa to get initial Covid jabs from access plan
  • Macron to meet Ivory Coast President Ouattara after election u-turn
  • Despite coup, France & allies push on with new Mali task force
  • Ghana court dismisses MTN’s challenge against market regulator
  • South Africa’s Implats earnings up nearly 400% on weak rand, costly metal
  • South Africa’s Comair needs $72 mln and to cut 400 jobs, administrators say
  • Africa-CDC says all countries should join global Covid-19 vaccine effort
  • Long-missed pink flamingos return to Kenya’s Lake Nakuru
  • Russia resumes international flights with Egypt, UAE & Maldives

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

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