macroafricaintel Daily Brief | 7 Sep

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

Global Markets

  • US markets shut for Labor Day holiday
  • Asian shares on shaky footing amid elevated valuations, oil skids
  • Japan’s Nikkei falls, Chinese shares in red
  • MSCI ex-Japan barely changed after two straight days of losses
  • Currency market action muted
  • Oil falls more than $1 after Saudi price cuts; Brent at $42.16

Oil Markets

  • Oil drops more than $1 after Saudi price cuts, demand optimism fades
  • Saudi crude prices to Asia fall the most in five months in Oct
  • Brent down 2.1% at $41.75 a barrel (0000GMT)
  • WTI down 2.3% at $38.86

Precious metals

  • Gold gains as global growth worries support demand
  • Spot gold up 0.2% at $1,935.50/oz. (0341GMT)
  • US gold futures up 0.5% at $1,943.40/oz.

Grains

  • US markets shut for Labor Day

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

  • ECOWAS leaders meet face-to-face in Niamey; Mali, Eco currency & Covid-19 top on agenda
  • Ghana’s main opposition NDC & flagbearer Mahama launch 2020 manifesto
  • South Africa’s opposition EFF protest against racist slur by corporate
  • South Africa FX reserves Aug-20 [prev. $57.88B]
  • Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today

  • ‘Hotel Rwanda’ hero was not kidnapped – President Kagame
  • Algeria says new constitution to meet protesters’ demands, allow more reforms
  • Senegal activates emergency floods aid plan after downpour
  • Veteran Guinea opposition leader to challenge President Conde in October election
  • France’s Le Drian: We must not let the guard down in Mali
  • Nigeria to deliver aid by air in conflict-hit northeast
  • First Abu Dhabi Bank to restart talks on Bank Audi’s Egypt unit – sources
  • Tunisia police kill three suspected militants after fatal attack on officer
  • Ousted Mali president leaves country for Abu Dhabi as transition talks begin
  • Two France soliders killed, one injured in Mali – Presidency
  • Ethiopia’s upper house rules Tigray regional vote unconstitutional
  • Dozens of hippos at risk in dried-up water hole in Namibia
  • Rowdy protests get Mali transition off to chaotic start
  • Sudan declares 3-month state of emergency over floods – SUNA
  • UK court allows Nigeria more time to appeal in $10 billion dispute
  • Congo police fire tear gas to disperse protest over Rwanda diplomat
  • Libya families file US lawsuit accusing LNA leader Haftar of war crimes
  • Sudan and major rebel group agree to resume peace talks
  • About 10 Mali soldiers killed in militant attack, army says
  • Algeria’s Sonatrach says it controlled oil leaks
  • Malawi’s economy to shrink 1.9% in 2020, president says
  • Black Lives Matter forces South Africa sport to face past demons
  • Mali’s junta faces reality check as honeymoon phase ends
  • Turkey says France’s Macron ‘hysterical’ over Syria, Libya, East Med
  • Ethiopia Airlines in rescue talks with South Africa Airways – CEO
  • Militia enters city unopposed in east Congo, surrounds prison
  • Thousands rally to support Congo’s threatened Nobel Laureate
  • South Africa’s Eskom suspends managers it blames for plant breakdowns
  • Ethiopia Tigray region to hold poll, defying federal govt
  • Kenyans fear ‘ecologicial disaster’ if two swollen lakes merge
  • Algeria’s Sonatrach says 2 oil leakages occurred at the OK1 pipeline due to bad weather

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

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