macroafricaintel Daily Brief | 5 Oct

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

Global Markets
• Stocks rise as signs of Trump’s improving health calm markets
• Trump’s contraction of coronavirus stuns investors
• US stock futures rise on expectations Trump will leave hospital
• Dollar falls against Swiss franc but rises versus the yen

Oil Markets
• Oil prices claw back 2% after upbeat signals from Trump doctors
• Libya’s production rises nearly 3-fold to 270k bpd
• US firms added drilling rigs for 3rd week in a row
• Brent up 1.8% at $39.96 a barrel (0232GMT)
• WTI up 2.1% at $37.81

Precious metals
• Gold holds steady as market eyes Trump’s health
• Spot gold nearly flat at $1,896.21/oz.
• US gold futures down 0.3% at $1,902/oz.

Grains
• Corn, soybeans extend losses as US harvest pressure builds
• Corn drops as US weekly report likely to show solid harvest progress
• Wheat firms, Asian market eyes bumper Australian crop
• Corn futures down 0.1% at $3.79-1/4 a bushel (0316GMT)
• Soybeans down 0.2% at $10.19-1/4 a bushel
• Wheat up 0.3% at $5.75 a bushel

Key African events or data releases today [Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Ghana ruling NPP’s Akufo-Addo & NDC’s Mahama on the campaign trail
• South Africa Standard Bank PMI Sep-20 [prev. 45.3]
• Nigeria’s Buhari delivers 2021 budget speech this week [date TBC]
• Nigeria Stanbic IBTC PMI Sep-20 [prev. 54.6] (6 Oct)
• Kenya, Ghana PMI Sep-20 (6 Oct)
• South Africa state capture inquiry continues
• Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today
• Debt cancellation needed to help poorest countries – World Bank president
• Algeria takes further measures to ease coronavirus restrictions
• 8 migrants dead, 12 missing off coast of Djibouti – IOM
• Social media abuse drives girls off Facebook, Instagram, Twitter – poll
• Nigeria to bar vessels without licences from operating in Nigerian waters
• Port Sudan container terminal blocked in peace deal protest
• India & South Africa ask WTO to waive rules to aid Covid-19 drug production
• Ethiopia’s Oromo celebrate tense thanksgiving amid tight security
• US welcomes transitional govt in Mali
• Tunisia to ban gatherings, cut public sector work hours due to pandemic
• Egypt unveils 59 ancient coffins in major archaeological discovery
• Sudan & main rebel groups formalise peace deal
• Blasphemy convictions spark Nigeria debate over sharia law
• WHO ‘outraged’ by sex abuse reports in Congo ebola operation
• Seizing art: One Africa man’s protest against colonial ‘pillagers’
• Tanzania suspends opposition leader’s election campaign
• Russia, Iran concerned about Syria & Libya fighters in
Nagorno-Karabakh – Moscow
• EU removes Libya’s powerbroker Saleh from sanctions list
• South Africa’s Sasol to raise $2 bln in part sale of US chemicals
unit to LyondellBasell
• South Africa union threatens strike at coal & diamond mines
• ‘Hotel Rwanda’ inspiration denied bail again as court says he may escape
• Ethiopia charges suspects in killing of popular singer with terrorism
• For sale: 100 Namibia buffalos, buyers must ‘bear all risks’
• Ethiopia region arrests 503 on feared violence at weekend festival
• Nigeria to reopen federal govt schools from Oct 12
• Tunisia reports daily coronavirus record of 1,308 cases
• Somalia women’s basketball team defy prejudice, hostility
• EMR Capital seeks concessions to develop $1 bln Zambia copper mine
• UN registers Turkey-Libya maritime deal – Turkish ministry

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

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