macroafricaintel Daily Brief | 10 Nov

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

Global Markets
• Markets rally as investors applaud vaccine development
• Yen pressured as vaccine hopes boost risk appetite
• China inflation fails to perk up amid sluggish demand
• Oil falls as near-term demand worries overshadow Covid-19 vaccine relief
• Brent down 1.3% at $41.86, WTI down 1.5% at $39.69 (0139GMT)
• Gold prices gain some ground on stimulus hopes
• Spot gold up 0.5% at $1,871.81/oz., futures up 0.8% at $1,869.40 (0136GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Govt clarification on Nigeria border opening expected [After Dangote Cement reportedly granted exemption]
• South Africa’s Ramaphosa participates in US – SA business & investment roundtable
• Nigeria oil sector workers down tools
• South Africa manufacturing production Sep-20 [fcst. -9.0% yy, prev. -10.8%]
• UN deputy SG Mohammed visits Nigeria (8-11 Nov), Niger, Sierra Leone
& Ghana on post-covid recovery efforts
• Ghana ruling NPP’s Akufo-Addo & NDC’s Mahama on the campaign trail
• South Africa state capture inquiry continues
• Covid-19 updates by authorities across the continent
• South Africa mining production Sep-20 [fcst. 1.9% yy, prev. -3.3%] (12 Nov)
• South Africa releases labour statistics (12 Nov)
• South Africa’s Ramaphosa briefs parliament on a range of issues (12 Nov)

Key African events or data releases yesterday & early a.m today
Reuters
• Ethiopians including soldiers flee escalating conflict to Sudan
• US criticized for police brutality, racism at UN rights review
• Nigeria authorities return police brutality activist’s passport
• China offers backing to Guinea president after disputed election
• Ivory Coast’s Ouattara wins 3rd term, final results show
• As Africa penguin population dwindles, researchers plan new colony
• Hundreds killed in escalating Ethiopia conflict, sources say
• Magnate billionaire to run for leadership of Africa football
• Wounded Libya fighters watch Tunis peace talks with cautious hope
• South Africa investors exit local coal project on climate concerns
• Pfizer, BioNTech say their covid-19 vaccine is more than 90% effective
• Ethiopia not heading for ‘chaos’ over Tigray operation, says PM
• Sudan partially closes border with Ethiopia – agency
• In Nigeria, looters target govt warehouses stocked with Covid-19 relief
• Shifting militant tactics curb development in Egypt’s North Sinai
• Concern of outright war in Ethiopia grows as PM presses military offensive
• Ethiopia prime minister fires top officials as conflict in Tigray
region escalates

Bloomberg
• Oil rally loses shine as virus surge offsets vaccine optimism
• South Africa plans short-dated bond to lower borrowing costs
• Nigeria exempts Dangote Cement from land border closure
• Mozambique charges ex-finmin over $2 bln debt scandal
• South Africa regulator to consider approving nuclear power plan
• Profit drops at Kenya’s biggest company on stalling economy
• Ivory Coast unrest hurts cocoa supply as farmers cheer good weather
• Ivory Coast constitution council confirms Ouattara’s re-election
• Ethiopia conflict sparks bond slump amid EM rally
• Ethiopia Airlines may submit SAA management proposal this week
• Rising virus cases spurs South Africa to consider renewed curbs
• South Africa stocks rise as Biden win amps up risk appetite
• Libya unity bid gains momentum as rivals gear up for new talks
• J&J covid-19 vaccine trial cleared to begin in South Africa
• Ethiopia replaces top security officials as conflict escalates

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

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