macroafricaintel Daily Brief | 8 Dec

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

Global Markets
• Asian stocks under pressure as pandemic concerns outweigh stimulus hopes
• Japan unveils $708 bln in fresh stimulus with on eye on post-covid growth
• G7 finance officials back need to regulate digital currencies: Treasury
• Oil slips as gloom grows over soaring covid-19 cases, lockdowns
• Brent down 0.8% at $48.39, WTI down 0.8% at $45.41 (0455GMT)
• Gold firms as rising covid-19 cases boost stimulus hopes
• Spot gold up 0.2% at $1,867.66/oz., futures up 0.3% at $1,871.70 (0314GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Ghana’s electoral commission releases 7th Dec. election results
• US & AU Commission host business forum on AfCFTA
• Kenya health workers down tools; doctors suspend strike
• Liberia holds mid-term senate elections & constitutional referendum
• AfDB hosts Africa economic conference (8-10 Dec)
• South Africa GDP Q3-20 [fcst. 4.0% qq saa, prev. -51.0%]
• South Africa’s ruling ANC NEC meets (6-8 Dec) [Embattled scribe Magashule’s fate on agenda]
• Nigeria’s ruling APC NEC meets [Fate of caretaker committee on agenda]
• Ethiopia’s Abiy visits Kenya (9-10 Dec)
• Nigeria’s Buhari addresses joint session of parliament on insecurity in the north, etc; governors expected to meet him beforehand (10 Dec)
• South Africa state capture inquiry continues
• Covid-19 updates by authorities across the continent
• South Africa CPI Nov-20 (9 Dec) [fcst. 3.5% yy, prev. 3.0%]
• South Africa retail sales Oct-20 (9 Dec) [fcst. -3.2% yy, prev. -2.7%]
• South Africa current account balance Q3-20 (10 Dec) [fcst. 1.1% of GDP, prev. -2.4%]
• South Africa mining production Oct-20 (10 Dec) [fcst. -3.8% yy, prev. -2.8%]
• South Africa manufacturing production Oct-20 (10 Dec) [fcst. -2.9% yy, prev. -2.6%]

Key African events or data releases yesterday & early a.m today
Reuters
• Ethiopia scorns guerrilla war fears, UN team shot at in Tigray
• Fighting flares in Ethiopia’s Tigray as army says closing in on
rebellious force
• Alongside Sisi, Macron says France will sell arms to Egypt
irrespective of rights
• In Kenya, covid-19’s rural spread strains creaky healthcare
• UN security team blocked, shot at near Ethiopia refugee camp
• Ghana votes as candidates offer routes out of economic crisis
• Insecurity holds up aid to Ethiopia’s Tigray region, aid workers say

Bloomberg
• Egypt lays out what bond investors craving yield can expect next
• South Africa’s Eskom pact between govt, business and labour to be endorsed
• Aid groups struggle to access Ethiopia Tigray region after deal
• Ghana cocoa farmers bemoan dryness as nation holds vote
• South Africa govt offers SAA staff less than legally required
• Zimbabwe’s Russian-backed platinum venture sells stake to fossil
• South Africa plans 1 billion-rand relief for subsistence farmers
• Eritrea frees religious prisoners jailed for a quarter century
• Ghana elects president in vote fielding two longtime rivals
• Congo’s president seeks new majority to end govt crisis

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

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