macroafricaintel Daily Brief | 29 Jan

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

Global Markets
• The “GameStop effect” could ripple further as Wall Street eyes short squeeze candidate
• Facebook shuts popular stock trading group, small investors behind surge hit by trading curbs
• Equity futures slide on nerves over retail-trading frenzy
• UK bans direct flights from UAE, shutting world’s busiest international route
• Oil steady as supply cuts offset demand worries on stalled vaccine rollouts
• Brent up 4 cents at $55.57, WTI down 7 cents at $52.27 (0520GMT)
• Gold on course for monthly decline as dollar firms
• Spot gold up 0.1% at $1,842.58/oz., futures up 0.2% at $1,844.20 (0326GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Ghana supreme court starts substantive hearing of Mahama election petition
• Kenya’s Council of Governors elects new chairman
• Kenya BBI campaigns intensify; Uhuru meets top Mt Kenya state officials on strategy in Sagana (30 Jan)
• South Africa state capture inquiry continues
• Virtual World Economic Forum (24-29 Jan)
• Bank of Ghana MPC meets [fcst. 14.5%, prev. 14.5%] (26-29 Jan & 1 Feb)
• Kenya inflation Jan-21 [fcst. 5.6% yy (1.0% mm), prev. 6.1% (1.0%)]
• South Africa PSCE Dec-20 [act. 3.6% yy, fcst. 3.6%, prev. 3.4%]
• South Africa M3 Dec-20 [act. 9.5% yy, fcst. 9.5%, prev. 8.2%]
• South Africa trade balance Dec-20 [prev. ZAR36.72B]
• Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today
Reuters
• South Africa trial of Novavax vaccine seen to be 60% effective says head of trial
• First know US cases of potent South Africa covid-19 variant found in South Carolina
• Nigeria repatriates hundreds of migrants from Saudi Arabia
• Story on Uganda army killing Somali militants withdrawn
• African Union secures extra 400 mln vaccine doses
• Toyota South Africa to produce new model creating over 1,500 jobs – CEO
• Death toll from storm Eloise rises to 21 across southern Africa
• Congo prime minister accepts vote of no confidence
• Budget woes mean South Africa doctors jobless while hospitals battle covid-19
• Anger in Somalia as sons secretly sent to serve in Eritrea military force
• South Africa regulator awards Eskom additional 6 bln rand revenue
• South Africa top court orders Zuma to appear before enquiry commission
• South Africa to issue covid-19 vaccine storage, distribution tender
• Africa secures 400 mln more covid-19 vaccine doses
• Hundreds of pelicans found dead in Senegal World Heritage site
• Kenya’s economy shrinks in Q3 2020 as covid hits tourism
• Tunisia president office gets letter with suspicious powder: source
• Uganda conducting clinical trials of possible drug against covid-19 infections – statement

Bloomberg
• Shell is back in court for Nigeria oil spills liability ruling
• AstraZeneca test results on South Africa variant due next week
• Covid variant fueled record infections in Africa, WHO says
• South Africa covid variant detected for the first time in US
• Nigeria central bank to start commodity exchange in 90 days
• Coronavirus variant from South Africa detected in US for first time
• Ethiopia moves artillery to Sudan border after deadly clashes
• Banks ordered to slash costs, placing Tanzania jobs at risk
• Africa covid vaccination plan to cost as much as $15 bln
• Uganda steps up virus response with vaccines, increased testing
• Nigeria manufacturers list dollar shortage as top challenge
• Zimbabwe miners say FX rule could trigger crisis
• Nigeria seen devaluing naira by as much as 10% in 2021, survey shows
• Mobile power ships eye Africa as virus stalls land projects
• South Africa court rules Zuma must testify at graft inquiry
• Deaths from South Africa’s covid-19 resurgence may have peaked
• Swedish fund’s fading Nigeria bet latest sign of foreign exit
• Kenya in first recession since at least 2000 on virus curbs
• Nigeria dependence on central bank money will be hard to cure

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

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