Category Archives: Daily briefs

macroafricaintel Daily Brief | 3 Jul

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

Global Markets

  • US markets closed for July 4 holiday
  • Asia shares hit 4-mth high as US, China recoveries gather pace
  • Shanghai shares hit 14-mth high on service sector recovery
  • US payrolls jump 4.8 mln but hurdles lie ahead
  • Rising US covid-19 cases threaten US recovery

Oil Markets

  • Oil falls as growing coronavirus cases stoke fuel demand worries
  • Brent down 0.9% at $42.77 a barrel (0042GMT)
  • WTI down 0.8% at $40.31

Precious metals

  • Gold steadies in tight range as virus fears offset solid US jobs data
  • Spot gold unchanged at $1,775.12/oz. (0232GMT)
  • US gold futures down 0.1% at $1,787.80/oz.

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

  • South Africa’s Ramaphosa visits Mpumalanga to assess province’s covid-19 response
  • Kenya roadmap on reopening worship centres expected; Kenyatta covid-19 measures speech expected on Monday [Or during weekend; cabinet reshuffle could be announced]
  • Electoral Commission Ghana voter re-registration continues
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • US welcomes independent probe of report that cleared African Development Bank chief
  • Mining magnate Gertler denies skirting US sanctions in Congo
  • Attackers on motorbikes kill 32 Mali villagers, local officials say
  • Small homemade bomb explodes in Cameroon capital, official says
  • South Africa to keep 20,000 soldiers on covid-19 duty until September
  • Botswana investigating mystery deaths of at least 275 elephants
  • Portugal to take then selll majority stake in Efacec firm of Angola’s dos Santos
  • Lockdown ends in Nigeria’s Kano, where coronavirus killed hundreds
  • Namibia considering options for struggling national flag carrier – finmin
  • South Africa telecoms regulator moves to finalise spectrum licensing
  • Slain Ethiopia singer electrified a generation with songs of freedom and protest
  • Sierra Leone doctors’ strike leaves covid-19 patients stranded
  • Pump or dump? With oil in decline, Africa ponders its energy future
  • Two killed in clashes as mourners struggle to get into Ethiopia singer’s funeral
  • South Africa man dragged naked from shack sparks legal action against evictions
  • Six hurt in scuffles with security forces at Ethiopia singer’s funeral
  • South Africa rand firmer as currnet account surplus adds to global risk boost
  • OPEC basket oil price rises above $40 for first time in 4 months
  • South Africa’s SAA administrators aim to publish revised plan on July 7
  • Canadian arrested in Egypt early in 2019 returns home after release, needs medical treatment
  • Pirates kidnap nine in attack on vessel off Nigeria, says ship owner
  • South Africa refinery explosion kills two, injures seven
  • Pandemic costs Africa travel, tourism almost $55 bln
  • Kenya shilling seen on back foot, Tanzania’s firming; in week ahead
  • Africa does not have manifold undetected coronavirus infections – WHO
  • As pandemic spreads, Congo poet warns in music video of ‘empty cooking pots’
  • South Africa – CMA CGM drops port congestion surcharge for Cape Town
  • Angola resists OPEC pressure to comply fully with oil cuts – sources
  • Eight years after bombing, Somalia reopens national theatre
  • Kenya shilling holds steady against the dollar
  • South Africa records first current account surplus in 17 years
  • Explosion at Astron Energy’s South Africa refinery kills at least 2 – source
  • World food price index rises in June, first increase in 2020 – UN
  • How to rid East Africa of locusts? Serve them in a kebab or drive them to cannibalism

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

macroafricaintel Daily Brief | 2 Jul

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

Global Markets

  • Asia stocks rise on vaccine hopes, eyes on US payrolls
  • MSCI ex-Japan rises, all major Asian indexes in black
  • Shanghai copper at 6-mth highs on supply fears
  • Investor focus on US employment data due later in the day
  • Currencies tread water

Oil Markets

  • Oil prices dip on demand worries as California reimposes restrictions
  • Brent down 0.3% at $41.89 a barrel (0024GMT)
  • WTI down 0.3% at $39.69

Precious metals

  • Gold eases off near 8-yr peak after solid US data
  • Spot gold down 0.2% at $1,767.11/oz. (0034GMT)
  • US gold futures down 0.2% at $1,777.30/oz.

Grains

  • Corn eases after rally, lower US planting stems fall
  • Corn futures down 0.2% at $3.59-3/4 a bushel (0030GMT)
  • Soybeans down 0.1% at $8.98 a bushel
  • Wheat down 0.4% at $4.96-3/4 a bushel

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

  • Nigeria raises fuel prices
  • AfDB hosts Africa infrastructure finance webinar
  • South Africa current account balance Q1-20 [fcst. -2.7% of GDP, prev. -1.3%]
  • Electoral Commission Ghana voter re-registration continues
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Burkina Faso probes bullet-ridden bodies discovered after army operation
  • Nigeria to restart domestic flights July 8 in easing of coronavirus curbs
  • Mali opposition seeks to curb president’s authority in reform plan
  • Algeria president pardons protest movement activists
  • Military deployed in Ethiopia capital after more than 80 killed in protests
  • Egypt reopens airports and welcomes tourists to pyramids after covid closure
  • Sierra Leone doctors treating covid-19 patients to go on strike
  • ‘We are not guinea pigs’, say South Africa anti-vaccine protesters
  • Egypt parliament approves $5 bln supplemental spending bill
  • Monk’s death sentence commuted to life for murder of bishop at Egypt monastery
  • Big South Africa insurers face $232 mln in claims from 500 virus-hit firms
  • South Africa eases lockdown, eco-tourism community fears for future
  • South Africa’s Sasol to sell Escravos gas-to-liquids plant to Chevron
  • Sierra Leone doctors treating covid-19 patients to go on strike
  • Mauritius investigates alleged round-tripping linked to Wirecard AG
  • Portfolio inflows to emerging markets to continue to recover – IIF
  • Morocco’s trade deficit narrows 12% y/y in Jan-May
  • More than 40,000 people forcefully evicted in East Africa during coronavirus crisis
  • Libya’s NOC says force majeure continues pending lifting of blockade
  • Outflanked by China in Africa, Taiwan eyes unrecognised Somaliland
  • South Africa’s Transnet names Dlamini as CFO
  • South Africa – Johannesburg exchange fines Tongaat over non-compliance
  • Child labour on Ivory Coast cocoa farms rises during pandemic, study finds
  • Actis-backed African education group acquires Nigeria university – CEO
  • Turkey business group plans Libya trip to set post-war plan – sources
  • Congo and the chocolate factory: New producer hits the sweet spot
  • Uganda shilling inches up against the dollar
  • Easing lockdown lifts South Africa’s Absa PMI in June
  • Congo vows zero tolerance over child soldiers after US anti-trafficking nod
  • South Africa retailer Steinhoff posts bigger full-year loss

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

macroafricaintel Daily Brief | 1 Jul

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

Global Markets

  • Asia shares inch higher as data drives rebound hopes
  • Chinese PMI data helps stocks edge higher
  • Caution holds gold near 8yr top, supports yen

Oil Markets

  • Oil rises after sharp drop in US crude inventories
  • Brent up 0.8% at $41.60 a barrel (0044GMT)
  • WTI up 1.1% at $39.69

Precious metals

  • Gold firms near 8-yr peak as virus fears grow
  • Spot gold up 0.1% at $1,782.67/oz. (0336GMT)
  • US gold futures steady at $1,800.60/oz.

Grains

  • Corn falls from 3-mth high, USDA estimates cap losses
  • Corn futures up 0.2% at $3.41 a bushel
  • Soybeans down 0.1% at $8.81 a bushel
  • Wheat down 0.3% at $4.90-1/2 a bushel

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

  • Nigeria reopens interstate borders
  • Egypt reopens airports
  • Impeachment motion against Kenya’s Nakuru county governor Kinyanjui imminent
  • South Africa Absa manufacturing PMI Jun-20 [prev. 50.2]
  • Electoral Commission Ghana voter re-registration continues
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • South Africa retailer Steinhoff posts bigger annual loss
  • One killed in Sudan as thousands rally for faster reform
  • At least 10 dead as slaying of Ethiopia singer triggers protests
  • Sahel summit agrees need to intensify campaign against militants
  • France’s Macron says recent “spectacular” results make victory in Sahel possible
  • Three deadly blasts rock Ethiopia capital during protests – police
  • South Africa activists hail ruling to protect poor residents from police raids
  • Zimbabwe central bank raises main lending rate to 35% as inflatioin soars
  • Protests in Ethiopia town of Adama kill eight, injure 80 – doctor
  • Belgium king expresses deep regret for colonial past in Congo
  • Egypt M2 money supply up 17.24% y/y in May – cbank
  • Soccer – Africa cup of nations postponed from January next year to 2022
  • Kenya economic growth slows down in the first quarter
  • OPEC, Russia seen easing oil production cuts from August – sources
  • Nigeria WTO nominee says has “strong support” from Africa
  • Kenya economy expands by 4.9% in the first quarter of this year
  • Tunisia coalition under pressure over PM conflict of interest allegations
  • MTN launches 5G network across major cities in South Africa
  • OPEC oil output sinks as Saudi deepens cuts and others cut more, survey shows
  • Ethiopia satellite television: federal police arrested media mogul amid protests
  • Kenya inflation falls to 4.59% in June
  • Spain to open border with Morocco only in case of reciprocity
  • Ethiopia media mogul’s bodyguards in standoff with police, his TV station says
  • South Africa – Shipping firm CMA CGM to impose emergency surcharge at Cape Town port
  • Global covid-19 prevential trial of hydroxychloroquine to resume
  • Fitch: Sub-Sahara Africa debt burdens rising faster than elsewhere
  • South Africa trade balance swings to a surplus in May
  • South Africa recession deepens in first quarter as mining plummets
  • Egypt says gold deposit discovered in southeast
  • Sahel remains fragile despite battle gains against militants
  • Uganda shilling holds steady against the dollar
  • Botswana taps into strategic fuel reserves to ease shortages
  • South Africa first quarter expenditure on GDP down 2.3% q/q
  • Kenya shilling edges down against the dollar
  • Swarms of locust devastate parts of northern Kenya
  • South Africa Barloworld sees drop in H1 earnings as pandemic hits demand
  • South Africa credit growth slows to 6.35% y/y in May
  • Shell to take up to $22 bln in writedown after climate review

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

macroafricaintel Daily Brief | 30 Jun

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

Global Markets

  • Asia stocks up as China PMI, US data cheer markets worried over coronavirus surge
  • Equities see positives in economic data
  • Hong Kong shares not phased by China security bill
  • Coronavirus surge remains a risk to markets

Oil Markets

  • Oil prices slip as weak Japan data exposes market jitters over fragile demand
  • Brent down 0.8% at $41.53 a barrel (0038GMT)
  • WTI down 1% at $39.32

Precious metals

  • Gold poised for best quarter in four years as virus fears persist
  • Spot gold steady at $1,771.30/oz. (0306GMT)
  • US gold futures up 0.2% at $1,783.80/oz.

Grains

  • Soybeans edge higher ahead of USDA report
  • Soybean futures up 0.3% at $8.69 a bushel (0101GMT)
  • Corn down 0.2% at $3.25-1/4 a bushel
  • Wheat down 0.5% at $4.84 a bushel

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

  • Electoral Commission Ghana starts voter re-registration exercise
  • EU leaders meet G5 Sahel heads of state in Mauritania
  • Nigeria’s Buhari flags off section of Trans-Nigeria gas pipeline
  • Kenya & Uganda publish June inflation data
  • South Africa’s central bank publishes money & credit statistics
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Nigeria’s slave descendants hope race protests help end discrimination
  • Congo president vows not to accept judicial reforms that cause ‘harm’
  • Senegal lifts covid-19 state of emergency to protect economy
  • Macron slams Turkey’s ‘criminal’ role in Libya, Putin’s ambivalence
  • Saudi crown prince, Nigerian president discuss OPEC+ deal compliance
  • South Africa court sides with Eskom in clawback dispute
  • Libya’s NOC confirms international talks on resuming oil output
  • South Africa’s Naspers posts 4.5% fall in full-year profit
  • South Africa’s MTN allows customers to pay for online shopping using mobile money
  • Algeria annual inflation rises in May
  • Four aid workers say militants abducted them in northeast Nigeria
  • Nigeria to ease covid-19 curbs on inter-state travel and students
  • Matonge, An African home in Brussels
  • Nigeria to allow travel between states outside curfew hours from July 1
  • Lesotho’s former first lady granted bail in murder case
  • Libya tribal leaders says oil output to resume
  • Uganda power distributor Umeme to invest $83 mln to boost network
  • “On our knees”: Kenya tourism revenue collapses
  • Malawi names former insurance executive as finance minister
  • Kenya shilling holds steady against the dollar
  • Burundi’s new cabinet includes two under Western sanctions over rights abuses
  • Kenya loses 80 bln shillings in tourism revenue due to coronavirus
  • Libya’s NOC confirms international talks on resuming oil output
  • Potato diplomacy as Malta seeks new era of Namibia relations
  • West Africa instability risks gains against militants – French official
  • South Africa firm aims to plug covid-19 test kits shortage as virus spreads
  • France warns political uncertainty in Mali, Burkina risks recent progress
  • Uganda shilling a touch stronger as charity flows offer support
  • Spain says PM off to Africa, EU’s list of safe nations ready soon

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

macroafricaintel Daily Brief | 29 Jun

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

Global Markets

  • Asia stocks wary as coronavirus threatens economic reopening
  • Asia ex-Japan eases off 4-mth top, S&P 500 futures steady
  • Deaths from covid-19 reached half a million on Sunday
  • Dollar, bonds supported on safe haven appeal

Oil Markets

  • Oil falls in second straight session as virus cools demand
  • Brent down 1.6% at $40.36 a barrel (2350GMT)
  • WTI down 1.6% at $37.86

Precious metals

  • Gold climbs as fears over surging virus cases boost demand
  • Spot gold up 0.1% at $1,772.61/oz. (0015GMT)
  • US gold futures up 0.3% at $1,785.90/oz.

Grains

  • Corn rebounds from 6-wk low, bearish fundamentals cap gains
  • Corn futures up 0.4% at $3.18-1/4 a bushel (0218GMT)
  • Soybeans up 0.2% at $16.73-1/2 a bushel
  • Wheat up 0.2% at $4.76-3/4 a bushel

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

  • South Africa state capture inquiry resumes
  • Electoral Commission Ghana press briefing on new voters register
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Guinea-Bissau president sacks five ministers
  • Sudan extends coronaviru lockdown in Khartoum state
  • Sudan says it will rein in state firms, including those owned by security
  • Egypt court jails belly dancer for ‘debauchery’ in social media crackdown
  • Malawi’s Chakwera sworn in as president after re-run election
  • Congo PM threatens govt resignation over minister’s arrest
  • Sudan extends closure of Khartoum international airport by two weeks
  • Congo’s justice minister released hours after arrest
  • Egypt, Ethiopia & Sudan hope for Nile dam deal in weeks
  • More than 90% of issues in Nile dam negotiations resolved, AU chief says
  • Facing defeat, Malawi president says election re-run had irregularities
  • Insurgents stage ‘very violent’ attack close to gas projects in Mozambique
  • Ghana’s President Akufo-Addo choses by ruling party for poll rematch against Mahama
  • Guinea-Bissau braces for rise in coronavirus cases, enlists Cuban medical help
  • Tunisia reopens borders to tourists after halting spread of coronavirus
  • Sudan, Egypt say Ethiopia will not fill Nile dam without reaching deal
  • Morocco rejects Amnesty’s allegations on spying on journalist
  • IMF board approves $5.2 bln, 12-mth loan program for Egypt
  • Zimbabwe suspends stock exchange, mobile payments over ‘economic sabotage’
  • Ivory Coast’s Air Cote d’Ivoire says propped up by $24 mln from govt
  • East Congo ebola outbreak no longer an international emergency, says WHO
  • South Afriac to reopen casinos and cinemas despite covid-19 spread
  • UK Export Finance set to back Total’s $20 bln Mozambique LNG project – source
  • MTN to challenge Ghana regulator’s move to reduce market dominance
  • Ivory Coast flash floods kill at least seven, more rain expected
  • Congo president wins approval for state mining company nominees
  • South Africa’s Sasol to sell stakes in Mozambique pipeline, power plant – sources
  • Nigeria needs to deepen reforms to boost growth, revenues – World Bank
  • Ethiopia receives 12 bids for two telco licences – regulator
  • Libya’a NOC says Russia mercenaries entered oilfield, with output blocked
  • Congo aims to launch state cobalt monopoly in two mths, mines minister says
  • Kenya Airways estimates coronavirus revenue loss at $100 mln – CEO
  • Kenya central banker sees silver lining in economic gloom
  • Uganda – Hit the brakes on reform, say Kampala’s transport workers
  • Kenya cbank says current account gap could be narrower than forecast

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

macroafricaintel Daily Brief | 26 Jun

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

Global Markets

  • Stocks going nowhere as virus fears hold optimism in check
  • MSCI AxJ grinds 0.5% weekly gain, Nikkei flat
  • Dollar steady as investors see risks balanced

Oil Markets

  • Oil prices crawl up on demand recovery, tempered by virus outbreaks
  • Brent up 0.5% at $41.27 a barrel (0009GMT)
  • WTI up 0.4% at $38.87

Precious metals

  • Gold on track for third weekly gain as virus cases surge
  • Spot gold up 0.1% at $1,763.48/oz. (0042GMT)
  • US gold futures up 0.2% at $1,773.60/oz.

Grains

  • Corn firms; set for weekly losses of more than 4% on supply glut, low demand
  • Corn futures down more than 4% for the week
  • Soybeans down nearly 1% for the week
  • Wheat up more than 1% for the week

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

  • Ghana’s ruling NPP declares Nana Akufo-Addo as presidential flagbearer (27 Jun)
  • Kenya senate decides fate of impeached Kirinyaga county governor Waiguru
  • Corporate Council on Africa leaders forum; Kagame, Kenyatta, Nyusi & Akufo-Addo key speakers; 23-26 Jun
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • In China’s ‘Little Africa’, a struggle to get back to business after lockdown
  • Malawi’s opposition appears to win presidential election re-run
  • Congo aims to launch state cobalt monopoly in two months, mines minister
  • Commander in Somalia militant group killed – state media
  • Morocco’s OCP to commission Nigeria, Ghana plants in 2024
  • Ivory Coast to allow international flights from July 1
  • Donors pledge $1.8 bln for Sudan’s troubled transition
  • Egypt’s Eva Pharma begins producing covid-19 drug Remdesivir
  • Egypt central bank keeps benchmark rates on hold
  • Ivory Coast says Burkina Faso national led deadly attack against army
  • At least 10 aid workers kidnapped in southwest Niger
  • South Africa Airways restructuring vote delayed until next month
  • Africa Oil – European gasoline margins boost hope for Nigeria exports
  • South Africa rand recovers after gloomy budget; stocks fall
  • Malawi opposition’s Chakwera leads re-run with 60% – state broadcaster mbc
  • Djibouti sets up sovereign wealth fund, targets $1.5 bln in 10 yrs
  • Nigeria banks to restructure over a third of loans – MPC member
  • Kenya central bank holds key rate at 7.0% for the second time
  • Egypt national carrier to resume flights from July
  • Western donors pledge some $900 mln for Sudan’s transition
  • Ghana bank governor fears ballooning deficit not sustainable
  • Turkey says Libya’s GNA demands Haftar withdraw from Sirte, Jufra
  • Congo announces end of ebola outbreak in east, second deadliest on record
  • Zambia sees 2020 expenditure up $1.1 bln as kwacha falls
  • South Africa retailer Mr Price pulls plug on Nigeria
  • South Africa mines record six covid-19 deaths, 1,796 cases
  • Botswana issues maiden power generation licences to private producers
  • Nigeria’s covid-19 outbreak could impoverish 5 mln people, World Bank says
  • Uganda shilling trades unchanged supported by month-end flows
  • Nigeria’s cenbank aims to boost foreign reserves to support naira
  • Algeria’s Sonatrach, Total extend LNG supply deal – Sonatrach statement
  • Egypt’s Rameda gets requests to export covid-19 drug – CEO
  • Civil society groups tell Congo to reject AJN Resources deal
  • Senegal president self-quarantines after contact with covid-19 case
  • South Africa’s Harmony raises $200 mln in share sale
  • South Africa’s Exxaro Resources expects dip in coal production, sales volumes
  • South Africa’s Mr Price full-year earnings fall, scraps dividend

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

macroafricaintel Daily Brief | 25 Jun

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

Global Markets

  • Stocks sell-off as coronavirus surge knocks recovery hopes
  • Virus surges in US, new restrictions considered
  • AxJ down 0.7%, falls over 1% in Japan & Australia
  • US stock futures down 0.7%; dollar steady

Oil Markets

  • Oil prices hold ground after sharp retreat on virus fears
  • Brent up 0.1% at $40.36 a barrel (0129GMT)
  • WTI up 0.3% at $38.13

Precious metals

  • Gold firms as fears of second pandemic wave boost safe-haven bids
  • Spot gold up 0.2% at $1,764.20/oz. (0059GMT)
  • US gold futures down 0.1% at $1,773.60/oz.

Grains

  • Corn falls to near 3-wk low on ample supplies, weak demand
  • Corn futures down 0.2% at $3.23-3/4 a bushel (0137GMT)
  • Soybeans down 0.1% at $8.69-1/2 a bushel
  • Wheat down 0.3% at $3.84-1/4 a bushel

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

  • Nigeria’s Buhari attends crucial ruling APC party executive committee meeting
  • Kenya’s Kenyatta meets county governors; cabinet reshuffle imminent
  • South Africa’s Mabuza briefs parliament on Eskom
  • Kenya senate hears impeached Kirinyaga county governor Waiguru’s defense; ruling tomorrow (26 Jun)
  • Corporate Council on Africa leaders forum; Kagame, Kenyatta, Nyusi & Akufo-Addo key speakers; 23-26 Jun
  • South Africa producer inflation Apr-20 [fcst. 3.6% yy, prev. 4.5%]
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Bank of Central African States says region’s 2020 GDP to shrink 5.9%
  • Malawi media give opposition candidte 55% lead in presidential election
  • Former South Africa president De Klerk withdraws from US rights talk
  • Congo police disperse parliament protesters with tear gas, water cannon
  • Pompeo says China’a Africa lending creates unsustainable debt burdens
  • South Africa rolls out continent’s first trials for covid-19 vaccine
  • Sierra Leone protests demand justice after girl, 5, raped and killed
  • Ethiopia rejects Tigray region’s call for election, citing pandemic
  • Western donors hope to Sudan cash scheme with $500 mln – diplomats
  • South Africa urges support for SAA resuce but allocates no new funds
  • Artisanal miner in Tanzania finds large rare gemstones worth $3.3 mln
  • South Africa’s Harmony to start share sale to fund AngloGold deal
  • Africa Oil – Nigerian programmes show no sharp cuts
  • Sudan to establish trade financing fund in face of forex shortage
  • Three dead in violence at SMB’s coltan mine in Congo
  • South Africa rand little moved by emergency budget, bonds rally
  • South Africa’s debt grows into hippo “eating our children’s inheritance”
  • Egypt looking to sell majority stake in Arab Investment Bank, potential buyers say
  • Kenya’s central bank extends mobile payments relief by six months
  • South Africa’s Implats lifts force majeure, revises 2020 output
  • Zambia health minister arrested for corruption
  • South Africa’s budget deficit seen widening to 14.6% of GDP
  • IMF forecasts deeper recession for sub-Saharan Africa
  • MTN to launch 5G network in South Africa next week
  • With no tourists to watch migration, Kenya operator’s planes are grounded
  • Nigeria talking to World Bank and others to raise $6.5 bln
  • Nigeria central bank to work t unify FX rates across markets
  • All African countries now have coronavirus lab testing capacity – WHO chief
  • Migrant workers need support, jobs at home after pandemic disruption – ILO
  • The big chill: How Africa is moving to battle ‘zombie’ appliances
  • South Africa retail sales up 2.7% y/y in March
  • Nigeria’s rating at risk as debt, financing gap rise – Fitch
  • World Bank approves $750 mln loan for Nigeria’s power sector
  • South Africa govt urges creditors to support SAA rescue plan
  • South Africa inflation sinks to 15-yr low 3.0% y/y in April
  • Kenya shilling firm amid end month demand
  • Uganda shilling flat amid subdued activity
  • South Africa’s African Bank falls to H1 loss after taking charge
  • South Africa’s Sun International close properties, cuts jobs as pandemic pressure mounts
  • Zimbabwe fuel prices more than double
  • South Africa’s Pepkor raises nearly 2 bln rand via share placement
  • Australia’s FAR says Senegal unit in default over Sangomar project

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

macroafricaintel Daily Brief | 24 Jun

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

Global Markets

  • Asia stocks touch 4-mth top on dogged optimism
  • Asia ex-Japan nudges to highest since early March
  • Market assumes economies to re-open even as virus rages
  • Dollar remains inversely correlated to risk
  • Gold near 7-1/2-yr peak, oil off a 4-mth top

Oil Markets

  • Oil edges lower as US stockpiles grow more than expected
  • Brent down 2 cents at $42.61 a barrel (0045GMT)
  • WTI down 4 cents at $40.33

Precious metals

  • Gold hovers near 8-yr high as second coronavirus wave fears mount
  • Spot gold up 0.2% at $1,769.76/oz. (0234GMT)
  • US gold futures up 0.2% at $1,785.80/oz.

Grains

  • Corn falls for 3rd session on US weather; wheat climbs
  • Corn futures down 0.2% at $3.24-1/2 a bushel (0007GMT)
  • Wheat up 0.2% at $4.92 a bushel
  • Soybeans flat at $8.75 a bushel

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

  • South Africa’s Mboweni delivers supplementary covid-19 budget speech
  • Africa CDC webinar on covid-19 vaccine; Ramaphosa et al. to participate
  • Corporate Council on Africa leaders forum; Kagame, Kenyatta, Nyusi & Akufo-Addo key speakers
  • South Africa inflation Apr-20 [fcst. 4.1% yy, prev. 4.1%]
  • Vote-counting of Malawi presidential poll rerun starts
  • South Africa SACCI business confidence May-20 [prev. 77.8]
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • IMF, Sudan reach agreement on macroeconomic policies structural reforms
  • Algeria names new energy and finance ministers – state TV
  • South Africa’s Aspen could supply 10 mln dexamethasone pills in covid-19 crisis
  • Nigeria’s Buhari sees threat to West African currency plan
  • Tanzania arrests opposition party leader, revokes newspaper licence
  • Zimbabwe dollar falls at first weekly forex auction
  • South Africa trade union takes state arms firm to court over wage payments
  • Africa Oil – Nigeria raises term prices, trims Qua loadings
  • UK Supreme Court hears Nigeria communities’ case against Shell
  • South Africa sees investors putting billions into infrastructure drive
  • World Bank lends Morocco $500 mln to improve access to online finance
  • South Africa rand firmer as market awaits budget
  • South Africa’s Comair administrators to present restructuring plan by June 30
  • Egypt lifts night curfew, eases coronavirus restrictions from Saturday
  • Libya and foreign forces mobilise at Sirte, Arab ministers urge calm
  • South Africa unemployment rate hit record high, rises to 30.1% in Q1, before virus
  • South Africa receives unsolicited proposals for new national airline
  • Zambia approves $438 mln covid-19 economic stimulus package
  • South Africa’s Comair gets cash offer, needs a week to secure funding, say administrators
  • Former South Africa president Zuma appears in court for resumed graft trial
  • Congo officials vow to tackle child labour at mines as virus threatens spike
  • Kenya shilling holds steady against the dollar
  • Uganda shilling weakens slightly on uptick in importer demand
  • Zimbabwe’s Centragrid to scale up solar output

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

macroafricaintel Daily Brief | 23 Jun

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

Global Markets

  • Asia stocks swing wildly on US-China trade deal mix-up
  • MSCI Asia-Pacific ex-J up 0.7%
  • China blue-chips recover, Hang Seng up 0.7%
  • Australia shares up 0.1%, Nikkei up 0.8%

Oil Markets

  • Oil prices steady amid signs of demand coming back after coronavirus
  • Brent up 6 cents at $43.14 a barrel (0046GMT)
  • WTI up 8 cents at $40.81

Precious metals

  • Gold slips ahead of euro PMI data, second virus wave fears cap losses
  • Spot gold down 0.2% at $1,750.75/oz. (0324GMT)
  • US gold futures down 0.2% at $1,763.70/oz.

Grains

  • Corn falls to near 1-wk low on upbeat USDA crop condition report
  • Corn futures down 0.5% at $3.26-3/4 a bushel (0111GMT)
  • Soybeans up 0.1% at $8.77-1/2 a bushel
  • Wheat down 0.4% at $4.87-1/2 a bushel

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

  • Malawi court-ordered presidential election rerun
  • Nigeria’s Buhari & other WAMZ heads of state meet (virtual)
  • South Africa publishes Q1-2020 labour statistics
  • South Africa’s Zuma returns to court for corruption trial
  • Kenya senate hears impeached Kirinyaga county governor Waiguru’s defense
  • South Africa’s Ramaphosa opens inaugural sustainable infrastructure symposium
  • Nigeria finance minister Ahmed speaks at NESG webinar
  • South Africa SACCI business confidence May-20 [prev. 77.8]
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Malawi election re-run a test case for African democracy
  • Liberia extends covid-19 state of emergency as cases rise ‘exponentially’
  • South Africa’s City Lodge to raise 1.2 bln rand via rights issue
  • South Africa’s Cell C plans to lay off 960 workers as it streamlines operations
  • Coronavirus slowdown squeezes Ivory Coast cotton sector
  • South Africa rand steadies as focus shifts to budget
  • Suspected militant head arrested in Ivory Coast
  • South Africa to oppose Airlink’s bid to halt SAA creditors meeting
  • Namibia further relaxes coronavirus restrictions despite rising case
  • South Africa’s Aspen says it has capacity to meet demand for dexamethasone
  • Nigeria’s WTO candidate gets regional backing – document
  • Nigeria doctors suspend strike over benefits to hold talks
  • Turkey dismisses Egypt warning of Libya intervention
  • Morocco used NSO’s spyware to snoop on journalist, Amnesty says
  • Police, job-seeking protesters clash in Tunisia city of Tataouine
  • South Africa Telkom axes dividends for 3 years after profit slide
  • Ivory Coast says arrested head of commando unit of June 10 attack
  • Minibus drivers in South Africa strike over coronavirus funding
  • Mozambique offers $2.5 bln funding guarantee to LNG project, says report
  • Morocco’s CPI drops to 0.2% y/y in May – planning agency
  • ICC prosecutors cite grave errors in Ivory Coast’s Gbagbo acquittal at start of appeal
  • Uganda shilling trades unchanged amid flat appetite
  • South Africa’s Edcon creditors go to court to halt restructuring meeting
  • South Africa’s Omnia Holdings in talks for sale of Oro Agri unit

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

macroafricaintel Daily Brief | 22 Jun

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

Global Markets

  • Stocks try to shake off second wave virus fears
  • S&P 500 futures erase early gains but second wave fears persist
  • Gold near 7-1/2-year peak touched last month
  • Hong Kong in focus after China reveals details of security law

Oil Markets

  • Oil edges up on tighter supply, but demand concerns check gains
  • Brent up 9 cents at $42.28 a barrel (0009GMT)
  • WTI up 1 cent at $39.76

Precious metals

  • Gold hits 1-mth peak as rising virus fears boost demand
  • Spot gold up 0.7% at $1,754.74/oz. (0225GMT)
  • US gold futures up 1.1% at $1,771.40/oz.
  • SPDR Gold Trust holdings rose 2% on Friday
  • Specs raise gold bullish positions in week to June 16 – CFTC
  • Silver hits more than 1-wk high

Grains

  • Soybeans falls from near 3-mth high, hopes of Chinese demand cap losses
  • Soybean futures down 0.1% at $8.75-1/2 a bushel (0110GMT)
  • Corn down 0.3% at $3.31-1/2 a bushel
  • Wheat down 0.2% at $4.80-1/4 a bushel

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

  • Kenya’s Kenyatta meets ruling Jubilee MPs; cabinet reshuffle imminent
  • Ghana reopens senior high schools
  • Ghana opposition NDC press briefing
  • South Africa SACCI business confidence May-20 [prev. 77.8]
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Morocco to resume domestic flights starting June 25
  • Egypt high school pupils, masked and gloved, head into exams
  • Former South Africa president De Klerk withdraws from US rights talk
  • UK police arrested Libya man after knife attack in Reading – security source
  • US farming body and Zambia firm partner aim to boost crop yields
  • Ivory Coast ex-president Bedie says he will run in 2020 election
  • Blasts kill 7 people in southern and central Somalia
  • Egypt has a legitimate right to intervene in Libya, Sisi says
  • Egypt is committed to a diplomatic solution to Ethiopia’s dam crisis – Sisi
  • West Africa bloc urges Mali to re-run disputed elections amid mass protests
  • Zimbabwe health minister granted bail over $60 mln graft claims
  • Congo court sentences president’s chief of staff to 20 years in prison
  • Egypt’s Sisi orders army to be ready for missions abroad amid tensions over Libya
  • UN calls for calm, dialogue amid huge Mali protests
  • IMF approves $148 mln emergency credit for Guinea
  • New Development Bank provides South Africa with $1 bln covid-19 loan
  • Egypt calls for UN intervention in talks on Ethiopia’s GERD
  • Rwanda GDP growth slows to 3.6% in Q1 2020 from 6.1% in the same period last year
  • Swiss prosecutors launch Glencore criminal probe over Congo
  • Thousand of protesters demand Mali president step down
  • Morocco records biggest single-day rise in covid cases
  • Nigeria levies $598 mln from banks via cash ratio debit ahead of FX auction
  • Ivory Coast cocoa traders seek fairer share of fairtrade, letter shows
  • Africa Oil – Angola July supply clearing, Vitol wins tender
  • Glencore’s South Africa venture with Merafe starts job cuts process
  • Bangladesh arrests dozens after migrant workers murdered in Libya
  • Kenya shilling firm, supported by horticulture export inflows
  • South Africa unions reject SAA rescue plan over job cuts
  • Russia sovereign fund chief says no point extending OPEC+ cuts – RBC

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