Category Archives: Daily briefs

macroafricaintel Daily Brief | 18 Sep

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

Global Markets

  • Asia defies Wall Street weakness but economy, election worries cap gains
  • MSCI ex-Japan up 0.2%, Nikkei 0.1% higher
  • S&P down 0.2%, Nasdaq up 0.07%
  • Brent last 0.2% firmer at $43.39

Oil Markets

  • Oil eases as US production returns after storm
  • Brent down 6 cents at $43.24 a barrel (0112GMT)
  • WTI down 6 cents at $40.91

Precious metals

  • Gold firms on economic worries, stimulus hopes
  • Spot gold up 0.5% at $1,951.32/oz. (0348GMT)
  • US gold futures up 0.5% at $1,959/oz.

Grains

  • Soybeans set for sixth weekly gain as China steps up purchases
  • Soybean futures up more than 4% this week, set for more than 20% rally in 6 weeks
  • Corn up nearly 3% this week
  • Wheat up close to 4% in the week

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

  • South Africa ministerial briefings on ease of Covid-19 restrictions expected
  • South Africa SACCI business confidence Aug-20 [prev. 82.8]
  • Covid-19 updates by authorities across the continent

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

  • Burundi impunity for abuses continues, says UN report, as another mass grave opened
  • Suspected arms dealers moved millions in Somalia money transfers, report says
  • Somalia’s president names Mohamed Hussein Roble as prime minister
  • Convoy ambush in eastern Congo kills one aid worker
  • Militant groupu claims killing of France aid workers in Niger
  • More than 30 killed in militia attacks in western Ethiopia
  • Head of Libya’s Tripoli govt says he wants to quit
  • ‘Hotel Rwanda’ hero denied bail during terror trial
  • Ivory Coast ex-PM, barred from standing for president, says Ouattara must be blocked
  • Uganda reverses forest destruction by inviting in…loggers
  • Algeria referendum looms as test for president and opposition
  • Uganda says 219 prisoners escape, some with guns and ammunition
  • South Sudan president replaces finance minister, state TV reports
  • Covid-19 graft scandals fuel South Africans’ anger with ruling ANC
  • South Africa to open up for international travel from Oct.1, says president
  • Kenya county govts shut down services in dispute over revenue-sharing scheme
  • Mali junta moves toward selecting interim president after embargo threat

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

macroafricaintel Daily Brief | 17 Sep

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

Global Markets

  • Asian shares open weaker after Fed
  • Nikkei flat, Hang Seng down 0.15%
  • BoJ keeps policy steady
  • Brent down 0.8% at $41.86
  • Gold down 1.1% at $1,938.12

Oil Markets

  • Oil falls as demand worries re-emerge, crews return to US Gulf rigs
  • Brent down 0.8% at $41.86 a barrel (0355GMT)
  • WTI down 1.1% at $39.73

Precious metals

  • Gold drops 1% as dollar rises after Fed’s upbeat economic view
  • Spot gold down 1.1% at $1,938.12/oz. (0321GMT)
  • US gold futures down 1% at $1,951.30/oz.

Grains

  • Soybeans hit over 27-mth high on Chinese demand
  • Soybean futures up 0.6% at $10.17-1/2 a bushel (0134GMT)
  • Corn down 0.1% at $3.71-1/2 a bushel
  • Wheat down 0.1% at $5.41-1/2 a bushel

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

  • South Africa’s SARB decides on interest rates [fcst. 3.5%, prev. 3.5%]
  • Kenya counties shut down over revenue allocation standoff
  • South Africa ministerial briefings on ease of Covid-19 restrictions expected
  • Covid-19 updates by authorities across the continent

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

  • Ghana’s economy contracts for the first time in 37 years
  • Head of Libya’s Tripoli govt says he wants to quit
  • Egypt cuts highways across pyramids plateau, alarming conservationists
  • South Sudan president replaces finance minister, state TV reports
  • Covid-19 graft scandals fuel South Africans’ anger with ruling ANC
  • South Africa to open up for international travel from Oct.1, says President
  • Kenya county govts shut down services in dispute over revenue-sharing scheme
  • Mali junta moves toward selecting interim president after embargo threat
  • ‘Hotel Rwanda’ hero could face maximum life in prison, prosecution says
  • West Africa bloc fails to reach agreement with Mali junta
  • More than 50 prisoners starve to death in east Congo prison
  • South Africa’s Discovery reports 94% drop in full-year profit
  • Mozambique army condemns ‘horrifying’ shooting of naked woman at hands of fighters
  • Algeria upholds conviction of journalist; rights group fear new crackdown
  • UN chief to appoint special envoy to broker peace in Libya

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

macroafricaintel Daily Brief | 16 Sep

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

Global Markets

  • Asian stocks cheer upbeat data but temper appetite ahead of Fed
  • MSCI Asia ex-Japan +0.5%
  • Yen hits 2-wk high, dollar treads water
  • Gold, US treasury yields flat before Fed statement
  • Brent up 0.8% at $40.85

Oil Markets

  • Oil gains as hurricane shuts US output, stockpiles fall
  • Brent up 0.4% at $40.68 a barrel (0055GMT)
  • WTI up 0.5% at $38.46

Precious metals

  • Gold off 2-wk high as dollar firms ahead of Fed decision
  • Spot gold down 0.2% at $1,952.15/oz. (0026GMT)
  • US gold futures down 0.3% at $1,960.50/oz.

Grains

  • Soybeans extend decline on lower US crush; corn falls
  • Soybean futures down 0.2% at $9.89-3/4 a bushel (0226GMT)
  • Corn down 0.5% at $3.64-1/4 a bushel
  • Wheat down 0.5% at $5.35-3/4 a bushel

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

  • Nigeria banking & finance industry conference; day 2
  • South Africa retail sales Jul-20 [fcst. -6.6% yy, prev. -7.5%]
  • South Africa business confidence Aug-20 [prev. 82.8]
  • South Africa’s SARB decides on interest rates [fcst. 3.5%, prev. 3.5%]
  • Covid-19 updates by authorities across the continent

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

  • South Sudan fighter for women’s voices honored by US peace group
  • West Africa bloc fails to reach agreement with Mali junta
  • UN chief to appoint special envoy to broker peace in Libya
  • Mozambique army condemns ‘horrifying’ shooting of naked woman at hands of fighters
  • Moussa Traore, who led Mali’s first military coup, dies at 83
  • Zimbabwe eases Covid-19 restrictions as exam classes start
  • Gambia’s former first lady Zineb Jammeh hit with US sanctions
  • Egypt TV host’s comments on hijab spark debate, probe by media watchdog
  • AstraZeneca resumes Covid-19 vaccine trials in South Africa, health dept says
  • More than 50 prisoners starve to death in east Congo prison
  • UK says following court case of Zimbabwe journalist
  • Egypt cuts highways across pyramids plateau, alarming conservationists
  • Algeria upholds conviction of journalist; rights groups fear new crackdown
  • At least 24 migrants drowned off Libya – IOM
  • Kenya’s budget deficit likely to swell, finance minister says
  • Mali must appoint civilian govt immediately, says regional bloc
  • ‘There’s nothing we can do’, striking South Africa undertakers tell bereaved
  • Guinea-Bissau migration agency boss arrested for alleged cocaine trafficking
  • Millions of Africa children rely on TV education during pandemic
  • Nigeria health workers strike over coronavirus allowance
  • South Africa coronavirus loan scheme lags, hobbling govt relief package
  • Nigeria’s petrol and power price rises upset business owners

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

macroafricaintel Daily Brief | 15 Sep

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

Global Markets

  • Asian stocks head higher on China data, markets eye Fed meeting
  • MSCI ex-Japan index rises, most Asian markets in green
  • Central bank meetings dominate week’s agenda
  • Brent down 0.1% at $39.58, WTI down 0.1% at $37.24

Oil Markets

  • Oil inches lower as bleaker demand outlook weighs
  • Brent down 0.1% at $39.58 a barrel (0102GMT)
  • WTI down 0.1% at $37.24

Precious metals

  • Gold rises on softer dollar, investors focus on Fed meet
  • Spot gold up 0.3% at $1,962.78/oz. (0259GMT)
  • US gold futures up 0.5% at $1,972.60/oz.

Grains

  • Soybeans near 2-yr high on Chinese demand, US crop woes
  • Soybean futures up 0.4% at $10.03 a bushel (0248GMT)
  • Corn down 0.3% at $3.68-1/2 a bushel
  • Wheat up 0.1% at $5.46-1/4 a bushel

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

  • ECOWAS leaders meet on Mali in Aburi, Ghana
  • South Africa’s Ramaphosa presides over meetings of councils on the economy (NEDLAC) & covid-19 response (PCC)
  • South Africa business confidence Aug-20 [prev. 82.8]
  • South Africa’s SARB MPC meets on rates; 15-17 Sep [fcst. 3.5%, prev. 3.5%]
  • Nigeria inflation Aug-20 [fcst. 12.8% yy, prev. 12.8%]
  • Covid-19 updates by authorities across the continent

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

  • Canada’s First Quantum eyes operations expansion at Zambia mine
  • Ivory Coast council approves President Ouattara for third term
  • US slaps more election-related visa restrictions on Nigerians
  • ‘Hotel Rwanda’ hero declines to plead to terrorism charges
  • Egypt real estate firms’ profit hit by coronavirus crisis
  • Protest erupt in Ivory Coast against Ouattara’s third term bid
  • Nigeria reels from twin crisis that threaten food availability
  • OPEC+ Sept meeting unlikely to advocate deeper oil output cuts – sources
  • Egypt to allow wedding ceremonies, cultural events in open-air venues
  • Iran says it supports OPEC as long as its interests are protected
  • AngloGold Ashanti says South Africa gives “unconditional” approval for asset sale to Harmony
  • Ten Tanzanian school children killed in dormitory fire
  • Morocco medics protest over conditions, staff shortages as pandemic surges
  • Ivory Coast rains boost cocoa main crop
  • Coronavirus prompts major pre-emptive Egypt wheat buying spree
  • Vodafone says STC ‘substantively’ completed due diligence on Egypt unit stake sale

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

macroafricaintel Daily Brief | 14 Sep

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

Global Markets

  • Asian shares buoyed by coronavirus vaccine hopes
  • MSCI ex-Japan rises, most Asian markets in green
  • AstraZeneca resumes phase-3 trial for coronavirus vaccine
  • UK, US, Japan central bank meetings expected this week
  • Brent up 0.5% at $40, gold firm at $1,949.7/oz.

Oil Markets

  • Oil mixed as storm threatens US gulf production
  • Brent down 3 cents at $39.80 a barrel (0050GMT)
  • WTI up 9 cents at $37.42

Precious metals

  • Gold gains on weaker dollar, investors await Fed meeting
  • Spot gold up 0.4% at $1,949.92/oz. (0309GMT)
  • US gold futures up 0.6% at $1,958.60/oz.

Grains

  • Soybeans rise above $10/bushel on Chinese demand, corn at 5-mth peak
  • Soybean futures up 0.8% at $10.04-1/2 a bushel (0347GMT)
  • Corn up 0.6% at $3.70-3/4 a bushel
  • Wheat up 0.4% at $5.44 a bushel

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

  • Nigeria health workers embark on 7-day strike
  • South Africa SACCI business confidence Aug-20 [prev. 82.8]
  • ECOWAS leaders meet on Mali in Accra (15 Sep)
  • South Africa’s SARB MPC meets on rates; 15-17 Sep [fcst. 3.5%, prev. 3.5%]
  • Nigeria inflation Aug-20 [fcst. 12.8% yy, prev. 12.8%]
  • Covid-19 updates by authorities across the continent

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

  • Protesters set govt building on fire in eastern Libya
  • Uganda, Tanzania sign agreement for construction of crude oil pipeline
  • Mali’s M5-RFP coalition rejects junta’s post-coup charter
  • South Africa economy to shrink by more than govt’s 7% forecast in 2020 – Mboweni
  • Libya medics already faced war, now the pandemic is surging there too
  • Saudi Telecom says no deal reached on Vodafone Egypt stake
  • Libya’s Haftar committed to ending oil blockade, US says
  • Ivory Coast’s Bedie promises to let exiles return if elected president
  • Mali negotiators back charter that could see soldier as interim president
  • Congo gold miners scour rubble for bodies after cave-in
  • Mali interim president can be soldier or civilian – rapporteur
  • Congo says it will reimburse VAT to mining companies after audit
  • Ambulance hits landmine in southern Mali, killing six
  • At least 50 killed in collapsed gold mine in east Congo – NGO
  • Uganda, Total reach agreement bringing to fresh 4-wk low on cooler forecasts
  • Ivory Coast govt seeks end to violence ahead of October election
  • Egypt’s Sisi says appreciates ‘important step’ of Israel, Bahrain establishing diplomatic ties
  • Can a tooth settle the mystery over Congo’s independence hero?
  • Unilever South Africa takes further steps after ‘racist’ TRESemme advert
  • Regional party wins vote in Ethiopia’s Tigray, challenging federal govt
  • Six killed in Burundi gun attack, weeks after similar incident
  • Risk appetite aids South Africa’s rand recovery, stocks up
  • Almost 100 Senegal soldiers test positive for coronavirus
  • Junta to appoint Mali leader in 2-yr transition, proposal says
  • South Africa bank profits seen taking years to recover from Covid-19 hit
  • Malawi’s economy to grow 4.5% in 2021 – finmin
  • Zimbabwe divorce law spurs women’s fight for property

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

macroafricaintel Daily Brief | 11 Sep

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

Global Markets

  • Shares struggle to shake off bearish mood as US tech giants fall anew
  • MSCI AxJ down 0.2%, Nikkei up 0.3%
  • NYSE Fang+ index down 5.4% so far this week
  • Brent down 0.2% at $39.98, WTI flat at $37.30

Oil Markets

  • Oil extends losses as stockpile rise amid weakening demand
  • Brent down 0.5% at $39.88 a barrel (0337GMT)
  • WTI down 0.4% at $37.16

Precious metals

  • Gold slips from 1-wk peak hit by stronger dollar
  • Spot gold down 0.8% at $1,938.53/oz. (0308GMT)
  • US gold futures down 0.8% at $1,948/oz.

Grains

  • Soybeans set for fifth weekly gain as China ramps up purchases
  • Corn set for positive finish as market eyes USDA forecast
  • Soybeans up 13% so far in 5 weeks
  • Soybean futures up 1.2% this week
  • Corn up 2.2% for the week

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

  • South Africa SACCI business confidence Aug-20 [prev. 82.8]
  • AGRF virtual “Feed the Cities” summit in Kigali; 8-11 Sep
  • South Africa state capture inquiry continues
  • Covid-19 updates by authorities across the continent

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

  • Zimbabwe divorce law spurs women’s fight for property
  • Protests flare in Libya’s Benghazi over power cuts, living conditions
  • Sudan declares state of economic emergency after sharp fall in currency
  • Nigeria’s central bank told to stop giving forex for food imports
  • Nigeria President Buhari directs central bank to stop issuing foreign exchange for food imports
  • Nigeria doctors suspend strike to allow govt time to meet demands
  • Suspected militants kill at least 53 in eastern Congo
  • Mozambique denies accusations of abuses in insurgency-hit province
  • Unilever South Africa to pull all TRESemme products for 10 days over ‘racist’ ad
  • Death toll in eastern Congo village attacks rises to at least 53
  • Communities ‘left out’ as oil pipeline project set to get underway in East Africa
  • EU sea patrol stops UAE ship on suspicion of breaking Libya arms embargo
  • AstraZeneca vaccine trial pause a “wake-up call”, says WHO
  • Egypt to hold parliamentary elections on Oct 24-25 – elections commissioner
  • Libya’s NOC says armed group entered Sharara oil field on Sunday, one person killed
  • CAR seeks justice for rural victims of sexual violence
  • Ivory Coast to hike farmgate cocoa prices 21% this season, sources say
  • South Africa’s Harmony Gold expects to swing to a full year loss
  • South Africa Airways needs state cash next week – administrators
  • WHO says $700 mln raised so far for Covid-19 vaccines initiative for poor
  • Uganda says to re-open airport and resume international flights on Oct. 1
  • South Africa’s FirstRand hopes to return to dividends next year
  • South Africa’s manufacturing output falls 10.6% y/y in July
  • Police and protesters clash as Mali starts post-coup transition talks
  • South Africa Airways needs state cash next week – administrators
  • South Africa’s Aspen to seek acquisitions in emerging markets
  • South Africa’s Dis-chem joins list of retailers removing TRESemme products from shelves
  • South Africa’s Eskom expects 2021 replacement of generators at nuclear plant
  • Chickens roost in Kenya’s empty classrooms amid Covid-19 shutdown
  • Kenya county tackles water woes with locally led climate fund
  • Insurer Sanlam posts profit rise, to expand across Africa
  • South Africa insurer Sanlam reports 10% half-year profit rise

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

macroafricaintel Daily Brief | 10 Sep

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

Global Markets

  • Asian stock markets gain following tech bounce, euro waits for ECB
  • MSCI AxJ up 0.5% after Nasdaq jumped 2.7% overnight
  • Currency markets await ECB
  • Oil prices back under pressure amid demand fears
  • Brent down 0.4% at $40.63, WTI down 0.6% at $37.82

Oil Markets

  • Oil prices fall as growing US stockpiles signal bumpy demand recovery
  • US stockpiles rose last week, drop had been expected
  • Brent down 0.4% at $40.62 a barrel (0417GMT); rose 2.5% Wed.
  • WTI down 0.6% at $37.81; rose 3.5% on Wed.

Precious metals

  • Gold at 1-wk high as weak dollar supports; ECB meet in focus
  • Spot gold flat at $1,945.87/oz. (0307GMT)
  • US gold futures steady at $1,955.50/oz.

Grains

  • Soybeans retreat from over 2-yr high ahead of USDA report
  • Soybeans snap winning streak despite Chinese demand
  • Wheat firms on concerns over Black Sea production
  • Soybean futures down 0.2% at $9.76-1/2 a bushel (0342GMT)
  • Corn up 0.1% at $3.60-1/2 a bushel
  • Wheat up 0.4% at $5.46 a bushel

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

  • South Africa current account balance Q2-2020 [fcst. 5.1% of GDP, prev. 1.3%]
  • South Africa manufacturing production Jul-20 [fcst. -11.2% yy, prev. -16.3%]
  • South Africa mining production Jul-20 [fcst. -20.4% yy, prev. -28.2%]
  • South Africa SACCI business confidence Aug-20 [prev. 82.8]
  • AGRF virtual “Feed the Cities” summit in Kigali; 8-11 Sep
  • South Africa state capture inquiry continues
  • Covid-19 updates by authorities across the continent

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

  • South Africa human rights lawyer George Bizos dies at 92
  • Mali’s protest leader backs civilian ‘rare bird’ to lead transition
  • Guinea constitutional council clears President Conde’s third term bid
  • Floods kill at least 13 and injure 19 in Burkina Faso
  • Nigeria in talks to give up majority stakes in refineries, NNPC chief says
  • All four of Nigeria’s refineries are currently shut down, says NNPC chief
  • Turkey sentences five journalists for naming intelligence agents in Libya
  • Businesses doing good can reboot ‘fairer’ Africa after coronavirus
  • Ethiopia’s Tigray holds regional election in defiance of federal govt
  • United to add new direct US flights to Africa, India, Hawaii
  • Uganda move to regulate online activity is tool to curb dissent ahead of polls – rights groups
  • South Africa volunteers on AstraZeneca vaccine trial say not alarmed by pause
  • Egypt sets up commodities exchange for wheat, oils, sugar and rice
  • Nigeria asks for $1.1 bln advance from Eni, Shell in graft case
  • Air Namibia plans 50% cut to wages of some workers
  • Kenya’s $580m medical equipment leasing deal ‘criminal’ – Senate panel
  • Tullow Oil fending off potential cash crunch, reports $1.3 bln loss
  • Zimbabwe nurses end 3-mth strike over pay
  • Strategic Somaliland touts its oil and gas as opens Taiwan office

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

macroafricaintel Daily Brief | 9 Sep

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

Global Markets

  • Tech rout roils Asian shares, oil futures extend slump
  • Trading in US stock options raises eyebrows
  • Delay in vaccine testing hurts sentiment
  • Oil futures fall sharply on worries about energy demand
  • Brent down 0.5% at $39.57, WTI down 0.7% at $36.51

Oil Markets

  • Oil falls further amid growing alarm over coronavirus second wave
  • Brent down 0.4% at $39.62 a barrel (0241GMT)
  • WTI down 0.7% at $36.52

Precious metals

  • Gold flat as dollar strength counters safe-haven demand
  • Spot gold little changed at $1,929.30/oz. (0038GMT)
  • US gold futures down 0.3% at $1,936.80/oz.

Grains

  • Soybeans ease from 2-yr top, Chinese buying limits losses
  • Soybean futures down 0.4% at $9.69 a bushel (0235GMT)
  • Wheat down 0.1% at $5.43-1/2 a bushel
  • Corn down 0.6% at $3.59-1/2 a bushel

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

  • Ethiopia’s Tigray region holds parliamentary polls; Ahmed not amused
  • Ghana’s Akufo-Addo tours Bono East region, main challenger Mahama campaigning too
  • AGRF virtual “Feed the Cities” summit in Kigali; 8-11 Sep
  • South Africa state capture inquiry continues
  • Covid-19 updates by authorities across the continent

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

  • Ethiopia’s Tigray holding regional elections in defiance of federal govt
  • Unique anatomy helps the African wild dog sustain its life on the run
  • Zimbabwe bans mining in wildlife parks
  • Egypt Air to resume direct flights from Thursday in boost to tourism
  • South Africa retailer Clicks to remove TRESemme products from shelves over advert
  • South Africa economy plunged during strict lockdown
  • Angola seizes AAA assets, hotel chains linked to de Sao Vicente, TV reports
  • Namibia eases coronavirus restrictions to attract tourists
  • Dozens of abandoned migrants rescued in Sahara
  • Nigeria doctors strike again over benefits amid coronavirus
  • South Africa’s Shoprite to quit Kenya
  • Bahrain’s ABC says in preliminary talks to buy Blom Bank’s Egypt business
  • South Africa’s Q2 expenditure on GDP down 52.3% q/q
  • South Africa economy contracts 51% q/q in Q2
  • South Africa’s Aspen sells thrombosis drug business to Mylan, shares jump
  • Panic buying, discount shoppers lift South Africa’s Shoprite annual earnings

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

macroafricaintel Daily Brief | 8 Sep

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

Global Markets

  • Shares stabilise, try to shrug off US tech rout scare
  • Ex-Japan Asia up 0.37%, Nikkei rises 0.4%
  • S&P500 futures up 0.5%, Nasdaq futures down 0.1%
  • US debt yields off lows
  • Brent up 0.1% at $42.07

Oil Markets

  • Oil mixed after dropping on demand concerns post-US holiday
  • Brent up 0.1% at $42.07 a barrel (0221GMT)
  • WTI down 1.6% at $39.13

Precious metals

  • Gold subdued on strong dollar; ECB meeting in focus
  • Spot gold down 0.2% at $1,925.68/oz. (0048GMT)
  • US gold futures steady at $1,934.60/oz.

Grains

  • Soybeans rise for 11th session on strong Chinese demand, wheat eases
  • Renewed fears of rain & flooding in China
  • Soybean futures up 0.7% at $9.74-3/4 a bushel (0212GMT)
  • Wheat down 0.1% at $5.49-1/2 a bushel
  • Corn up 1.4% at $3.63

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

  • South Africa GDP Q2-2020 [fcst. -20.0% qq saa, prev. -2.0% cons. -47.3%]
  • Kenya Senate resumes plenary after 1-mth recess; revenue formula top on agenda
  • Nigeria resident doctors go on strike
  • AGRF virtual “Feed the Cities” summit in Kigali; 8-11 Sep
  • South Africa SACCI business confidence Aug-20 [prev. 82.8]
  • South Africa state capture inquiry continues
  • Covid-19 updates by authorities across the continent

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

  • Egypt’s total recorded coronavirus cases hit 100,041 – Health ministry
  • South Africa retailer Clicks’ stores face protests over ads seen as racist
  • West Africa leaders say Mali junta must name a president by Sept. 15
  • Libya oil units halt operations due to spread of virus
  • Nigeria’s Buhari calls electricity price rise, petrol deregulation crucial decisions
  • 3 Somalia special forces killed, US officer wounded in car bomb – Somali official
  • Ivory Coast cocoa farmers say rainfall will boost main crop
  • West Africa bloc chairman calls for Mali junta’s cooperation
  • Ethiopia bars journalists from flying to Tigray regional vote – passengers
  • Japan says it offered Mauritius “unprecedented” support, including financial
  • South Africa consumer confidence improves in third quarter as lockdown eases
  • As occupations gather pace, South Africa landowners fear for their property

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

macroafricaintel Daily Brief | 7 Sep

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

Global Markets

  • US markets shut for Labor Day holiday
  • Asian shares on shaky footing amid elevated valuations, oil skids
  • Japan’s Nikkei falls, Chinese shares in red
  • MSCI ex-Japan barely changed after two straight days of losses
  • Currency market action muted
  • Oil falls more than $1 after Saudi price cuts; Brent at $42.16

Oil Markets

  • Oil drops more than $1 after Saudi price cuts, demand optimism fades
  • Saudi crude prices to Asia fall the most in five months in Oct
  • Brent down 2.1% at $41.75 a barrel (0000GMT)
  • WTI down 2.3% at $38.86

Precious metals

  • Gold gains as global growth worries support demand
  • Spot gold up 0.2% at $1,935.50/oz. (0341GMT)
  • US gold futures up 0.5% at $1,943.40/oz.

Grains

  • US markets shut for Labor Day

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

  • ECOWAS leaders meet face-to-face in Niamey; Mali, Eco currency & Covid-19 top on agenda
  • Ghana’s main opposition NDC & flagbearer Mahama launch 2020 manifesto
  • South Africa’s opposition EFF protest against racist slur by corporate
  • South Africa FX reserves Aug-20 [prev. $57.88B]
  • Covid-19 updates by authorities across the continent

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

  • ‘Hotel Rwanda’ hero was not kidnapped – President Kagame
  • Algeria says new constitution to meet protesters’ demands, allow more reforms
  • Senegal activates emergency floods aid plan after downpour
  • Veteran Guinea opposition leader to challenge President Conde in October election
  • France’s Le Drian: We must not let the guard down in Mali
  • Nigeria to deliver aid by air in conflict-hit northeast
  • First Abu Dhabi Bank to restart talks on Bank Audi’s Egypt unit – sources
  • Tunisia police kill three suspected militants after fatal attack on officer
  • Ousted Mali president leaves country for Abu Dhabi as transition talks begin
  • Two France soliders killed, one injured in Mali – Presidency
  • Ethiopia’s upper house rules Tigray regional vote unconstitutional
  • Dozens of hippos at risk in dried-up water hole in Namibia
  • Rowdy protests get Mali transition off to chaotic start
  • Sudan declares 3-month state of emergency over floods – SUNA
  • UK court allows Nigeria more time to appeal in $10 billion dispute
  • Congo police fire tear gas to disperse protest over Rwanda diplomat
  • Libya families file US lawsuit accusing LNA leader Haftar of war crimes
  • Sudan and major rebel group agree to resume peace talks
  • About 10 Mali soldiers killed in militant attack, army says
  • Algeria’s Sonatrach says it controlled oil leaks
  • Malawi’s economy to shrink 1.9% in 2020, president says
  • Black Lives Matter forces South Africa sport to face past demons
  • Mali’s junta faces reality check as honeymoon phase ends
  • Turkey says France’s Macron ‘hysterical’ over Syria, Libya, East Med
  • Ethiopia Airlines in rescue talks with South Africa Airways – CEO
  • Militia enters city unopposed in east Congo, surrounds prison
  • Thousands rally to support Congo’s threatened Nobel Laureate
  • South Africa’s Eskom suspends managers it blames for plant breakdowns
  • Ethiopia Tigray region to hold poll, defying federal govt
  • Kenyans fear ‘ecologicial disaster’ if two swollen lakes merge
  • Algeria’s Sonatrach says 2 oil leakages occurred at the OK1 pipeline due to bad weather

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