Category Archives: Daily briefs

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

macroafricaintel Daily Brief | 4 Sep

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

Global Markets

  • Asian stocks drop after Wall Street’s tech rally stumbles
  • Nikkei, ASX 200, Kospi all open lower
  • Falls more muted than 5% Nasdaq plunge, MSCI AxJ -0.6%
  • Dollar & bonds trade firmly, US payrolls eyed
  • Brent down 0.5% at $43.83, gold steady at $1,933.28

Oil Markets

  • Oil set to post weekly drop on lacklustre demand
  • China’s crude import set to slow in Sept – Refinitiv
  • High diesel inventory cap US refiners’ utilisation rates
  • Brent down 0.4% at $43.88 a barrel (0034GMT)
  • WTI down 0.5% at $41.17

Precious metals

  • Gold gains as stocks pull back; US jobs data in focus
  • Spot gold up 0.3% at $1,935.84/oz. (0304GMT)
  • US gold futures up 0.2% at $1,941.80/oz.

Grains

  • Soybeans fall from 2-yr high, on course for weekly gain of 1.5%
  • Soybean futures up 1.5% for the week
  • Corn down nearly 1.5% for the week
  • Wheat up nearly 1% for the week

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

  • Nigeria eases Covid-19 measures, international flights resume (5 Sep)
  • Ivory Coast’s Ouattara meets France’s Macron in Paris
  • South Africa’s Eskom reduces power cuts
  • 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

  • Algeria’s Sonatrach says 2 oil leakages occurred at the OK1 pipeline due to bad weather
  • South Africa telecoms regulator delays spectrum release until 2021
  • Nigeria ‘no longer in the business of fixing’ fuel prices, oil minister says
  • Libya interior minister restored to post after talks
  • Nigeria authorities cite need for more Covid-19 test sample collections
  • Nigeria authorities disturbed by low level of coronavirus test sample collection
  • Ex-first daughter of Angola Neto say no wrongdoing by husband in Swiss corruption probe
  • South Africa’s Eskom to reduce power cuts on Friday
  • South Africa franchise restaurant chain Spur to further defer interim dividend payment
  • Beyond Covid, Russia’s state grain trader UGC eyes Algeria & Iraq
  • WHO aiming for 20% of Africa to get initial Covid jabs from access plan
  • Macron to meet Ivory Coast President Ouattara after election u-turn
  • Despite coup, France & allies push on with new Mali task force
  • Ghana court dismisses MTN’s challenge against market regulator
  • South Africa’s Implats earnings up nearly 400% on weak rand, costly metal
  • South Africa’s Comair needs $72 mln and to cut 400 jobs, administrators say
  • Africa-CDC says all countries should join global Covid-19 vaccine effort
  • Long-missed pink flamingos return to Kenya’s Lake Nakuru
  • Russia resumes international flights with Egypt, UAE & Maldives

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

macroafricaintel Daily Brief | 3 Sep

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

Global Markets

  • Asian shares set to rise on broader US rally, dollar gains
  • Wall Street climbs on defensive share gains
  • ADP falls short of expecations
  • Dollar edges away from 2-yr lows
  • Brent down 2.5% at $44.43

Oil Markets

  • Oil holds steady near multi-week lows on demand worries
  • Brent down 0.2% at $44.36 a barrel (0115GMT)
  • WTI up 0.1% at $41.54

Precious metals

  • Gold steadies as dollar stalls, economic concerns persist
  • Spot gold up 0.1% at $1,944.58/oz. (0059GMT)
  • US gold futures up 0.3% at $1,950.60/oz.

Grains

  • Soybeans gain for 9th straight session on China demand
  • Soybean futures up 0.2% at $9.63-1/2 a bushel (0129GMT)
  • Corn down 0.3% at $3.57-3/4 a bushel
  • Wheat little changed at $5.57-3/4 a bushel

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

  • South Africa’s Mabuza answers questions in parliament
  • Kenya transport CS Macharia answers questions on Covid-19 funds in parliament
  • South Africa Standard Bank PMI Aug-20 [prev. 44.9]
  • Nigeria Stanbic IBTC Bank PMI Aug-20 [prev. 50.4]
  • Kenya, Ghana & other Africa Aug-20 PMIs due
  • Nigeria raises prices of petroleum products
  • 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 power cuts worsen on cold weather, breakdowns
  • South Africa ready to help insurgency-hit Mozambique, if asked
  • Seven killed in suicide bomb attack in northern Cameroon village
  • US to cut $100 mln in aid to Ethiopia over dam dispute
  • Elderly Guinea president confirms 3rd term bid, vows to represent young people
  • Nigeria’s gasoline price to hit record in naira terms in Sept – PPMC circular
  • UN warns of Libya arms build-up and virus surge
  • Uganda says it has rare gorilla ‘baby boom’ in park in country’s southwest
  • Turkey backs Libya ceasefire but doubtful after Haftar’s rebuff
  • Zimbabwe finds more elephant carcasses, death toll at 22
  • Bad weather, Covid-19 leave over 2.6 mln Malawians short of food
  • Switzerland froze $900 mln from Angola businessman – documents
  • Zimbabwe protest organiser, journalist freed on bail, banned from posting on Twitter
  • ‘Hotel Rwanda’ hero’s family calls for an international trial
  • South Africa’s $30 bln Covid-19 relief package exposed to fraud – auditor general
  • South Africa’s Eskom to ramp up power cuts
  • Russia to propose OPEC+ react to oil demand recovery – Novak
  • Ousted Mali president in hospital for checks, says source close to family
  • Nigeria says can tap mineral wealth despite Covid, unrest
  • South Africa’s Eskom says gross debt rose to $29.3 bln as of March

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

macroafricaintel Daily Brief | 3 Sep

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

Global Markets

  • Asian shares set to rise on broader US rally, dollar gains
  • Wall Street climbs on defensive share gains
  • ADP falls short of expecations
  • Dollar edges away from 2-yr lows
  • Brent down 2.5% at $44.43

Oil Markets

  • Oil holds steady near multi-week lows on demand worries
  • Brent down 0.2% at $44.36 a barrel (0115GMT)
  • WTI up 0.1% at $41.54

Precious metals

  • Gold steadies as dollar stalls, economic concerns persist
  • Spot gold up 0.1% at $1,944.58/oz. (0059GMT)
  • US gold futures up 0.3% at $1,950.60/oz.

Grains

  • Soybeans gain for 9th straight session on China demand
  • Soybean futures up 0.2% at $9.63-1/2 a bushel (0129GMT)
  • Corn down 0.3% at $3.57-3/4 a bushel
  • Wheat little changed at $5.57-3/4 a bushel

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

  • South Africa’s Mabuza answers questions in parliament
  • Kenya transport CS Macharia answers questions on Covid-19 funds in parliament
  • South Africa Standard Bank PMI Aug-20 [prev. 44.9]
  • Nigeria Stanbic IBTC Bank PMI Aug-20 [prev. 50.4]
  • Kenya, Ghana & other Africa Aug-20 PMIs due
  • Nigeria raises prices of petroleum products
  • 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 power cuts worsen on cold weather, breakdowns
  • South Africa ready to help insurgency-hit Mozambique, if asked
  • Seven killed in suicide bomb attack in northern Cameroon village
  • US to cut $100 mln in aid to Ethiopia over dam dispute
  • Elderly Guinea president confirms 3rd term bid, vows to represent young people
  • Nigeria’s gasoline price to hit record in naira terms in Sept – PPMC circular
  • UN warns of Libya arms build-up and virus surge
  • Uganda says it has rare gorilla ‘baby boom’ in park in country’s southwest
  • Turkey backs Libya ceasefire but doubtful after Haftar’s rebuff
  • Zimbabwe finds more elephant carcasses, death toll at 22
  • Bad weather, Covid-19 leave over 2.6 mln Malawians short of food
  • Switzerland froze $900 mln from Angola businessman – documents
  • Zimbabwe protest organiser, journalist freed on bail, banned from posting on Twitter
  • ‘Hotel Rwanda’ hero’s family calls for an international trial
  • South Africa’s $30 bln Covid-19 relief package exposed to fraud – auditor general
  • South Africa’s Eskom to ramp up power cuts
  • Russia to propose OPEC+ react to oil demand recovery – Novak
  • Ousted Mali president in hospital for checks, says source close to family
  • Nigeria says can tap mineral wealth despite Covid, unrest
  • South Africa’s Eskom says gross debt rose to $29.3 bln as of March

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

macroafricaintel Daily Brief | 2 Sep

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

Global Markets

  • Stocks gain on brisk US manufacturing survey, stimulus hopes
  • Ex-Japan Asian shares up 0.25%, Nikkei up 0.35%
  • US ISM indicators show strong manufacturing expansion
  • Mnuchin says will talk to Pelosi on stimulus
  • Fed reiterates dovish message
  • Brent up 0.8% at $45.95

Oil Markets

  • Oil gains on US stock draw, economic recovery optimism
  • Brent up 37 cents at $45.95 a barrel (0310GMT)
  • WTI up 34 cents at $43.10
  • US crude stocks fall more than expected – API
  • 71 of 643 US Gulf of Mexico manned platforms remain evacuated
  • OPEC August oil output rise for 2nd month – survey
  • Power demand pushes UAE August oil above OPEC+ quota – sources

Precious metals

  • Gold dips as solid US economic data lifts dollar
  • Spot gold down 0.3% at $1,964.75/oz. (0251GMT)
  • US gold futures down 0.4% at $1,971.80/oz.

Grains

  • Wheat eases after rally, losses curbed by strong demand
  • Wheat futures down 0.1% at $5.63-1/2 a bushel (0325GMT)
  • Soybeans down 0.4% at $9.50-3/4 a bushel
  • Corn up 0.1% at $3.58-1/4 a bushel

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

  • Nigeria releases Q2-20 trade statistics
  • Nigeria’s speaker Gbajabiamala visits Ghana over attacks on citizens
  • 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

  • Tunisia parliament approves a technocratic govt
  • Zimbabwe to reopen schools from Sept. 14 for students taking final exams
  • Libya’s NOC chairman discusses oil blockage with Italy’s foreign minister
  • France army says killed civilian by accident in Mali
  • Zimbabwe licences dollar-denominated bourse to lure foreign investors
  • ‘Hotel Rwanda’ hero’s family accuses govt of kidnapping him
  • OPEC August oil output rises for 2nd month as cut eased – survey
  • South Africa state firms seek coronavirus crisis bailouts
  • Russia-Zimbabwe platinum JV to secure phase 1 funding by end of year
  • Morocco’s trade deficit shrinks 18.2% y/y
  • Sudan’s Bashir appears at trial over 1989 coup
  • Zimbabwe suspects elephants died from bacterial infection
  • Grounded by Covid, Nigeria diners get a taste of air travel
  • Two Mauritius citizens killed in accident near site of Japan ship oil spill
  • South Africa state firms seeking billions of rand in bailouts, govt says
  • Blast hits Libya capital, residents say
  • South Africa’s Old Mutual holds off on dividend after half-year loss

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

macroafricaintel Daily Brief | 1 Sep

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

Global Markets

  • Asian stocks edge up after strong China manufacturing survey
  • Dollar hits 2-yr trough as Fed commits to easy policy
  • Despite stock pullback, S&P posts best August since 1986
  • Brent up 0.6% at $45.55/barrel
  • Gold up 0.6% at $1,980/oz.

Oil Markets

  • Oil prices rise on falling US dollar
  • Brent up 1.1% at $45.77 a barrel (0406GMT)
  • WTI up 0.9% at $42.98

Precious metals

  • Gold rises to 2-wk high as dollar stumbles
  • Spot gold up 0.7% at $1,983.77/oz. (0041GMT)
  • US gold futures up 0.6% at $1,990/oz.

Grains

  • Corn drops 1% on US crop report, soybeans ease after rally
  • Corn futures down 0.8% at $3.55 a bushel (0335GMT)
  • Soybeans down 0.1% at $9.53 a bushel
  • Wheat up 0.2% at $5.53-1/2 a bushel

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

  • Ghana resumes international flights
  • AfDB chief Adesina takes oath of office for 2nd term
  • South Africa ABSA manufacturing PMI Aug-20 [prev. 51.2]
  • Covid-19 updates by authorities across the continent

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

  • Guinea’s Conde accepts nomination to seek third term
  • Algeria approves more measures to ease coronavirus lockdown
  • Sudan signs peace deal with key rebel groups, some hold out
  • South Africa’s Ramaphosa seeks to stamp authority on ANC after corruption scandals
  • Zimbabwe says foreign white farmers can apply to get back seized land
  • Niger floods kill 51, drive thousands from their homes
  • Nigeria sets capital rules for mobile money licences
  • South Africa’s ruling party says officials charged with corruption must step aside
  • US, UK, Norway, welcome peace agreement in Sudan
  • ‘Hotel Rwanda’ hero arrested on terrorism charges
  • Ivory Coast rain sufficient for developing cocoa pods, say farmers
  • Zimbabwe tobacco sales down 23.5% after poor rains
  • South Africa’s Sasol Lake Charles plant remains shut following Hurricane Laura
  • South Africa’s RCL Foods points to recovery after annual loss
  • Sudan signs historic peace deal with five rebel groups
  • With borders closed, South Africa pins hopes on cash-strapped local tourists
  • AngloGold Ashanti, Barrick Gold to sell ‘Morila the gorilla’ stakes

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