macroafricaintel | Africa FX Monthly – July 2020

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

Click here for PDF version

Currency   1 month

(31 Jul 2020)

3 month

(30 Sep 2020)

6 month

(31 Dec 2020)

12 month

(30 Jun 2021)

South African Rand (USD:ZAR) 17.5 17.1 17.3 16.5
Nigerian Naira (USD:NGN) 391.0 400.0 405.0 415.0
Ghanaian Cedi (USD:GHS) 5.7 5.5 5.3 6.1
Kenyan Shilling (USD:KES) 106.5 106.3 106.7 108.3
Ethiopian Birr (USD:ETB) 34.5 35.0 37.3 40.1
Mauritian Rupee (USD:MUR) 40.5 40.9 41.1 43.0
Namibian Dollar (USD:NAD) 17.5 17.1 17.3 16.5
Botswanan Pula (USD:BWP) 12.3 12.5 12.1 13.0
Zambian Kwacha (USD:ZMW) 18.5 18.7 18.9 19.1
US Dollar Index (DXY) 97.9 98.1 97.3 96.5

macroafricaintel Weekly | 29 Jun

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Click here for PDF version

Date Data / Event Period Forecast Previous
30 Jun South Africa GDP, % qq saa Q1 2020 -0.4 -1.4
30 Jun South Africa PSCE, % yy May 2020 8.7 7.4
30 Jun South Africa M3, % yy May 2020 10.7 10.5
30 Jun Uganda CPI, % yy (mm) Jun 2020 3.2 (0.2) 2.8 (-0.1)
Botswana CPI, % yy (mm) Jun 2020 2.5 (0.3) 2.4 (0.0)
Tanzania CPI,   % yy (mm) Jun 2020 3.6 (0.3) 3.2 (0.2)
Namibia CPI, % yy (mm) Jun 2020 2.3 (0.4) 2.1 (0.4)
Nigeria CPI, % yy (mm) Jun 2020 12.7 (1.3) 12.4 (1.2)
South Africa CPI, % yy (mm)* May 2020 2.8 (0.1) 3.0 (-0.5)
Ethiopia CPI, % yy (mm) Jun 2020 20.4 (2.1) 19.8 (-1.6)
Mauritius CPI, % yy (mm) Jun 2020 4.0 (0.2) 2.8 (-1.3)
Seychelles CPI, % yy (mm) Jun 2020 -0.2 (0.0) -0.2 (-0.1)

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

macroafricaintel Daily Brief | 19 Jun

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

Global Markets

  • Stocks stutter as second wave virus fears test recovery hopes
  • Investors worry about second wave of covid
  • Oil prices support energy-related shares
  • Dollar benefits as safe haven currency

Oil Markets

  • Oil prices inch up on faith in supply cuts, demand recovery
  • Brent up 0.2% at $41.58 a barrel (0101GMT)
  • WTI up 0.4% at $38.98

Precious metals

  • Gold ticks higher on virus fears; firm dollar caps gains
  • Spot gold up 0.1% at $1,724.91/oz. (0253GMT)
  • US gold futures up 0.2% at $1,733.90/oz.

Grains

  • Wheat lingers near 8-mth low, set to finish week down 4%
  • Wheat futures down almost 4% for the week
  • Soybeans up 0.1% for the week
  • Corn down 0.5% for the week

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

  • South Africa briefing on new covid alert level 3 measures expected
  • Africa innovation & investment forum 2020; 15-19 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

  • Egypt surpasses 50,000 confirmed coronavirus cases
  • Ethiopia dam talks stall with proposal for mediation by PMs
  • Barrick Gold alerts authorities after fake news release claims it sold [Zambia] Lumwana mine
  • After second round of voting, Kenya wins spot on UN security council
  • South Africa’s Naspers says earnings for year end March to fall 10-16%
  • At least 13 killed in landslide in Ivory Coast’s main city
  • Algeria in talks with Desertec over solar power projects
  • Mozambique court jails police officers for murder of election observer
  • Sudan approves plan to liquidate, privatise state firms
  • Africa Oil – Chinese buying abating, unlikely to rebound quickly
  • South Africa’s rand, stocks slide as second wave coronavirus fears resurface
  • Nigeria president rebukes security chiefs over worsening violence
  • Kenya president says talks on trade deal with US delayed
  • Russia aircraft active in Libya, AFRICOM says
  • Iraq tells OPEC+ it will compensate for high May oil production
  • Burundi incoming president vos to unite nation isolated over rights abuses
  • South Africa retailer TFG looks to raise $229 mln via rights issue
  • ArcelorMittal South Africa plans job cuts following pandemic hit
  • China’s Shandong Gold to buy Ghana-focused Cardinal Resources for $221 mln
  • Suspects accused of huge South Africa bank theft appear in court
  • South Africa – Cape Town had covid-19 infections earlier than thought, says health official
  • South Africa’s SABC preparing to lay off 600 workers
  • Uganda, Kenya shilling, Zambia kwacha to be stable
  • Ethiopia dam talks stall with proposal for mediation by PMs
  • Nigeria naira recovers after it opens sharply weaker on official window
  • South Africa’s bad debts may hit highest ever level of 10% due to virus
  • Amazon to hire 3,000 people in South Africa for customer service roles
  • Burundi swears in incoming president, week after predecessor’s death
  • Nigeria’s naira opens weaker on official window for second session
  • Kenya video-conference platform elbows its way into crowded field
  • Nigerians face tough job market amid coronavirus outbreak
  • Zambia mining revenues drop 30% due to covid-19, chamber of mines says
  • South Africa’s Sasol revamp to cut jobs, focus on core businesses
  • South Africa non-performing bank loans could hit 10% on covid – association director
  • Uganda shilling trades unchanged, dollar appetite low
  • South Africa’s Amplats targets mines at 75-80% capacity by end-year
  • China will exempt some African countries from repaying certain loans
  • South Africa’s Sasol to discontinue all oil growth activities in West Africa

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

macroafricaintel Daily Brief | 18 Jun

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

Global Markets

  • Global stocks retreat on rising second wave fears
  • S&P 500 futures, MSCI ex-Japan Asia shares down more than 1%
  • Investors fret over rise in infections in US, China
  • Australia dollar hit by weak local jobs data

Oil Markets

  • Oil prices drop on demand worries as coronavirus cases rise
  • Brent down 1.1% at $40.26 a barrel (0035GMT)
  • WTI down 1.6% at $37.36

Precious metals

  • Gold flat as dollar strength checks concerns over virus case spike
  • Spot gold flat at $1,725.90/oz. (0256GMT)
  • US gold futures nearly unchanged at $1,734.70/oz.

Grains

  • Wheat hits 8-mth low on ample global stocks
  • Wheat futures down 0.5% at $4.86-1/2 a bushel (0113GMT)
  • Soybeans down 0.1% at $8.70-1/2 a bushel
  • Corn up 0.2% at $3.29-1/2 a bushel

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

  • AU chair & South Africa president, Ramaphosa, briefs press on continental covid efforts
  • Kenya’s Kenyatta speaks at the Atlantic Council on US-Africa trade; cabinet reshuffle reportedly imminent
  • Kenya (AU endorsed candidate) & Djibouti vie for UN security council Africa slot in second round vote
  • Burundi president-elect Ndayishimiye takes oath of office
  • South Africa VBS Mutual Bank fraud suspects appear in court
  • South Africa ministerial briefing on new covid alert level 3 measures expected
  • Africa innovation & investment forum 2020; 15-19 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

  • WHO halts trial of hydroxychloroquine in covid-19 patients
  • Turkey says discussed lasting ceasefire during Libya trip
  • Oxford college says it wants to remove statue of colonialist Rhodes
  • With climate change, conflict & covid, stresses grow for Mali villagers
  • South Africa coronavirus restrictions further eased for casinos, salons
  • Sudan extends lockdown in Khartoum state to June 29
  • West Africa ministers propose phased re-opening of borders
  • France accuses Turkey of hostile acts to stop enforcement of Libya arms embargo
  • Zimbabwe hikes govt salaries 50% as nurses picket for pay in dollars
  • Namibia faces red locust invasion
  • Ghana Cocobod seeks club deal as banks refuse underwriting risk
  • South Africa’s rand inches up, Aspen leads stocks higher
  • South Africa Land Bank close to completing restructuring plan
  • OPEC+ panel makes no recommendation on supply cuts – sources
  • Congo cuts 2020 economic growth forecast to -2.4% – cbank
  • Egypt passes electoral changes that could bolster Sisi supporters
  • Africa Oil – Angola June cargoes selling, differentials steady
  • Important to use dexamethasone only for serious covid cases – WHO
  • OPEC points to 2020 oil surplus even as demand gradually recovers
  • Ugandans join global push to rename colonial-era landmarks
  • China will exempt some African countries from repaying certain loans
  • Poor health and family ties brought Rwanda genocide suspect into custody
  • Zimbabwe nurses protest to demand US dollar salaries
  • South Sudan parties agree on state governorships, in step closer to peace
  • Ghana GDP growth slows to 4.9% y/y in first quarter
  • Acacia Mining employees pay Tanzania $650,000 in tax evasion case
  • Turkish ministers visit Libya, Tripoli govt says
  • Sudan further opens gold trade to private sector
  • Eight suspects arrested in South Africa’s “biggest bank robbery” VBS fraud case
  • Tunisia economy could shrink by as much as 7% this year
  • Nigeria naira slides on official market on plan to align exchange rates
  • Acacia Mining employees released from Tanzania jail
  • Nigeria to seek uniform exchange rates, finmin says
  • Moscow urges US to help reach Libya ceasefire – RIA
  • Nigeria naira opens weaker at 385 per dollar on official window
  • Kenya shilling firm on tight liquidity, low importer demand
  • Nigeria inflation rises in May to 12.4%, lifted by food and drug prices
  • South Africa’s Tongaat to sell eSwatini sugarcane farm for $21 mln
  • South Africa’s Massmart warns of 50% deeper half-year loss due to lockdown

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

macroafricaintel Daily Brief | 17 Jun

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

Global Markets

  • Asia stocks given pause by virus surge, geopolitics
  • Nikkei eases back after rally, S&P 500 futures dip
  • Mood restrained by surge in virus cases, China/India spat
  • Recovery hopes supported by jump in US retail sales

Oil Markets

  • Oil falls on rise in US crude stocks, virus resurgence fears
  • Brent down 1.0% at $40.56 a barrel (0047GMT)
  • WTI down 1.5% at $37.79

Precious metals

  • Gold steady as virus fears offset firmer equities, dollar
  • Spot gold flat at $1,727.22/oz. (0054GMT)
  • US gold futures steady at $1,737/oz.

Grains

  • Wheat drops for 2nd session on harvest pressure, soybeans fall
  • Wheat futures down 0.2% at $4.95-1/4 a bushel (0102GMT)
  • Soybeans down 0.1% at $8.66-1/4 a bushel
  • Corn down 0.5% at $3.27-1/2 a bushel

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

  • Bank of Namibia decides on interest rates [fcst. 3.75%, prev. 4.25%]
  • Nigeria inflation May-20 [fcst. 12.4% yy, prev. 12.3%]
  • Malawi lawyers protest action on judicial independence
  • Africa innovation & investment forum 2020; 15-19 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

  • World Bank provides $400 mln to boost health insurance in Egypt
  • Around 9% of Guinea-Bissau health workers have been infected with covid-19
  • Congo mining provinces impose new covid-19 lockdowns
  • Nigeria’s Lagos state suspends plans to reopen places of worship
  • South Africa Airways rescue plan needs over 10 bln rand to work
  • South Africa Airways administrators propose restructuring plan
  • Congo says it will launch a tender for a new passport maker after Semlex talks fail
  • Congo probing ‘violent death’ of judge in landmark graft trial
  • Turkey accuses France of exacerbating Libya crisis
  • Morocco central bank cuts rates to 1.5% to shore up economy
  • Judge in landmark Congo graft trial died violent death, says minister
  • Bodies of children and others found in Libya town after LNA retreat, Red Crescent says
  • Red Cross fears coronavirus spreading silently in Somalia’s displaced camps
  • Egypt Air seeking $185 mln from state banks to weather crisis
  • Dozens missing after boat capsizes on Congo side of Lake Kivu
  • Egypt’s GASC seeking vegoils in local tender for arrival August 10-30
  • Merkel, Erdogan agree UN process for Libya should be bolstered – statement
  • Cameroon archbishop says treating covid-19 with plant-based remedy
  • World Bank approves $1 bln for health, education in Congo
  • Uganda to hold elections in early 2021, campaign rallies banned
  • Egypt seeks loan of over $1 bln, taps UAE banks – sources
  • Tanzania president Magufuli dissolves parliament before vote, touts development record
  • Ivory Coast requests debt holiday from creditors including Paris Club
  • Murders of South Africa women as lockdown eases sparks online campaigns
  • Mali fights coronavirus, cotton farmers fear loss of climate aid
  • Zimbabwe gold miner RioZim halts production over payment delays
  • UK’s SFO ends probe in to De La Rue’s South Sudan dealings

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