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macroafricaintel Daily Brief | 6 Oct

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

Global Markets
• Asian stocks at 2-wk high as Trump returns to White House
• RBA keeps rates unchanged
• MSCI Asia ex-Japan up 0.7%, Nikkei up 0.4%
• Brent up 0.2% at $41.37

Oil Markets 
• Oil gains after Trump’s return to White House
• Brent up 8 cents at $41.37 a barrel (0134GMT)
• WTI up 2 cents at $39.24

Precious metals
• Gold eases after Trump’s discharge, weaker dollar cushions decline
• Spot gold down 0.1% at $1,911.22/oz. (0334GMT)
• US gold futures down 0.2% at $1,915.90/oz.

Grains
• Soybeans gain for 2nd session on strong demand, wheat eases
• Soybean futures up 0.5% at $10.26-1/4 a bushel (0217GMT)
• Wheat down 0.5% at $5.81-1/2 a bushel
• Corn up 0.1% at $3.79-3/4 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Ghana ruling NPP’s Akufo-Addo files nomination forms for re-election bid
• Ghana NDC’s Mahama on the campaign trail
• Nigeria’s Buhari convenes joint executive-legislature conference (day 2)
• South Africa’s Ramaphosa convenes AU meeting on Covid-19
• WTO announces final two candidates for DG
• South Africa’s Ramaphosa announces economic recovery plan [expected
during the week]
• Nigeria’s Buhari delivers 2021 budget speech [date TBC]
• Nigeria Stanbic IBTC PMI Sep-20 [prev. 54.6] (6 Oct)
• South Africa FX reserves Sep-20 [prev. $55.75B]
• Nigeria publishes H1-20 states’ revenue report
• 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 plans to set up new airline for domestic flights
• Mali announces new govt following August coup
• South Africa amends price system for scrap metal to aid industry
• Libya oil production rises to 290,000 bpd – source
• Kidnapped politician, France aid worker to be freed in Mali prisoner swap
• Rwanda seeks to merge ‘Hotel Rwanda’ hero’s case with that of 18
rebel suspects
• Ethiopia bans flights over dam for security reasons – aviation chief
• Ethiopia says GERD dam will begin generating power in next 12 months
• Ivory Coast cocoa farmers say rains have boosted main crop
• EU wants rules on hydrogen trade with Ukraine, Morocco – Bloc’s energy chief
• US calls for WHO reforms, timely information on outbreaks
• 1 in 10 may have caught Covid, as world heads into “difficult period” – WHO
• Zimbabwe finance minister says Covid-19 won’t hit economy as hard as elsewhere

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

macroafricaintel Daily Brief | 5 Oct

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

Global Markets
• Stocks rise as signs of Trump’s improving health calm markets
• Trump’s contraction of coronavirus stuns investors
• US stock futures rise on expectations Trump will leave hospital
• Dollar falls against Swiss franc but rises versus the yen

Oil Markets
• Oil prices claw back 2% after upbeat signals from Trump doctors
• Libya’s production rises nearly 3-fold to 270k bpd
• US firms added drilling rigs for 3rd week in a row
• Brent up 1.8% at $39.96 a barrel (0232GMT)
• WTI up 2.1% at $37.81

Precious metals
• Gold holds steady as market eyes Trump’s health
• Spot gold nearly flat at $1,896.21/oz.
• US gold futures down 0.3% at $1,902/oz.

Grains
• Corn, soybeans extend losses as US harvest pressure builds
• Corn drops as US weekly report likely to show solid harvest progress
• Wheat firms, Asian market eyes bumper Australian crop
• Corn futures down 0.1% at $3.79-1/4 a bushel (0316GMT)
• Soybeans down 0.2% at $10.19-1/4 a bushel
• Wheat up 0.3% at $5.75 a bushel

Key African events or data releases today [Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Ghana ruling NPP’s Akufo-Addo & NDC’s Mahama on the campaign trail
• South Africa Standard Bank PMI Sep-20 [prev. 45.3]
• Nigeria’s Buhari delivers 2021 budget speech this week [date TBC]
• Nigeria Stanbic IBTC PMI Sep-20 [prev. 54.6] (6 Oct)
• Kenya, Ghana PMI Sep-20 (6 Oct)
• South Africa state capture inquiry continues
• Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today
• Debt cancellation needed to help poorest countries – World Bank president
• Algeria takes further measures to ease coronavirus restrictions
• 8 migrants dead, 12 missing off coast of Djibouti – IOM
• Social media abuse drives girls off Facebook, Instagram, Twitter – poll
• Nigeria to bar vessels without licences from operating in Nigerian waters
• Port Sudan container terminal blocked in peace deal protest
• India & South Africa ask WTO to waive rules to aid Covid-19 drug production
• Ethiopia’s Oromo celebrate tense thanksgiving amid tight security
• US welcomes transitional govt in Mali
• Tunisia to ban gatherings, cut public sector work hours due to pandemic
• Egypt unveils 59 ancient coffins in major archaeological discovery
• Sudan & main rebel groups formalise peace deal
• Blasphemy convictions spark Nigeria debate over sharia law
• WHO ‘outraged’ by sex abuse reports in Congo ebola operation
• Seizing art: One Africa man’s protest against colonial ‘pillagers’
• Tanzania suspends opposition leader’s election campaign
• Russia, Iran concerned about Syria & Libya fighters in
Nagorno-Karabakh – Moscow
• EU removes Libya’s powerbroker Saleh from sanctions list
• South Africa’s Sasol to raise $2 bln in part sale of US chemicals
unit to LyondellBasell
• South Africa union threatens strike at coal & diamond mines
• ‘Hotel Rwanda’ inspiration denied bail again as court says he may escape
• Ethiopia charges suspects in killing of popular singer with terrorism
• For sale: 100 Namibia buffalos, buyers must ‘bear all risks’
• Ethiopia region arrests 503 on feared violence at weekend festival
• Nigeria to reopen federal govt schools from Oct 12
• Tunisia reports daily coronavirus record of 1,308 cases
• Somalia women’s basketball team defy prejudice, hostility
• EMR Capital seeks concessions to develop $1 bln Zambia copper mine
• UN registers Turkey-Libya maritime deal – Turkish ministry

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

macroafricaintel Daily Brief | 2 Oct

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

Global Markets
• US stock futures extend losses after Trump says going into quarantine
• Traders await payrolls, but sentiment is weak
• US stimulus talks bog down
• Tokyo bourse reopens after trading halt on Thursday
• China, South Korea & Hong Kong markets shut for holiday

Oil Markets
• Oil drops for 2nd day as worsening pandemic threatens demand drop
• Brent down 0.9% at $40.57 a barrel (0055GMT)
• WTI down 0.9% at $38.36

Precious metals
• Gold dips as dollar ticks up; set for best week in nearly 2 mths
• Spot gold down 0.7% at $1,892.06/oz. (0306GMT)
• US gold futures down 1% at $1,898/oz.

Grains
• Corn set for weekly gains of 4% on upbeat global demand
• Corn up 4% so far this week
• Soybeans up 1.5% for the week
• Wheat up 3.6% week thus far

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Ghana ruling NPP’s Akufo-Addo campaigns in Eastern region
• South Africa’s Ramaphosa addresses UNGA on elimination of nuclear weapons
• Kenya’s Kenyatta in Paris, meets France’s Macron, etc.
• 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
• Sierra Leone court lifts Octea asset freeze after complaint thrown out
• US defense chief’s rare Algeria visit points to Sahel region threats
• Family of ‘Hotel Rwanda hero’ calls on US, EU & Belgium to help free him
• Inequality seen as a root cause of West Africa’s Sahel crisis
• Namibia faces tough challenge to reverse apartheid legacy – president
• Zimbabwe power tariffs up 50%, another hike set for next month
• Libya professor also mends cars and sells dates to make ends meet
• Libya oil output rises to 270,000 bpd as exports ramp up
• GAVI providing $150 mln to poorer countries to prepare for Covid-19 vaccines
• Rwana genocide survivors want speedy trial for Kabuga, but court faces delays
• Rugby saves school girls from child marriage in rural Zimbabwe
• South Africa has released about a fifth of earmarked state-owned
land to farmers
• Outflows point to “risk-off” brewing in emerging markets – IIF
• South Africa ends foreign travel ban, but airports deserted amid
selective curbs

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

macroafricaintel Daily Brief | 1 Oct

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

Global Markets

  • Global shares extend gains on US stimulus, upbeat data
  • S&P 500 up 0.6% in Asia
  • MSCI Asia ex-Japan up 0.3%
  • Australia shares up 1.4%

Oil Markets

  • Oil holds steady on hopes for US stimulus agreement
  • Brent up 3 cents at $42.33 a barrel (0146GMT)
  • WTI down 1 cent at $40.21

Precious metals

  • Gold firms on dollar slide, US stimulus hopes
  • Spot gold up 0.3% at $1,891.10/oz. (0334GMT)
  • US gold futures up 0.1% at $1,897.30/oz.

Grains

  • Corn gains, lingers near 7-mth high on USDA stockpile estimates
  • Corn futures up 0.4% at $3.80-1/2 a bushel (0119GMT)
  • Soybeans up 0.8% at $10.31-3/4 a bushel
  • Wheat up 0.6% at $5.81-1/4 a bushel

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

  • Nigeria independence day; Buhari addresses nation, some protest actions possible
  • South Africa opens borders; travellers from high-risk countries UK, US, France, etc. still barred
  • Kenya’s Kenyatta meets France’s Macron in Paris; signs PPP infrastructure deals
  • South Africa ABSA manufacturing PMI Sep-20 [prev. 57.3]
  • 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

  • Bank of Central African states says regional GDP to shrink 3.1%
  • South Africa to launch long-awaited tender for mobile broadband spectrum
  • Congo ‘jobs-for-sex’ expose prompts calls for greater scrutiny of aid workers
  • Namibia fishing auction for Covid-19 cash flops
  • Proposal to ease Malawi’s strict abortion laws faces religious opposition
  • South Africa invites applications for broadband spectrum bidding
  • South Africa says tourists from high-risk countries still barred from Oct. 1
  • Flooding devastates farms in parts of Sudan – UN
  • Sierra Leone anti-graft body summons ex-president Koroma for questioning
  • OPEC Sept oil output rises for 3rd month on Libya restart, Iran
  • Nigeria’s cabinet proposes 3% economic growth target for 2021 budget
  • Rwanda genocide suspect Kabuga can be sent to UN court
  • Libya rivals agree to further military talks, UN says
  • Rwanda genocide suspect can be extradited to UN tribunal, France court says
  • Poorest countries face tough choice over G20 debt relief plan
  • Kenya’s economy likely to expand by 3.1% this year – central bank
  • Hackers hit South Africa govt fund for children and missing people
  • Pandemic pushes forward new generation of Africa cyclists
  • ‘God chose me’: Congo ebola survivor finds new purpose
  • Nigeria’s pioneering gas flaring plan risks going down in flames
  • South Africa’s Capitec interim profit plunges 78%

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

macroafricaintel Daily Brief | 30 Sep

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

Global Markets

  • Asian markets dip as investors brace for US presidential debate
  • MSCI Asia ex-Japan shares down 0.1%, Nikkei down 0.2%
  • Spot gold down 0.1% at $1,896.03/oz.
  • Brent down 0.6% at $41.03

Oil Markets

  • Oil drops 2nd day as surging coronavirus cases prompt demand worries
  • Brent down 0.6% at $41.03 a barrel (0048GMT)
  • WTI down 0.7% at $39.29

Precious metals

  • Gold inches lower on caution over Trump-Biden debate
  • Spot gold down 0.1% at $1,896.03/oz. (0034GMT)
  • US gold futures down 0.1% at $1,889.70/oz.

Grains (29 Sep)

  • Corn, soy eases as US harvest advances; USDA data awaited
  • Corn futures settled down 2 cents at $3.64-3/4 a bushel
  • Soybeans ended down 3-1/4 cents at $9.93 a bushel
  • Wheat finished down ¾ cent at $5.49-1/2 a bushel

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

  • Kenya’s Kenyatta meets France’s Macron in Paris; to sign PPP infrastructure deals
  • Central Bank of Kenya’s Njoroge briefs press on MPC decision
  • South Africa consumer inflation Aug-20 (30 Sep) [fcst. 3.7% yy, prev. 3.2%]
  • 2nd Ghana presidential debate; Akufo-Addo yet to agree to debate Mahama
  • Ghana’s ruling NPP flagbearer Akufo-Addo campaigns in Ashanti region
  • Ghana’s NDC flagbearer Mahama campaigns in Bono region
  • South Africa PSCE Aug-20 (30 Sep) [fcst. 3.5% yy, prev. 5.1%]
  • South Africa M3 Aug-20 (30 Sep) [fcst. 10.1% yy, prev. 10.5%]
  • Nigeria FX reserves Sep-20 [prev. $35.7B]
  • South Africa trade balance Aug-20 [prev. ZAR37.42B]
  • 75th session of UN General Assembly (15-30 Sep); speeches & engagements by African leaders
  • Potential constitutional crisis in Kenya in focus; 12th Oct deadline by lawyers’ body LSK for dissolution of parliament
  • Covid-19 updates by authorities across the continent

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

  • Algeria’s wheat suppliers to feel impact of Black Sea shift next season
  • Women entrepreneurs in Kenya industry struggle to access credit – study
  • Libya’s Sarir oilfield restarts production, AGOCO says
  • Zambia aims to clinch debt restructuring deal by April – finmin
  • South Africa’s SAA administrators suspend all operations until funding found
  • Zimbabwe suspects bacterial disease behind elephant deaths
  • Nigeria’s FX reserves swell by $200 mln after court ruling, central bank says
  • Ghana cocoa regulator signs $1.3 bln finance deal for 2020/21 season
  • Senegal on verge of unprecedented growth from oil, gas, president says
  • Senegal president sees growth at 13.7% by 2023 thanks to oil, gas
  • South Africa’s Covid-hit carmakers ask govt to cut taxes on new cars
  • Puzzled scientists seek reasons behind Africa’s low fatality rates from pandemic
  • Zimbabwe plans to send dead elephants’ brain tissue to US for toxin tests
  • Pandemic spurs Africa’s mobile telcos to ramp up banking bid
  • Angola energy giant made no money from oil in 2019 as debt bites
  • AngloGold prices $700 mln notes offering

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

macroafricaintel Daily Brief | 29 Sep

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

Global Markets

  • Asian markets push higher after US bounce
  • MSCI Asia ex-Japan up 0.4%, Nikkei down 0.6%
  • Australia shares up 0.2%
  • Gold up 0.2% at $1,884.77/oz.

Oil Markets

  • Oil slips as demand worries offset hopes for stimulus
  • Brent down 0.4% at $42.26 a barrel (0120GMT)
  • WTI down 0.4% at $40.43

Precious metals

  • Gold nudges up as dollar tepid ahead of Trump-Biden debate
  • Spot gold up 0.1% at $1,883.51/oz. (0313GMT)
  • US gold futures up 0.3% at $1,888.40/oz.

Grains

  • Soybeans ease as rapid pace of US harvest weighs, wheat falls
  • Soybean futures down 0.1% at $9.95 a bushel (0334GMT)
  • Corn down 0.3% at $3.65-1/2 a bushel
  • Wheat down 0.5% at $5.47-3/4 a bushel

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

  • South Africa releases Q2 labour statistics
  • Nigeria parliament resumes
  • Central Bank of Kenya decides on rates [fcst. 7.0%, prev. 7.0%]
  • Ghana’s ruling NPP flagbearer Akufo-Addo campaigns in Ashanti region
  • Ghana’s NDC flagbearer Mahama campaigns in Bono region
  • 75th session of UN General Assembly (15-30 Sep); speeches & engagements by African leaders
  • Potential constitutional crisis in Kenya in focus; 12th Oct deadline by lawyers’ body LSK for dissolution of parliament
  • South Africa state capture inquiry continues
  • Covid-19 updates by authorities across the continent
  • South Africa consumer inflation Aug-20 (30 Sep) [fcst. 3.7% yy, prev. 3.2%]
  • South Africa PSCE Aug-20 (30 Sep) [fcst. 3.5% yy, prev. 5.1%]
  • South Africa M3 Aug-20 (30 Sep) [fcst. 10.1% yy, prev. 10.5%]

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

  • Illegal money flows from Africa near $90 bln, UN study says
  • Poorer countries to get 120 million $5 coronavirus tests, WHO says
  • Nigeria would turn NNPC into LLC, amend royalties under draft oil reform bill
  • Zimbabwe accuses opposition of gun-smuggling plot
  • Nigeria’s senate confirms it received oil reform bill – senate president
  • Several hundred arrests amid protest calls in Egypt – rights group
  • Nigeria says Mali transition govt yet to satisfy regional demands
  • Togo president names Victoire Tomegah-Dogbe as prime minister
  • Kenya extends Covid curfew for 2 months but reduces hours
  • Ivory Coast rains boost cocoa main crop, farmers say
  • UN experts urge Nigeria to lift singer’s blasphemy deat sentence
  • Zambia chamber of mines says double taxation hurting investment

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

macroafricaintel Daily Brief | 28 Sep

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

Global Markets

  • Chinese stocks underpin Asia; markets wary of virus spike, US presidential debate
  • Asia ex-Japan shares gain led by China; Nikkei rises too
  • Oil prices lower on rising virus cases
  • Investors jittery ahead of US presidential debate on Tues

Oil Markets

  • Oil slips as surge in virus cases cloud demand recovery
  • Iran ramps up shipments in Sept; Libya resuming exports
  • Workers’ strike threatens Norway’s output
  • Brent down 0.6% to $41.69 a barrel (0243GMT)
  • WTI down 0.5% at $40.04

Precious metals

  • Gold inches higher on subdued dollar; Trump-Biden debate in focus
  • Spot gold up 0.1% at $1,861.02/oz. (0326GMT)
  • US gold futures down 0.1% at $1,863.70/oz.

Grains

  • Corn, soybeans rise on S.American dryness; wheat firms
  • Soybean futures up 0.2% at $10.00-3/4 a bushel (0321GMT)
  • Corn up 0.1% at $3.65-1/2 a bushel
  • Wheat up 0.2% at $5.45-1/4 a bushel

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

  • Nigerians wake up to news they have to go to work
  • Bank of Ghana decides on rates [fcst. 14.5%, prev. 14.5%]
  • Ghana’s NDC flagbearer Mahama campaigns in Bono region
  • South Africa producer inflation Aug-20 [fcst. 2.5% yy, prev. 1.9%]
  • 75th session of UN General Assembly (15-30 Sep); speeches & engagements by African leaders
  • Potential constitutional crisis in Kenya in focus; 12th Oct deadline by lawyers’ body LSK for dissolution of parliament
  • South Africa state capture inquiry continues
  • Covid-19 updates by authorities across the continent
  • Central Bank of Kenya decides on rates (29 Sep) [fcst. 7.0%, prev. 7.0%]
  • South Africa consumer inflation Aug-20 (30 Sep) [fcst. 3.7% yy, prev. 3.2%]
  • South Africa PSCE Aug-20 (30 Sep) [fcst. 3.5% yy, prev. 5.1%]
  • South Africa M3 Aug-20 (30 Sep) [fcst. 10.1% yy, prev. 10.5%]

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

  • Nigeria’s main unions suspend planned strike after govt talks
  • Diplomat named Mali PM, meeting regional bloc demand for civilian
  • Mali president names diplomat Moctar Ouane as interim prime minister
  • South Africa defence minister’s pay docked over use of military plane
  • Sudan rejects linking removal from US terrorism list with Israel ties
  • Suspected militants kill at least 11 in attack on convoy in northeastern Nigeria
  • Tremors felt in Cape Town after earthquake off South Africa coast
  • CAR President Touadera announces second term bid
  • Ivory Coast says new West Africa currency launch may take five years
  • Palestinians say Egypt fire killed two Gaza fishermen
  • Congo security forces thwart rebel attempt to seize mining hub
  • Armed militia kills at least 15 people in western Ethiopia
  • Togo’s prime minister & govt resign, presidency says
  • Nigeria air travel could shut as unions pledge to join strike
  • Ethiopia tells UN ‘no intention’ of using dam to harm Egypt, Sudan
  • US to provide $720 mln Syria aid & funds for Sahel, South Sudan
  • ‘Hotel Rwanda’ inspiration tells court he did not direct attacks
  • For Uganda activist, Covid curbs set new hurdle in climate fight
  • ‘Groundbreaking’ Lesotho study reveals high cost of domestic violence
  • Shell books tanker to load crude at Libya’s Zueitina oil port
  • Severe flooding in South Sudan displaces more than 600,000 – UN
  • Israel becomes new obstacle for Sudan in quest to leave US terrorism list
  • South Africa to purchase 6,800 MW of solar, wind power, says energy minister
  • Land hunters: App matches Zimbabwe’s farmers with vacant plots

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

macroafricaintel Daily Brief | 25 Sep

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

Global Markets

  • Asian shares rise on tech rally, renewed stimulus hopes
  • MSCI Asia ex-Japan +0.66%; Nikkei +0.62%
  • Asian shares posted biggest drop in more than 3 mths Thursday
  • Dollar steady after retreating from 2-mth highs

Oil Markets

  • Oil gains but heading for weekly fall over coronavirus demand concerns
  • Brent up 17 cents at $42.11 a barrel (0346GMT)
  • WTI up 16 cents at $40.47

Precious metals

  • Gold edges higher on US stimulus hopes; set for worst week in six
  • Spot gold up 0.1% at $1,869.47/oz. (0341GMT)
  • US gold futures down 0.4% at $1,870.30/oz.

Grains

  • Soybeans flat, set for first weekly loss in 7 on US harvest pressure
  • Soybeans slid 4.1% this week
  • Wheat set to end week with nearly 5% decline
  • Corn has lost more than 3% in week thus far

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

  • Mali swears in interim civilian president
  • South Africa’s Ramaphosa meets education & health workers’ union
  • Ghana’s president & NPP flagbearer Akufo-Addo tours Western North region
  • Bank of Ghana meets on rates; decision on 28 Sep [fcst. 14.5%, prev. 14.5%]
  • Ghana’s EC displays new voters register; 18-25 Sep
  • 75th session of UN General Assembly (15-30 Sep); speeches & engagements by African leaders
  • Potential consititutional crisis in Kenya in focus; 12th Oct deadline for dissolution of parliament by lawyers’ body LSK
  • 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

  • US to provide $720 mln Syria aid and funds for Sahel, South Sudan
  • Egypt cuts interest rates by 50 bps as inflation subsides
  • Ethiopia charges 2,000 over violence after singer’s killing – attorney general
  • Kenya anti-graft agency slams procurement of Covid-19 equipment
  • Kenya High Court suspends move to dissolve parliament over lack of women
  • Somalia meeting most targets on road to debt relief, says IMF
  • France opens probe into BNP Paribas over its role in Sudan
  • Ghana raises 2020/21 cocoa farmgate price by 28%
  • South Africa hit ‘Jerusalema’ inspires people worldwide to shake off Covid-19 blues
  • UK seeks to seize $39 mln from lawyer who helped corrupt Nigeria politician
  • Kenya should renegotiate China rail loan, parliamentary panel says
  • Kenya’s WTO candidate says she will focus on climate change if selected
  • Could Egypt’s MeToo movement be the tinder for a ‘feminist revolution’?
  • ‘Be prepared’: With water scarcer, Egypt pushes farmers to use much less
  • Nigeria collector hopes to boost local pride in artistic heritage amid Black Lives Matter backdrop

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

macroafricaintel Daily Brief | 24 Sep

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

Global Markets

  • Asian shares tumble as global recovery hopes falter
  • MSCI Asia ex-Japan -1.32%; Nikkei -0.74%
  • US Fed officials call for more fiscal support
  • Gold near 2-mth lows on strong greenback

Oil Markets

  • Oil falls on fuel demand growth concerns as coronavirus lingers
  • Brent down 0.7% at $41.49 a barrel (0217GMT)
  • WTI down 0.9% at $39.57

Precious metals

  • Gold falls to over 2-mth low on stronger dollar
  • Spot gold down 0.3% at $1,858.08/oz. (0049GMT)
  • US gold futures down 0.3% at $1,862.30/oz.

Grains

  • Soybeans, corn hit 1-wk low as US harvest advances
  • Soybean futures down 1.2% at $10.02-3/4 a bushel (0305GMT)
  • Corn down 0.9% at $3.65-1/4 a bushel
  • Wheat down 1.1% at $5.42-3/4 a bushel

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

  • South Africa marks Heritage Day; Ramaphosa to speak
  • Ghana’s president & NPP flagbearer Akufo-Addo tours Western North region
  • Ghana NDC flagbearer Mahama speaks on electoral process thus far
  • Nigeria’s Buhari commissions key SGR line in oil-rich region
  • Bank of Ghana meets on rates; decision on 28 Sep [fcst. 14.5%, prev. 14.5%]
  • Ghana’s EC displays new voters register; 18-25 Sep
  • 75th session of UN General Assembly (15-30 Sep); speeches & engagements by African leaders
  • 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

  • CAR MPs vote to keep Dec. 27 election on track
  • Nigeria pop star Yemi Alade wants to hleop women in new UN role
  • Ivory Coast to free opposition leader’s allies in pre-vote peace gesture, spokesman says
  • Nigeria auction bonds at lower yields after surprise rate cut
  • West Africa bloc may lift Mali sanctions soon, says envoy
  • Gambia opposition laments failure of bid to curb term limits
  • Eastern Libya forces say they killed militant group leader
  • Somalia president names newcomer Roble premier as elections loom
  • Nigeria gas tanker explosion kills at least 28
  • Three Egypt policeman, four militants killed in prison break attempt
  • Kenya’s Maasai gather for once-in-a-decade ceremony to turn warriors into elders
  • Gambia MPs reject retroactive bill curbing term limits as unlawful
  • Mali risks “economic paralysis” from post-coup embargo – trade group
  • Egypt orchestra for visually-impaired women resumes concerts amid coronavirus
  • Sudan discusses Arab-Israel peace & terrorism list with US – statement
  • First tanker to load crude at Libya’s Hariga port since January
  • Mozambique asks EU for help in tackling insurgency
  • Tanker to enter Libya’s Hariga port, load 1 million barrels of oil
  • Nigeria’s Buhari to send long-awaited oil reform bill to Senate – sources
  • Kenya harnesses fly larvae’s appetite to process food waste
  • China’s BGI wins 1.5 mln coronavirus test kit order from Ethiopia
  • South Africa set for wave of equity fundraising as banks shun risk

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

macroafricaintel Daily Brief | 23 Sep

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

Global Markets

  • Asian stocks struggle to build on Wall Street gains, dollar rises
  • MSCI AxJ index trades either side of flat
  • Dollar strength points to persistent caution
  • Brent at $41.34, gold steady at $1,900

Oil Markets

  • Oil down after US crude inventories rise against expectations
  • Brent down 0.7% at $41.42 a barrel (0347GMT)
  • WTI down 0.9% at $39.46

Precious metals

  • Gold loses sheen as robust dollar weighs
  • Spot gold down 0.2% at $1,894.69/oz. (0348GMT)
  • US gold futures down 0.5% at $1,898/oz.

Grains

  • Soybeans slips for third day on US harvest pressure, wheat eases
  • Harvest-friendly US weather to boost soybean, corn supplies
  • Soybean futures down 0.2% at $10.17-1/2 a bushel (0326GMT)
  • Corn down 0.3% at $3.68 a bushel
  • Wheat down 0.4% at $5.56 a bushel

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

  • Bank of Mauritius decides interest rates [fcst. 1.85%, prev. 1.85%]
  • Ghana NDC flagbearer Mahama briefing on voters register expected
  • Ghana health workers continue strike
  • Bank of Ghana meets on rates; decision on 28 Sep [fcst. 14.5%, prev. 14.5%]
  • Ghana’s EC displays new voters register; 18-25 Sep
  • 75th session of UN General Assembly (15-30 Sep); speeches & engagements by African leaders
  • 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

  • Nigeria’s main unions to strike over petrol, power price hikes
  • Egypt’s Sisi committed to ridding Libya of militia, regional interference
  • Ivory Coast ruling party says will hold election with or without opposition
  • Glencore says DRC Kamato Copper Company ramping up to full production
  • Macron tells Mali junta to hand power back to civilians quickly
  • Cameroon opposition say one killed in protest against veteran ruler
  • Zimbabwe to gradually re-open schools from Oct 26
  • France’s Macron says working for new Libya meeting to solve crisis
  • Uganda’s public debt surges in coronavirus crisis, central bank says
  • South Africa’s rand recovers after sell-off, stocks slide
  • Libya’s NOC says output to rise as it seeks to revive oil industry
  • Kenya’s parliament to challenge dissolution bid over lack of women
  • Nigeria’s central bank cuts benchmark rate to 11.5% in unexpected move
  • Ivory Coast to boost cocoa processing with 2 new factories
  • Libya’s NOC lifts force majeure at Zueitina oil terminal
  • Angola’s Sonangol reports EBITDA of $4.8 bln in 2019 – statement
  • Cameroon police break up opposition protests with tear gas, water cannon
  • East Mediterranean states formally establish Egypt-based gas forum
  • Insurgency in Mozambique threatens food security, says World Food Programme
  • Coronavirus accelerates Nigeria’s digital banking push
  • Meet the woman driving a motorbike taxi in eastern Congo
  • South Africa’s rand falls again on second wave infection fears
  • Turkey says EU sanctions on Turkish firm over Libya embargo show bias

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