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macroafricaintel Daily Brief | 21 Jul

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

Global Markets

  • Asian shares extend gains as investors count on stimulus, vaccines
  • EU recovery fund deal reached
  • Investors expect US stimulus of more than $1 trillion
  • Nikkei up 0.6%, MSCI Asia-Pacific ex-Japan up 1.5%
  • Gold firm at $1,818/oz.
  • Brent up 0.1% at $43.35, WTI flat at $40.94

Oil Markets

  • Oil steady as vaccine news counters rise in virus cases
  • Brent up 15 cents at $43.43 a barrel (0117GMT)
  • WTI up 2 cents at $40.83

Precious metals

  • Gold near 9-yr high as virus fears support safe-haven demand
  • Spot gold up 0.1% at $1,818.53/oz. (0040GMT)
  • US gold futures up 0.1% at $1,819/oz.

Grains

  • Corn, soybeans slip on sound US crop conditions, wheat slide continues
  • Corn futures down 0.6% at $3.33-3/4 a bushel (0208GMT)
  • Soybeans down 0.4% at $8.96-3/4 a bushel
  • Wheat down 0.3% at $5.20-1/2 a bushel

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

  • Issoufou, Akufo-Addo & Ouattara expected in Mali to solve crisis [Anytime this week from today]
  • South Africa’s Ramaphosa chairs follow-up AU summit on Ethiopia GERD talks
  • South Africa central bank MPC meets; 21-23 Jul [fcst. 3.75%, prev. 3.75%]
  • Nigeria’s agriculture minister Nanono speaks on food security amid covid-19 at virtual conference
  • Ivory Coast’s Ouattara expected to respond to party’s request to seek third term
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Egypt’s Sisi wins parliamentary approval for possible Libya intervention
  • West Africa presidents to head to Mali to help solve crisis
  • Trump, Macron discuss situation in Libya – White House
  • Algeria aims to reform tax system, targets informal market
  • Vowing reform, Kenyan emerges as one of early WTO frontrunners
  • Nigeria official collapses during televised Niger Delta corruption hearing
  • South Africa outbreak should be wake-up call for continent – WHO
  • Egypt says Sisi and Trump agree on need to maintain Libya ceasefire
  • West Congo ebola cases up to 60, funerals a risk, says WHO
  • Kenya’s No. 2 retailer seeks strategic investor as supplier debts mount
  • Zimbabwe police arrest critics ahead of anti-govt protests
  • Egyptians struggle to return to work even as lockdown lifts
  • Egypt’s Sisi discusses Libya & Ethiopia dam with Trump – presidency
  • More sun, rain needed to strengthen Ivory Coast main cocoa crop – farmers
  • Pay rises for civil servants amid crisis are unjust and unaffordable, South Africa govt says
  • Vodacom partners with China’s Alipay to create ‘super app’ in South Africa
  • CEO of South Africa state defence firm Denel to step down
  • Pirates kidnap seven Russia sailors in Gulf of Guinea
  • Zimbabwe Econet asks court to suspend warrant in money laundering case
  • Ivory Coast ruling party says it has asked president to run again
  • South Africa’s Spur CEO Van Tonder to retire in Dec
  • Ethiopia farmers slaughter thousands of chicks as covid hits demand
  • Zimbabwe on course to meet 2020 budget deficit target – finmin
  • Kenya fishermen say they are squeezed by Ethiopia mega dam
  • Coronavirus causes poaching spike in Congo’s Virunga park

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

macroafricaintel Daily Brief | 20 Jul

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

Global Markets

  • Asian shares stumble ahead of EU summit, US stimulus talks
  • Concerns over rising coronavirus cases globally
  • Eyes on fiscal support package talks in EU, US
  • MSCI Asia-Pacific ex-Japan shares down 0.2%
  • S&P 500 E-mini futures down 0.4%
  • Australia, South Korean & HK shares down as well
  • Brent down 25 cents at $42.89, WTI down 24 cents at $40.35
  • Spot gold down 0.1% at $1,807.55/oz.

Oil Markets

  • Oil eases amid rising coronavirus cases worldwide
  • Brent down 0.6% at $42.89 a barrel (0353GMT)
  • WTI down 0.5% at $40.37

Precious metals

  • Gold eases on firmer dollar; virus fears limit losses
  • Spot gold down 0.1% at $1,807.55/oz. (0242GMT)
  • US gold futures down 0.1% at $1,808.30/oz.

Grains

  • Soybeans rise for 5th session on strong demand, corn eases
  • Corn falls on concerns over energy demand amid coronavirus
  • Soybean futures up 0.4% at $8.98-3/4 a bushel (0253GMT)
  • Corn down 0.3% at $3.38-3/4 a bushel
  • Wheat down 0.2% at $5.33-3/4 a bushel

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

  • Central Bank of Nigeria decides interest rates [fcst. 12.5%, prev. 12.5%]
  • South Africa state capture inquiry resumes
  • 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

  • Saudi King Salman, 84, admitted to hospital
  • Pact to aid poor cocoa farmers in peril as covid-19 hits demand
  • Mali opposition rejects ECOWAS proposals on ending political crisis
  • Nigeria foreign minister Onyeama tests positive for coronavirus
  • Four killed in Sierra Leone protest after police and army open fire
  • Burundi arrests local administrators for robbing residents
  • France, Germany, Italy threaten sanctions over arms for Libya
  • Libya GNA fighters head for front as battle for Sirte looms
  • G20 finance officials call for full, transparent debt freeze participation
  • Sudan army launches legal action against ‘insulting’ activists
  • IMF exploring additional tools to provide aid to pandemic-hit countries
  • Egypt reports lowest daily coronavirus figure since late May
  • Congo replaces sanctioned army chief with deputy also sanctioned for rights abuses
  • US opens probe of phospate fertilizer imports from Morocco, Russia
  • Total signs $14.9 bln debt financing for huge Mozambique LNG project
  • South Africa farmers rap repeal of state of disaster for drought
  • Libya’s NOC “deeply concerned” at using its institutions as “war posts”
  • South Africa banks to allow their law firms to act for customers against them
  • Public debt, populism and arrests as Tunisia faces crisis
  • Turkey’s Erdogan says Egypt’s actions in Libya are illegal
  • Mali PM apologises for security force ‘excesses’ during protests
  • Deaths in South Africa mines fall to 51, lowest in a century, says Minerals Council
  • Coronavirus fan flames of love in Nigeria’s online dating scene
  • Ethiopia maids ‘dumped’ in the streets in Lebanon as covid hits

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

macroafricaintel Daily Brief | 17 Jul

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

Global Markets

  • Asia stocks rebound, hopes of more stimulus offset virus worries
  • MSCI Asia-Pacific ex-Japan shares up 0.5%
  • China shares up 1.1%
  • Oil prices little changed
  • Brent down 0.25% at $43.26
  • WTI down 0.22% at $40.84
  • Spot gold little changed at $1,797.24/oz.

Oil Markets

  • Oil prices steady as clouds gather over fuel demand, looser supply curbs
  • Brent steady at $43.37 a barrel (0204GMT)
  • WTI up 1 cent at $40.76

Precious metals

  • Gold steadies on rising virus fears, US-China tensions
  • Spot gold little changed at $1,797.24/oz. (0045GMT)
  • US gold futures mostly unchanged at $1,799.70/oz.

Grains

  • Wheat firms, set for third straight weekly gain
  • Wheat futures up more than 0.5% for the week
  • Soybeans little changed for the week
  • Corn up more than 0.5% for the week

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

  • CSIS hosts discussion with opposition leaders from Zambia, Zimbabwe & Tanzania on how covid-19 is impacting African politics
  • Nelson Mandela Day (18 Jul)
  • Nigeria inflation Jun-20 [fcst. 12.7% yy, prev. 12.4%]
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • UN aid chief to G20 on coronavirus: ‘Step up now or pay price later’
  • Tunisia protesters close main oil pumping station in the south
  • Zambia rejects Glencore copper mine’s suspension plan
  • Sisi says Egypt won’t stand idle in Libya if security is threatened
  • US senior diplomat complains Europe not doing enough in Libya
  • Villagers killed in central Mali as mediators seek to restore stability
  • Nigeria hopes gold mining reforms can bring in $500 mln a year
  • Public, private lending mash-up offers lifeline to virus-hit African firms
  • Gabon appoints first woman prime minister amid govt shakeup
  • Zimbabwe economy to shrink by 4.5% this year on covid-19, drought
  • Egypt’s Sisi meets Libya tribesmen after eastern call to intervene
  • Sudan says Ethiopia denies filling the Renaissance dam reservoir
  • South Africa renewables firms look for debt savings to lower tariffs
  • South Africa’s TFG prices rights issue at 41% discount
  • Zambia health minister denies corruption charges in court
  • Afreximbank finalises a $3.9 bln Egypt package
  • South Africa’s Amplats platinum output fell 41% in Q2, warns FY guidance at risk
  • South Africa commits to mobilise funds for SAA rescue

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

macroafricaintel Daily Brief | 16 Jul

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

Global Markets

  • Asian shares fall despite China GDP beat as Sino-US tensions, virus fears weigh
  • Bullish China GDP fails to inspire equities
  • Geopolitical risk hampers markets
  • Oil down as OPEC curbs output cuts
  • Brent down 0.5% at $43.57
  • Spot gold 0.1% lower at $1,808.97/oz.

Oil Markets

  • Oil prices slip after OPEC, allies agree to loosen oil supply curbs
  • OPEC+ grouping set to ease output cuts to 7.7 mln bpd from Aug
  • US crude inventories fall 7.5 mln bbls last week – EIA
  • Prices expected at about $40/bbl in coming months – IEA’s Birol
  • Brent down 0.3% at $43.66 a barrel (0015GMT)
  • US gold futures down 0.4% at $41.02

Precious metals

  • Gold holds steady as virus concerns counter positive China data
  • Spot gold 0.1% lower at $1,808.97/oz. (0341GMT)
  • US gold futures mostly unchanged at $1,814.20/oz.

Grains

  • Wheat eases from near 3-mth high, talk of Chinese demand caps losses
  • Wheat futures down 0.1% at $5.50 a bushel
  • Soybeans up 0.2% at $8.84-3/4 a bushel
  • Corn up 0.6% at $3.28-1/4 a bushel

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

  • Ethiopia GERD filling in focus amid tensions with Egypt; eyes on AU
  • Nigeria’s Buhari launches artisanal gold mining initiative
  • AfDB et al. hosts forum on covid impact on Africa’s education
  • South Africa power load-shedding continues
  • Kenya domestic flights resume (from 15 Jul)
  • South Africa producer inflation May-20 [fcst. 1.0% yy, prev. 1.2%]
  • Nigeria inflation Jun-20 [fcst. 12.7% yy, prev. 12.4%]
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • A crack in Egypt’s Shuqair-Mostorod pipeline caused major fire – prosecutor
  • South Africa covid-19 cases surpass 300,000, say health ministry
  • Tunisia PM resigns triggering political crisis
  • Ethiopia dam reservoir filling as talks with Egypt, Sudan stall
  • OPEC+ eases record oil cuts as economy recovers from pandemic
  • Egypt seeks clarification on word of Ethiopia filling dam
  • In message to US, Nigerian candidate says time to fix WTO not quit
  • Sudan says Nile water levels fall after Ethiopia starts giant dam
  • Covid-19 kills 4 Kenya health workers, infections at maternity hospital rise
  • Founder of Nigeria’s Gokada found dismembered in New York apartment – media
  • Namibia allows timber exports to resume under strict conditions
  • Ethiopia has started filling Grand Renaissance dam on Blue Nile – water minister
  • In African villages, coronavirus sparks fears of a spike in malaria deaths
  • South Africa’s Eskom cannot say how long latest power cuts will last
  • South Africa failure to lowe debt could trigger downgrade – Fitch
  • South Africa e-commerce is a covid-fired market of risk and reward
  • Congo gives mines month to end covid restrictions

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

macroafricaintel Daily Brief | 15 Jul

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

Global Markets

  • Asian shares pare gains as US-China tensions intensify
  • MSCI Asia-Pacific ex-Japan shares up
  • Chinese shares deep in the red, Hang Seng down 0.6%
  • Japan & Australia shares upbeat
  • Spot gold up to $1,809/oz.
  • Oil up after sharp drop in US inventories
  • Brent at $43.14, WTI at $40.50

Oil Markets

  • Oil climbs after sharp drop in US crude stocks; OPEC committee meeting in focus
  • US crude inventories fall by 8.3 mln bbls last week – API
  • Brent up 0.4% at $43.09 a barrel (0343GMT)
  • WTI up 0.4% at $40.46

Precious metals

  • Gold steadies above $1,800 as virus fears, US-China tensions rise
  • Spot gold up 0.1% at $1,808.61/oz. (0240GMT)
  • US gold futures down 0.1% at $1,811.40/oz.

Grains

  • Soybeans extend gains on worries over US crop condition
  • Soybean futures up 0.3% at $8.80-1/2 a bushel (0235GMT)
  • Corn up 0.1% at $3.34-1/2 a bushel
  • Wheat up 0.4% at $5.29 a bushel

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

  • South Africa inflation May-20 [fcst. 2.8% yy, prev. 3.0%]
  • Nigeria inflation Jun-20 [fcst. 12.7% yy, prev. 12.4%]
  • OPEC JMMC meets to decide future of output cuts; 14-15 Jul
  • UNECA’s Songwe et al. discuss SDGs progress at HLPF special event
  • World Bank hosts e-seminar on channelling capital flows to developing countries
  • South Africa state capture inquiry resumes
  • 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

  • Tunisia moderate Islamist party Ennahda to withdraw confidence from govt
  • Egypt oil pipeline fire injures 17
  • Eastern-based Libya parliament asks Egypt to intervene in war
  • Zimbabwe ruling party seeks de-listing of Old Mutual unit
  • Erdogan, Trump agree to work more closely in Libya to ensure stability – Turkish presidency
  • Botswana central bank seeks law to preserve shrinking sovereign wealth fund
  • Morocco ‘revenge porn’ victims smash taboos by speaking out
  • Egypt, Sudan, Ethiopia deadlocked on Nile dam in new talks
  • Tunisia sentences woman to six months for Koranic Facebook joke
  • South Africa Airways creditors approve rescue plan
  • South Africa’s TFG to raise 3.95 bln rand to cut debt
  • Nigeria’s NNPC fired 850 workers, many from refineries, oil union says
  • OPEC says global oil demand set for record rise in 2021
  • Malian accused of Timbuktu war crimes refuses to enter plea
  • Congo gives mines month to release confined workers
  • Zimbabwe inflation at 737.26% y/y in June – Zimstat
  • Crisis-hit Moroccans join ‘informal economy’ as job market shrinks
  • Police detain two Algerians in anti-terrorism operation in Barcelona
  • Turkey’s Karpowership signs 5-yr power deal with Sierra Leone
  • Eastern-based Libya parliament asks Egypt to intervene in war
  • Nigeria virus hunters in race against covid-19 in Africa’s giant
  • Sudan declares emergency in North Darfur state after violence

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

macroafricaintel Daily Brief | 14 Jul

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

Global Markets

  • Asian markets dip as virus & Sino-US tensions flare
  • Dollar firm & stocks under pressure
  • Asia ex-Japan index down 1%, Nikkei off month high

Oil Markets

  • Oil prices drop on demand recovery fears amid US virus surge
  • Brent down 1.8% at $41.95 a barrel (0138GMT)
  • WTI down 2.1% at $39.26

Precious metals

  • Gold eases on firmer dollar, virus fears cap losses
  • Spot gold down 0.2% at $1,798.52/oz. (0042GMT)
  • US gold futures down 0.7% at $1,802.20/oz.

Grains

  • Corn eases, but USDA crop report caps losses
  • Corn futures down 0.1% at $3.36-1/4 a bushel (0127GMT)
  • Soybeans unchanged at $8.75-1/4 a bushel
  • Wheat little changed at $5.24-1/2 a bushel

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

  • OPEC JMMC meets; 14-15 Jul
  • AfDB launches 2020 North Africa economic outlook report
  • South Africa releases May-20 mining production data
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Nigeria in court battle to overturn $10 bln arbitration award
  • G7 ministers urge full implementation of G20 debt freeze – US treasury
  • UN peacekeeper killed in CAR attack
  • Tunisia PM will reshuffle cabinet amid row with moderate Islamist Ennahda
  • Sudan declares emergency in Darfur region after violence
  • Morocco plans $624 mln aid package for RAM airlines
  • Protesters injured in Mali demonstrations as UN calls for calm
  • South Africa to introduce universal income grant – minister
  • Nigeria will boost its compliance with OPEC+ cuts – SPA
  • Algeria aims to save $20 bln through reforms, lower import spending
  • Zimbabwe sacks hospital bosses after firing of health minister
  • Ebola spreading in western Congo with nearly 50 confirmed cases – WHO
  • South Africa retail group TFG to buy Jet assets from Edcon
  • Better African heatwave data could save lives, shield economies, report says
  • After losing jobs, many Sudanese struggle to make ends meet in Egypt
  • Ivory Coast cocoa farmers bullish about growing conditions ahead of main crop
  • Grassroots help for homeless, drug addicts thrives in lockdown South Africa
  • Madagascar’s president says two lawmakers have died from covid-19
  • Head of Somalia’s military unhurt, civilian killed in suicide car bomb on convoy
  • DR Congo police fire tear gas to disperse protests over election chief
  • UAE wants to see a return of Libya’s oil production with safeguards – minister
  • Ivory Coast vice president quits, days after PM’s death
  • South Africa – Zindzi Mandela, daughter of Nelson Mandela, dies
  • Ceasefire in Libya now would not benefit GNA, Turkey says
  • Mali govt criticised by UN, EU for lethal response to protests
  • Uganda cracks down on media ahead of elections in 2021, watchdog says

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

macroafricaintel Daily Brief | 13 Jul

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

Global Markets

  • Asian shares extend rally, US earnings to test optimism
  • Asia ex-Japan share index near 5-mth top
  • Markets brace for US earnings season
  • Investors upbeat even as coronavirus cases surge in US

Oil Markets

  • Oil slips as traders eye supply cut easing at OPEC meeting
  • OPEC JMMC to meet Tues-Wed to decide on supply cuts
  • Libya exports first crude cargo in 6 mths
  • Brent down 27 cents at $42.97 a barrel (0114GMT)
  • WTI down 28 cents at $40.27

Precious metals

  • Gold holds firm above $1,800/oz. on virus fears, weaker dollar
  • Spot gold up 0.3% at $1,803.80/oz. (0303GMT)
  • US gold futures up 0.4% at $1,809.10/oz.

Grains

  • Corn drops 2.5% on US rain relief
  • Corn futures down 2.5% at $3.36-1/4 a bushel (0022GMT)
  • Soybeans down 0.7% at $8.84-1/2 a bushel
  • Wheat down 1.5% at $5.26-1/4 a bushel

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

  • Nigeria presents 2nd national voluntary review on SDGs to the UN
  • Electoral Commission of Ghana briefs press on ongoing voter registration
  • Kenya SGR resumes operations
  • Nigeria suspended anti-graft chief reappears before probe committee
  • Nigeria doctors in Lagos go on 3-day strike
  • 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

  • Tunisia parties seek to oust parliament speaker, Islamists want new govt
  • South Africa reimposes alcohol ban, curfew as coronavirus cases spike
  • Libya’s NOC resumes force majeure, says UAE behind oil blockade
  • Sudan to allow drinking alcohol for non-Muslims, ban FGM
  • Mali opposition rejects president’s concessions aimed at ending impasse
  • Saudi Telecom extends Vodafone Egypt stake purchase for second time
  • Mali opposition says more leaders arrested after mass protest
  • Libya’s LNA says blockade on oil will continue
  • Congo justice minister resigns after judicial reform dispute
  • Five killed in attack on South Africa church, hostages freed
  • Mali police fire gunshots and tear gas to disperse protesters
  • Mali’s state television ORTM goes off-air after protesters occupy building
  • Africa Oil – Nigeria likely to slip, Angola lingers
  • South Africa set to make SAA funding commitment, official says
  • Ethiopia arrests suspects in the killing of popular singer
  • South Africa’s Denel seeks to revise bailout conditions to survive
  • Nigeria suspends anti-graft chief during investigation into agency
  • Germany says suspected Egypt spy had no access to sensitive data
  • Moody’s: Ethiopia political tensions are credit negative
  • South Africa’s banks mull how to avoid loan defaults when virus relief ends
  • South Africa’s Eskom implements first power outages in months
  • Uganda cracks down on media ahead of elections in 2021, watchdog says
  • Burkina Faso queries Human Rights Watch report on army killings
  • Libya lifts exports force majeure but says output recovery to be slow
  • Botswana gets first test results on elephant deaths
  • Nigeria president signs revised 2020 budget into law – aide
  • Premier of South Africa’s Gauteng province tests positive for covid-19
  • Uganda shilling firms on low demand for dollars
  • Kenya shilling under pressure against dollar

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

macroafricaintel Daily Brief | 10 Jul

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

Global Markets

  • Asian shares down on virus risk, US-China tension
  • Equities and risk assets take a hit
  • China stocks fall after red-hot rally
  • Growth in US coronavirus cases unsettles markets

Oil Markets

  • Oil dips, heading for weekly loss as virus cases rise
  • Brent down 0.2% at $42.28 a barrel (0114GMT)
  • WTI down 0.3% at $39.49

Precious metals

  • Gold set for 5th weekly gain as pandemic rages
  • Spot gold little changed at $1,801.69/oz. (0041GMT)
  • US gold futures up 0.2% at $1,806.90/oz.

Grains

  • Wheat set for best weekly gain in 4 mths on global harvest worries
  • Wheat futures on track for weekly gain of more than 6%
  • Corn also set for a weekly gain
  • Soybeans also expected higher for the week

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

  • Nigeria’s Buhari signs revised 2020 budget
  • Nigeria’s finmin Ahmed hosts public forum on 2021-23 MTEF
  • South Africa state capture inquiry resumes
  • 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

  • Algeria tightening travel restrictions to limit coronavirus infections
  • Kenya musuem, Mau Mau fighter shed light on British colonial abuses
  • Sudan’s Khartoum airport partially opens to flights from Egypt, Turkey and UAE
  • Nigeria’s President Buhari to sign revised 2020 budget into law on Friday – presidency
  • At least three killed in protests over Congo election chief
  • Ivory Coast ruling party may ask president to stand again after PM dies
  • Botswana to ration fuel amid shortage
  • Egypt annual headline inflation rises to 5.6% in June – CAPMAS
  • Nigeria excess crude account held $72.41 mln as of July 7 – finmin
  • Nigeria naira ease on black market after moves to unify official FX rate –traders
  • Malawi new female cabinet ministers vow to push for jobs for women
  • South Africa court dismisses appeal against SAA layoff ruling
  • Botswana finds more elephants, says test results due this week
  • Africa could have covid-19 vaccine in Q1 if human trials work – South Africa trial lead
  • Ghana health workers warn of potential covid-19 calamity
  • Foreign mineworkers return to South Africa mines after lockdown
  • Nigeria drops plan for some pupils to return to school amid covid-19 concerns
  • Sudan finance, foreign and energy ministers replaced in reshuffle
  • US warns aid at risk unless alleged abuses in W.Africa’s sahel region addressed
  • Eastern Congo militia pledges to surrender after leader forced out
  • Kenya shilling under pressure, Tanzania’s stable; in week ahead
  • Ivory Coast dollar bonds fall after death of ruling party candidate
  • Kenya to sell 5-yr, 10-yr and 15-yr bonds in July – cenban
  • South Africa manufacturing output falls 49.4% y/y in April
  • Air Namibia allowed to fly again after court suspends licence cancellation
  • Africa urged to test more as coronavirus cases exceed 500,000
  • Mali president offers concessions to end political stalemate
  • Zambia health minister corruption trial delayed a week
  • Fears at Nile’s convergence in Sudan that new dam will sap river’s strength
  • Kenya shilling weakens against dollar
  • Uganda shilling firms as low consumer spending cuts demand
  • Uganda central bank may cap commercial bank interest rates

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

macroafricaintel Daily Brief | 9 Jul

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

Global Markets

  • Asian stocks grind higher as focus turns to earnings
  • Investors hope for positive outlook from US firms on earnings
  • China rally extends, CSI300 hits 5-yr high while yuan gains
  • Gold steady above $1,800/oz.

Oil Markets

  • Oil prices idle as coronavirus spike fears offset signs of gasoline recovery
  • Brent up 3 cents at $43.32 a barrel (0035GMT)
  • WTI unchanged at $40.90

Precious metals

  • Gold holds above $1,800 level as virus casts long shadow
  • Spot gold little changed at $1,808.44/oz. (0243GMT)
  • US gold futures flat at $1,819.80/oz.

Grains

  • Wheat hits 1-mth peak on supply concerns as production outlook dips
  • Wheat futures up 0.5% at $5.19 a bushel
  • Soybeans up 0.1% at $8.99 a bushel
  • Corn up 0.1% at $3.54-1/4 a bushel

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

  • Kenya & US negotiate bilateral trade deal (from 8 July)
  • Nigeria govt clarification on reported detention of anti-graft chief expected
  • South Africa releases manufacturing production data
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Nigeria’s confirmed coronavirus cases pass 30,000 – NCDC
  • Ghana activists sue govt to save forest from mine
  • Ivory Coast premier and would-be president Gon Coulibaly dies at 61
  • Tunisia budget deficit in 2020 will be more than 5 pct of GDP
  • Total secures $15.8 bln in funding for Mozambique gas project – FNB
  • Egypt keeps domestic fuel prices unchanged – statement
  • UN chief says foreign meddling in Libya conflict at ‘unprecedented levels’
  • Malawi appoints Wilson Banda as new central bank governor
  • Seven killed in oil platform ladder installation blast in southern Nigeria – NNPC
  • Nigeria naira resumes official market trading as FX rates unify
  • US, Kenya formally launch trade deal talks
  • IMF must fine-tune lending instruments for poorest states – Georgieva
  • Eni CEO commits to Libya after meeting with al-Sarraj
  • Coronavirus tipping sovereign rating balance into junk – Fitch
  • Nigeria naira resumes trading at 381 per dollar on official market
  • France calls for release of Mali opposition leader Cisse
  • South Africa’s Steinhoff agrees to sell stake in Conforama France to Mobilux
  • South Africa Airways to offer training for up to 1,000 staff
  • Russia working on intermediate Libya ceasefire with Turkey – Ifax
  • With schools closed, child labour on the rise in lockdown Uganda
  • Namibia to ground national carrier’s license over cash hole
  • Kenya shilling under pressure agains dollar
  • Somalia – Two policemen killed in roadside blast in Mogadishu – witness
  • In Africa, lack of coronavirus data raises fears of “silent epidemic”
  • Kenya sports minister Mohamed to bid for top WTO job
  • Dozen of bodies found in Burkina Faso, and rights group suspects extrajudicial killings

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

macroafricaintel Daily Brief | 8 Jul

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

Global Markets

  • Asian shares waver with coronavirus, corporate earnings in focus
  • MSCI ex-Japan eases with 4-1/2 month hit on Tuesday
  • Oil prices slip on oversupply fears
  • Gold near 8-1/2 year high on safe haven demand
  • Citi ‘overweight’ on US & EM equities

Oil Markets

  • Oil dips as US inventory build stokes supply fears
  • Brent down 0.3% at $42.95 a barrel (0019GMT)
  • WTI down 0.3% at $40.52

Precious metals

  • Gold steady near highest since November 2011 on flight to safety
  • Spot gold steady at $1,793.56/oz. (0031GMT)
  • US gold futures down 0.2% at $1,806.30/oz.

Grains

  • Soybeans fall to 6-day low as weather concerns recede
  • Soybean futures down 0.2% at $8.97-3/4 a bushel
  • Corn down 0.5% at $3.50-3/4 a bushel
  • Wheat up 0.1% at $4.95-3/4 a bushel

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

  • Electoral Commission of Ghana briefs press on ongoing voter registration
  • Financial Times Africa debt digital dialogue; Kaberuka, Daly et al. speakers
  • Nigeria resumes domestic flights
  • 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

  • Algeria prepares new plan to revive economy, reduce independence on oil
  • Zimbabwe health minister, accused of corruption, sacked – statement
  • Egypt women flood instagram with ‘MeToo’ stories as suspect arrested
  • Nigeria naira eases sharply on official market after pressure to unify FX rate
  • Glencore copper mine in Congo says six workers have coronavirus
  • Implement substantive reforms, Paris Club creditors tell Zimbabwe
  • Libya’s NOC says oil blockage to halve oil output in coming years
  • Nigeria naira eases 5.5% on official market backed by central bank – traders
  • Parts of South Africa’s Edcon set for sale to Durban-based retailer
  • Africa to rebound from pandemic slump in 2021 but damage done – AfDB
  • South Africa rand slides as coronavirus infection rise dims outlook
  • African economies could shrink 3.4% this year, rebound in 2021 – AfDB
  • Kenya police fire teargas, arrest marchers protesting at brutality
  • Ivory Coast’s 2020 growth seen sliding to 0.8% due to pandemic
  • Egypt charges student with sex crimes in case that stoked debate
  • No quotes on Nigeria’s official FX market for second session
  • South Sudan central bank cuts benchmark interest rate to 10%
  • Congo health workers reduce coronavirus services in pay protest
  • South Africa faces battle to rein in spending – Fitch
  • South Africa has bad record on keeping budget promises – Fitch
  • Uganda shilling little changed as sluggish consumer spending cuts demand
  • Sierra Leone doctors threaten to expand strike amid covid-19 crisis
  • Africa’s top publisher to close South Africa publications, cut jobs
  • Free ambulance helps save mothers and babies in Kenya lockdown
  • Egypt, France, Germany, Jordan warn Israel on annexation
  • Senegal slave island, moved by George Floyd’s death, renames Europe square
  • Egypt foreign reserves recover slightly to $38.2 bln
  • Cameroon activist campaigns against colonial monuments
  • South Africa’s Massmart says 1,800 Game jobs at risk
  • Kenya shilling steady on muted demand
  • Kenya central bank to hold its rate-setting meeting on July 29
  • South Africa consumer confidence crashes to 35-yr low in second quarter – survey
  • South Africa’s Omnia swings to annual profit as turnaround bears fruit
  • South Africa central bank reduces bond purchases to 5 bln rand in June
  • South Africa net foreign reserves rose to $45.7 bln in June
  • With drones and masks, African innovators keep covid-hit economies afloat

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