macroafricaintel Daily Brief | 9 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks swoon on signs of prolonged US-China standoff
  • Stocks rattled by growing US-China tension
  • Fed’s Powell signals more debt purchases
  • Hopes fade for end to US-Sino trade war
  • Oil prices fall due to weakening demand outlook

Oil Markets

  • Oil prices extend slide to 3rd straight day, US-China trade doubts grow
  • Brent, WTI futures fall 0.5%
  • US crude stocks rise more than expected – API
  • Brent down 0.5% at $57.97 a barrel (0148GMT)
  • WTI down 0.5% at $52.38

Precious metals

  • Gold firms as US-China trade dispute worsens ahead of talks
  • Spot gold up 0.1% at $1,505.95/oz. (0027GMT)
  • US gold futures up 0.5% at $1,511.40/oz.

Grains

  • Soybeans fall, retreat from near 3-mth high
  • Wheat futures up about 0.1% at $5.00-1/2 per bushel (0010GMT)
  • Corn futures up 0.1% at $3.96 per bushel
  • Soy futures down 0.1% at $9.19-1/4 per bushel
  • Rice futures up 0.5% at $11.90 per hundredweight

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

  • South Africa’s Ramaphosa to chair inaugural presidential economic advisory council
  • South Africa SACCI business confidence Sep-19 [prev. 89.1]
  • South Africa state capture inquiry continues

Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Ethiopian police teargas protesters in Amhara – local party official
  • UK court allows Nigeria’s $875 mln case against JP Morgan to proceed
  • Swedish hospital sounds all clear after testing patient for ebola
  • Ethiopian Airlines flight makes emergency landing in Dakar, no casaulties
  • Sudan has received half the $3 bln promised by Saudi Arabia & UAE
  • Cyprus, Greece, Egypt call on Turkey to end ‘provocative’ actions
  • Africa Oil – Angolan, Nigerian differentials continue to ebb
  • Nigerian president offers record $34 bln budget for 2020
  • EU wheat firm along with US markets, Egypt tender disappoints
  • Libyan oil firm unable to pay salaries at eastern unit with parallel board
  • South Africa’s rand, stocks fall as riks sentiment wanes
  • Sierra Leone cancels mining licence of Gerald Group unit
  • Ethiopia says Egypt trying to maintain “colonial era” grip over Nile
  • Nigeria’s President Buhari presents 10.33 tln naira 2020 budget to parliament
  • Botswana forecasts slower GDP growth, wider deficit this year
  • Exxon to make $500 mln initial investment in Mozambique LNG project
  • End of statelessness in sight for Shona as Kenya issues birth certificates
  • Uganda’s shilling biased on weaker side as rate cut triggers pressure
  • Kenya shilling firms against the dollar
  • Botswana’s economy to grow 4.3% in 2019 – deputy finance sec.
  • South Africa’s rand firmer as 15/$ mark lures in bulls

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

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