macroafricaintel Daily Brief | 10 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks recover but anxiety over trade talks lingers
  • S&P 500 futures almost flat after 1.3% fall earlier
  • NYT says Trump to concede on Huawei
  • China’s Liu to cut short his visit to Washington – SCMP
  • Sterling dogged by Brexit worries, Turkish lira slumps

Oil Markets

  • Oil prices fall as hopes for US-China trade progress wilt
  • Brent, WTI futures down 0.2%
  • High-level talks begin on Thur, no progress seen in early contact
  • US weekly crude stocks rise by 2.9 mln bbls last week – EIA
  • Brent down 0.2% at $58.21 a barrel (0354GMT)
  • WTI down 0.2% at $52.48

Precious metals

  • Gold at 1-wk high as trade talk hopes fade
  • Spot gold rose 0.4% at $1,511.24/oz. (0049GMT)
  • US gold futures up 0.3% at $1,516.50

Grains

  • Soybeans ease from 3-mth top, Chinese buying limits losses
  • Wheat futures up 0.1% at $5.00-3/4 per bushel (0052GMT)
  • Corn futures down 0.3% at $3.93-1/4 per bushel
  • Soy futures down 0.2% at $9.21-1/2 per bushel
  • Rice futures nearly unchanged at $12.0 per hundredweight

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

  • South Africa manufacturing production Aug-19 [fcst. -0.8% yy, prev. -1.1%]
  • South Africa mining production Aug-19 [fcst. 1.9% yy, prev. 2.4%]
  • South Africa’s Ramaphosa to answer questions in NCOP
  • 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]

  • Spies hacked Moroccan activists amid crackdown on protests – researchers
  • World Bank sees Egypt economy growing 5.8% in 2019/20
  • Libya’s Ras Lanuf polyethylene plant resumes production
  • Tunisia’s moderate Islamist party Ennahda to lead fractured new parliament
  • Libya state oil firm pays salaries for eastern unit with parallel board
  • Egypt, Iraq discuss Syria after Turkish offensive – Egypt state TV
  • Ennahda came first in Tunisia parliamentary election
  • Ethiopia’s peacemaking prime minister emerges as a Nobel favourite
  • Tunisia presidential candidate freed days before election
  • Morocco reshuffles cabinet, keeps foreign & finance ministers
  • Africa Oil – Bonny Light force majeure lifted, Angolan oil discounted
  • Somalia auditor general slams govt finances
  • Senegal pushes oil licensing round back
  • South African rand firms on improved sentiment, stocks down
  • Egypt calls emergency Arab meeting over Turkish offensive into Syria – ministry
  • IMF sees higher Nigeria inflation in 2020 on minimum wage, tax rises
  • Egypt denounces Ethiopia for moving ahead with Nile dam amid water shortage fears
  • Inflation-hit Zimbabwe public workers seek US dollar-indexed pay
  • South Sudan to launch auction of licences for 8 oil fields
  • Egypt dollar bonds fall in anticipation of new supply
  • Nigeria lands higher oil output target in OPEC+ cut deal
  • World Bank cuts Sub-Saharan Africa’s 2019, 2020 growth forecast
  • Shell lifts force majeure on Nigeria’s Bonny Light crude
  • Senegal delays oil licensing round by a month
  • Zimbabwe quadruples electricity prices, pummelling impoverished consumers
  • Angola seeks to reduce gas flaring to capture revenue
  • South Africa’s Sept business confidence recovers from 34-yr low – SACCI
  • South Sudan sees oil production reaching 200k barrels per day by 2021
  • Kenya shilling strengthens against the dollar
  • Zambia’s KCM smelter shut down earlier than planned after leak – liquidator
  • South Africa’s rand pauses slide as risk clouds gather
  • Zimnbabwe hikes average electricity tariff by 320% – energy regulator

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

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