macroafricaintel Daily Brief | 29 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia shares touch 3-mth top, cautious on Fed
  • Nikkei hits 1-yr high as S&P 500 reaches record
  • Trump talks up progress on China trade
  • EU grants UK 3-mth Brexit extension
  • Market sees Fed cutting rates, cautious on outlook

Oil Markets

  • Oil prices edge lower ahead of inventory data
  • Brent down 3 cents at $61.54 a barrel (0137GMT)
  • WTI down 9 cents at $55.72

Precious metals

  • Gold subdued as equities jump on trade hopes; focus on Fed
  • Palladium hovers near record high of $1,808.81/oz
  • Spot gold down 0.1% at $1,491.72/oz (0537GMT)
  • US gold futures down 0.1% at $1,494/oz


  • Corn drops for 2nd session, soybeans ease on US harvest progress
  • Wheat futures up 0.1% at $5.12 per bushel (0051GMT)
  • Corn futures down 0.3% at $3.83 per bushel
  • Soy futures down 0.2% at $9.19 per bushel
  • Rice futures down 0.5% at $11.78 per hundredweight

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

  • Nigeria’s Buhari in Saudi Arabia for 3rd Future Investment Initiative
  • Rwanda’s Kagame in Qatar for ICT conference
  • South Africa’s Mabuza in China for bi-national commission; 31 Oct – 3 Nov
  • South Africa’s Ramaphosa to speak at Business Women’s Association of South Africa (BWASA) event
  • South Africa unemployment rate Q3-2019 [fcst. 29.1%, prev. 29.0%]
  • South Africa PSCE Sep-19 [act. 6.2% yy, fcst. 7.3%, prev. 6.9%]
  • South Africa M3 Sep-19 [act. 6.1% yy, fcst. 7.4%, prev. 7.5%]
  • 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]

  • South Africa’s credit demand growth slows to 6.19% y/y in September Humankind’s ancestral ‘homeland’ pinpointed in Botswana
  • South Africa’s Gordhan to release Eskom paper on Tuesday
  • Libya stops salaries of thousands of teachers without documents
  • Africa Oil – Freight rates continue to ease, buoying diffs
  • Tunisia central bank keeps key interest rate steady
  • South Africa’s rand clings on to gains, Sasol leads stocks higher
  • Algeria oil, gas export volumes fall 9% in Jan-Sept
  • South Africa’s Sasol joint CEOs step down after review of tarnished US project
  • 16 killed in Burkina Faso in suspected jihadist attack
  • Renergen commissions South Africa’s first commercial helium plant
  • Air Zimbabwe resumes flights to South Africa after suspension lifted
  • South Africa rations water to save dwindling supplies
  • Kenya’s Twiga Foods raises $30 mln ahead of planned expansion
  • Detained Moroccan jihadists were planning sea attacks – official
  • Kosmos Energy makes major gas discovery off Mauritania
  • Kenya to scale back commercial borrowing, Treasury official says
  • Kenya issues smart ID cards to protect fishing and forests
  • South Africa’s AngloGold Ashanti’s falling Q3 production, rising costs disappoint
  • Ghana 2019/20 cocoa arrivals rise 7.3% to 44,000 T by Oct. 17 – cocobod
  • Somalia says Shell, Exxon agree to pay $1.7 mln for oil blocks lease
  • Egypt’s GDP grew 5.6% in July-Sept quarter – planning minister
  • Kenya’s shilling holds steady against the dollar
  • Kenya’s KenGen to delay full-year results by a month
  • South Africa’s AngloGold Ashanti’s production edges higher, Ghana project set for year-end start

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

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