macroafricaintel Daily Brief | 1 Nov

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares turn higher after positive China data
  • MSCI Asia ex-Japan +0.16%; Nikkei -0.41%
  • Caixin PMI shows stronger China factory activity
  • Chinese officials doubt long-term trade deal with US – Bloomberg

Oil Markets

  • Oil prices stabilise, but set for big weekly loss amid trade gloom, rising output
  • Brent up 0.1% at $59.68 a barrel (0103GMT)
  • WTI up 0.3% at $54.33

Precious metals

  • Gold set for second weekly rise on trade deal uncertainties
  • Spot gold little changed at $1,512.54/oz (0139GMT)
  • US gold futures flat at $1,514.90/oz

Grains

  • Corn edges lower, set to end week nearly 1% higher
  • Corn futures down 0.1% at $3.89-3/4 per bushel (0043GMT)
  • Soybean futures up more than 1% for the week
  • Wheat futures down nearly 2% for the week

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

  • Moody’s review of South Africa’s credit rating [Downgrade is likely]
  • Botswana’s Masisi inauguration
  • South Africa’s Ramaphosa en route Japan to support Springboks in Rugby World Cup final against England
  • Nigeria’s Buhari in Saudi Arabia; heads to UK afterwards
  • South Africa ABSA manufacturing PMI Oct-19 [prev. 41.6]
  • South Africa total new vehicle sales Oct-19 [prev. 49.14K]
  • 4th AU Judicial Dialogue in Kampala, Uganda; 30 Oct-1 Nov
  • South Africa’s Mabuza in China for bi-national commission; 31 Oct – 3 Nov
  • 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]

  • Trump scraps trade benefits for Cameroon over rights abuses
  • Gambian women testify about sex abuse under ex-president Jammeh
  • Nigeria lifts suspension of 2 aid groups in northeast – minister
  • African Devpt Bank approves record capital boost of 125% to $208 bln
  • Ethiopia says at least 78 people killed in protests last week, number could rise
  • Africa Oil – Freight rates, price offers rebalance in boon to sales
  • Sudan agrees reforms with World Bank, IMF – finmin
  • Egypt’s M2 money supply up 13% y/y in Sept – central bank
  • South Africa braces for bleak Moody’s review after budget bombshell
  • South Africa’s rand extends losses before Moody’s review, stocks rise
  • South African tax agency probing VAT and customs fraud
  • Zimbabwe govt workers plan pay protest as economy slumps
  • S&P says state support for Eskom falls short for next 12-18 mths
  • Africa’s MTN cancels $300 mln stake sale in Mascom Wireless
  • Africa FX – Kenya, Zambia currencies seen firm, Uganda, Tanzania’s soft
  • South African trade surplus widens in September
  • South African Treasury: ratings firms worried about debt, growth and wages
  • South African finmin: Moody’s looking ‘very carefully’ at fiscal stance
  • Egypt’s army companies should be floated – Sisi
  • Ugandan shilling weakens due to importer dollar demand
  • Kenya’s inflation rises in Oct as food prices go up
  • South Sudan’s Machar urges delay to unity govt as peace efforts stall
  • Kenya’s y/y inflation rises to 4.95% in Oct
  • Zimbabwe finmin says economy to contract 6.5% this year
  • Zambia statistics agency raises 2018 GDP growth figure to 4% – final data
  • Kenyan bank shares extend gains on hopes rate cap will be lifted
  • Nigeria’s revenue quest could crush offshore oil golden egg – industry group
  • Algerian protesters march on in defiance of ‘The Power’

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

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