macroafricaintel Daily Brief | 4 Nov

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares hit 14-wk highs on trade deal hopes
  • MSCI Asia ex-Japan +1%, highest since July 25
  • S&P 500, Nasdaq post record closing highs Friday
  • US & China say they have made progress in trade talks
  • Japan markets closed for holiday

Oil Markets

  • Oil edges down; eyes on data amid trade deal hopes
  • US rig count drops for 2nd week in a row
  • Saudi Aramco kick-starts IPO, provides few details
  • Brent down 26 cents at $55.94 a barrel (0125GMT)
  • WTI down 27 cents at $61.42

Precious metals

  • Gold prices dip on trade deal optimism, strong US jobs data
  • Spot gold down 0.2% at $1,511.27/oz. (0105GMT)
  • US gold futures up 0.2% at $1,514.10/oz.

Grains

  • Soybeans fall for first time in three sessions
  • Soybean futures down 0.2% at $9.35 a bushel (0227GMT)
  • Corn futures up 0.9% at $3.86 a bushel
  • Wheat futures down 0.7% at $5.12-1/4 a bushel

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

  • Week-long celebrations in South Africa; after Rugby World Cup win
  • South Africa Investment Conference; 5-7 Nov
  • Ghana’s Akufo-Addo tours Volta region; 4-5 Nov
  • Nigeria’s Buhari in UK on private visit

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

  • South African rand rises as rating dodges junk status for now
  • Ethiopia PM Abiy says death toll from recent protests rises to 86
  • Kosmos Energy finds oil off Equatorial Guinea – oil ministry
  • Nigeria’s border closure to last at least until end-Jan – spokesman
  • Israel-Egypt gas pipeline deal seen imminent
  • Militants kill 54 in attack on Mali army post; IS claims responsibility
  • South African pride erupts over Rugby World Cup win
  • 5 candidates to run in Algeria’s presidential election next month
  • Egypt’s Sinai Province swears allegiance to new Islamic State leader
  • Soweto celebrates South Africa’s first Rugby World Cup win under black captain
  • Rugby – Powerpacked South Africa dominate ragged England to win 3rd World Cup
  • Attackers kill 3 in heavily guarded district of Bujumbura, Burundi
  • Moody’s leaves South Africa teetering on brink of ‘junk’
  • Moody’s changes outlook on South African sovereign rating to ‘negative’
  • Algerians stage mass protest on anniversay of independence rising
  • Oil trader Vitol pulls out of $1.5 bln deal to buy Nigerian oil fields
  • Africa Oil – West Africa offers continue rise on margins, freight
  • Floods in Somalia displace more than 250,000 people – UN
  • Malawi court suspends wearing of wigs and gowns as temperatures soar
  • Kenya’s Safaricom plans Ethiopia expansion after profit jump
  • Inaugurated, Botswana’s Masisi pledges to diversify economy away from diamonds
  • South Africa’s Taste Holdings to exit food business, sells Starbucks stores
  • Ugandan shilling little-changed in slow activity
  • South African court asks justice minister to rule on extradition of Mozambique ex-finmin
  • South Africa’s Absa PMI rises to 48.1 in October
  • Kenya’s Safaricom plans joint bid with Vodacom for Ethiopia licence
  • South African court sets aside decision to extradite former Mozambique finmin
  • Kenya’s Safaricom says first half core earnings up 12.7%

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

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