macroafricaintel Daily Brief | 5 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks inch up on trade outlook but markets remain wary
  • Asian stocks head higher on trade hopes
  • Mixed signals from Trump keep investors on their toes
  • Oil eases slightly but OPEC meetings loom

Oil Markets

  • Oil steadies after price jump; investors wait on OPEC meetings
  • Brent down 0.2% at $62.90 a barrel (0112GMT)
  • WTI down 0.4% at $58.21

Precious metals

  • Gold steady as dollar weakens on dour US data
  • Spot gold up 0.1% at $1,475.37/oz. (0100GMT)
  • US gold futures up 0.1% at $1,481/oz.

Grains

  • Soybeans extend gains on positive Sino-US trade signals
  • Soybean futures up 0.1% at $8.78-3/4 a bushel (0112GMT)
  • Corn futures little changed at $3.78-1/2 a bushel
  • Wheat futures up 0.1% at $5.28-1/4 a bushel

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

  • South Africa’s Ramaphosa on working visit to Ghana (5 Dec) & Togo (6 Dec)
  • 177th meeting of the OPEC conference in Vienna
  • Nigeria’s 2020 budget passage by legislature expected; appropriations committee report submitted yesterday
  • South Africa current account balance Q3-19 [fcst. -3.9% of GDP, prev. -4.0%]

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

  • Up to 57 dead after migrant boat sinks off Mauritanian coast – UN agency
  • South Africa’s struggling SAA to enter business rescue
  • Euronext wheat subdued as Algeia tender results awaited
  • US to exchange ambassadors with Sudan – state dept
  • Africa Oil – Traders wait for flurry of tender results
  • Macron conditions troop presence in Sahel on West African clarifications
  • Algeria tries top figures for corruption as opposed election looms
  • South African anti-apartheid campaigner Archbishop Tutu in hospital
  • South Africa’s rand firmer as trade deal optimism eases growth shock
  • Bolt expands South African operations to small towns
  • Botswana retailer Choppies sells ailing South African operations for 1 rand
  • Algeria to block sale of assets to Total – state media
  • MTN to oppose South African regulator’s recommendations on data costs
  • Endeavour bid for Centamin will boost mining interest in Egypt – minister
  • Foreigners dump nearly $10 bln of South Africa assets in 2019
  • Egypt to get $1.1 bln from ITFC to fund commodities imports
  • Uganda shilling unchanged, commodity flows to lend support
  • Kenyan shilling firms on tight liquidity, offshore investor flows

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

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