macroafricaintel Daily Brief | 11 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares adrift as tariff deadline looms
  • Investors wary as trade deadline draws closer
  • Nikkei flat, ASX drifts higher
  • Pound wobbles as projected Conservative majority shrinks

Oil Markets

  • Oil prices slip on surprise US crude inventory build
  • US crude stocks rise by 1.4 mln bbls – API data
  • Analysts had been expecting a drop in inventory
  • Investors eye China-US trade negotiations for trading cues
  • Brent down 0.6% at $63.97 a barrel (0121GMT)
  • WTI down 0.5% at $58.94

Precious metals (10 Dec)

  • Palladium breaches $1,900 ceiling after South Africa outages
  • Spot gold settled up 0.1% at $1,463.88/oz.
  • US gold futures settled up 0.2% at $1,468.10/oz.

Grains

  • Soybeans fall for first time in 7 sessions
  • Soybean futures down 0.1% at $9.00 a bushel (0221GMT)
  • Corn futures down 0.1% at $3.76-3/4 a bushel
  • Wheat futures down 0.1% at $5.23 a bushel

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

  • Aswan forum in Egypt; 11-12 Dec [Nigeria’s Buhari et al. attending; Ramaphosa cuts short trip]
  • South Africa’s Ramaphosa to meet Eskom executives
  • South Africa inflation Nov-19 [fcst. 3.6% yy, prev. 3.7%]
  • South Africa retail sales Oct-19 [fcst. 0.5% yy, prev. 0.2%]
  • Kenya’s docked maverick Nairobi county governor Sonko bail hearing

Key African events or data releases yesterday & early a.m today

  • US imposes sanctions on Islamist rebels in eastern Congo
  • Ethiopia deploys police in universities to stop ethnic violence
  • South African mines grind to halt as floods deepen power crisis
  • Rape map and murdered men – welcome to South Africa’s Republic of Sexual Abuse
  • Al Shabaab gunmen attack hotel near president’s residence in Somali capital – police, group
  • Petra Diamonds restarts South African mines
  • Africa Oil – Freight rates swell as Angolan glut looms
  • Unregulated teak trade fuelling South Sudanese violence – report
  • African cities bet on new technology to fix growing water shortages
  • Libya approves Total’s purchase of stake in Waha concessions
  • South African rand tumbles on blackouts shock, platinum and gold shares shine
  • Brazil’s Embraer signs $194.4 mln deal for 2 E175 jets with Congo Airways
  • Nigerian stocks fall for seventh session to 1-mth low
  • Alphabet’s Loon agrees airspace deal with Uganda for internet balloon service
  • Algeria set for presidential election denounced by protesters as charade
  • South Africa’s rand, Eskom dollar bonds hit by load shedding
  • Madagascar to raise minerals taxes, take 20% stake in mining projects
  • Angolan ex-president’s son on trial in rare corruption case
  • Sudan’s Bashir questioned over 1989 coup that brought him to power
  • Nobel peace laureate Abiy says militants, global powers threaten Horn of Africa
  • South Africa’s Ramaphosa cuts short Egypt trip over power crisis
  • Gambia asks UN judges to impose measures to protect Myanmar’s Rohingya
  • Kenya’s coffee crop nosedives due to high temperatures, low prices
  • South Africa’s Tongaat seeks new chapter with equity raise, debt restructure
  • 2 days before election. Algeria jails 2 ex-prime ministers
  • Egypt’s core inflation falls to 2.1% in Nov from 2.7% in Oct – central bank
  • Rwanda’s inflation jumps to 6.9% y/y in Nov. – stats office
  • South Africa’s Eskom plans more load shedding, says crisis manageable
  • South Africa mining companies cut production due to power shortages
  • Kenyan shilling unchanged against the dollar

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

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