macroafricaintel Daily Brief | 17 Dec

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian stocks ride Wall St momentum to 8-mth peak, pound slips
  • Trade deal sends stocks higher, but details awaited
  • Asia ex-Japan index at highest since April
  • Nikke hits highest since Oct. 2018
  • Pound slips as hard Brexit fears re-emerge

Oil Markets

  • Oil hovers near 3-mth high on trade optimism, supply cuts
  • JP Morgan & Goldman revise oil price forecasts upwards
  • US crude stocks likely dipped last week – Reuters poll
  • Brent down 3 cents at $65.31 a barrel (0122GMT)
  • WTI down 4 cents to $60.17

Precious metals

  • Gold on hold as Sino-US trade uncertainty persists
  • Spot gold trading at $1,475.74/oz. (0044GMT)
  • US gold futures flat at $1,480.20/oz.

Grains

  • Soybeans extend gains, hit over 1-mth high on US-China trade deal
  • Soybean futures up 0.3% at $9.24-1/2 a bushel (0156GMT)
  • Corn futures unchanged at $3.88 a bushel
  • Wheat futures down 0.2% at $5.48-1/2 a bushel

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

  • Ghana district assembly & unit committee elections
  • Nigeria’s Buhari to sign 2020 budget; on his birthday
  • Nigeria inflation Nov-19 [fcst. 11.9% yy, prev. 11.6%]
  • Kenya’s Kenyatta to launch Naivasha dry port

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

  • IMF approves $368 mln loan to Congo to meet ‘urgent’ balance of payment needs
  • Tesla, Apple among firms accused of aiding child labour in Congo
  • Zambia approves cannabis exports to boost economy
  • Libya’s Al-Ghani oilfield production capacity will reach 8,000 bpd – NOC
  • France, Sahel G5 leaders to meet in Pau on Jan. 13 – Elysee
  • US hits South Sudanese officials with sanctions
  • Africa Oil – New Angolan loading programme awaited
  • France’s Total buys stakes in 2 Angola offshore oil blocks
  • Zimbabwe vice president’s wife charged with his attempted murder
  • India says 20 crew kidnapped from tanker off West Africa
  • South Africa to push UAE on failure to ratify extradition treaty
  • Madagascar mining chamber criticises plan to raise minerals taxes
  • Kenya Airways names new acting CEO from Jan. 1
  • Kenyan shilling firm on diaspora remittances

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

 

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