macroafricaintel Daily Brief | 6 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Gold, oil jump in Asia as US & Iran trade threats
  • Nikkei skids as Japan returns from holiday
  • Oil supply jump on fears of supply disruptions; Brent > $70
  • Safe-haven yen, bonds & gold all in demand

Oil Markets

  • Oil extends gains on rising Mideast tensions
  • Brent up 2.4% at $70.27 a barrel (0222GMT)
  • WTI up 2.1% at $64.39

Precious metals

  • Gold jumps to near 7-yr high as Mideast tensions spur safe-haven appetite
  • Spot gold up 1.4% at $1,573.14/oz. (0124GMT)
  • US gold futures up 1.6% at $1,577.80/oz.

Grains

  • Soybeans inch higher on bargain hunting; US export pace caps gains
  • Soybean futures up 0.1% at $9.42-1/4 a bushel (0222GMT)
  • Corn futures up 0.1% at $3.87 a bushel
  • Wheat futures down 0.2% at $5.53-1/2 a bushel

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

  • South Africa’s ruling ANC pre-Jan.8 statement media briefing
  • Liberia anti-government protests
  • Nigeria Stanbic IBTC PMI Dec-19 [prev. 57.7]
  • South Africa Standard Bank PMI Dec-19 [prev. 48.6]
  • South Africa ABSA manufacturing PMI Dec-19 [prev. 47.7]
  • Ghana’s Constitution Day tomorrow; public holiday (7 Jan)

Key African events or data releases over the weekend & early a.m today

  • 3 Americans killed in militant attack on base in Kenya
  • Nigerian police on heightened alert after US killing of Iranian commander
  • Turkish military units moving to Libya, Erdogan says
  • South Africa’s Eskom to end power cuts late on Sunday
  • Angola & Congo tell dos Santos to cooperate with justice after asset freeze
  • Turkey, Libya may contract international firms to search for hydrocarbons in eastern Med
  • Egypt’s net foreign reserves rise to $45.42 bln in December – c.bank
  • At least 30 killed in Libya military academy attack
  • Saudi Arabia condemns Turkish escalation in Libya – statement
  • South Africa’s Eskom resumes power cuts after Medupi fault
  • 14 killed in bomb attack on bus convoy in Burkina Faso
  • Kenya says starts spraying of locusts seen as threat to food security
  • Egypt reopens 2 Mediterranean ports which were shut due to bad weather
  • Egypt arrests tax authority chief on charges of receiving bribes
  • Flights suspended in Libya’s capital as violence intensifies
  • Violence in Sudan’s West Darfur left 65 dead, peacekeepers say
  • Africa Oil – Scarce buyer interest as Angolan cargoes linger
  • Losing Guinea-Bissau presidential candidate contests results in court
  • Somali govt detains record number of journalists
  • Egypt appeals against escalation in Iraq following US strike – statement
  • Ugandan shilling weakens as banks exert demand
  • Flights suspended in Libya’s capital due to rocket fire – official
  • South Africa’s rand slips to 2-wk low as Middle East tensions sour risk demand

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

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