macroafricaintel Daily Brief | 7 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia stocks bounce, oil slips as Iran anxiety ebbs
  • Nikkei rallies 1.3% as Mideast risks reconsidered
  • Oil retreats on doubts Iran would disrupt supplies
  • Safe havens pull back with yen and gold easing

Oil Markets

  • Oil dips as markets await Iran response to US killing of military commander
  • Iran more likely to focus on US military targets – Eurasia
  • Dec OPEC output falls by 50,000 bpd – survey
  • US crude stocks likely to drop 4th week in a row – poll
  • Brent down 44 cents at $68.47 a barrel (0200GMT)
  • WTI down 41 cents at $62.86

Precious metals

  • Gold slips from near 7-yr high as US-Iran tensions ease
  • Spot gold down 0.2% at $1,562.81/oz. (0107GMT)
  • US gold futures down 0.2% at $1,566/oz.

Grains

  • Soybeans gain for 2nd day on hopes of higher Chinese demand
  • Soybean futures up 0.2% at $9.46-1/4 a bushel (0138GMT)
  • Corn futures little changed at $3.85 a bushel
  • Wheat futures little changed at $5.50-1/4 a bushel

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

  • Ghana’s Constitution Day; public holiday
  • Kenya’s controversial lawyer Miguna expected back in Nairobi; after court orders govt to allow his entry
  • South Africa’s 2019 national senior certificate (“matric”) results to be announced

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

  • Ivory Coast president plans constitutional revision before election
  • Russia’s VTB sues Mozambique state firm at centre of $2 bln debt scandal
  • 30 killed in northeast Nigeria bombl blast on crowded bridge
  • Kenya arrests 3 men for trying to breach British army camp
  • UN Libya envoy blames deadly military academy strike on Haftar ally
  • Libyan commander Haftar’s forces say they have taken Sirte
  • US bolsters Kenya base security after Americans killed in attack
  • UN special representative for Libya to other countries: ‘Keep out’
  • Somalian parliament approves new petroleum law – minister
  • Zimbabe vice president’s wife freed on bail after attempted murder charge
  • Africa Oil – Angolan cargoes linger as demand remains slack
  • South Africa’s rand edges up after slump on Iran-US tensions
  • Tanzania’s gold export earnings up 42% in year to November – central bank
  • Egypt shuts 2 Mediterranean ports because of bad weather
  • OPEC December oil output slips as Nigeria, Iraq comply more
  • Ugandan shilling weakens due to increased dollar demand from banks
  • Egypt sells $865 mln in 1-yr t-bills at average yield of 3.54%
  • Uganda police disperse Bobi Wine supporters with tear gas
  • South Africa power shake-up looms as ailing Eskom welcomes new CEO
  • Ghana’s 2019/20 cocoa arrivals reach 456,000 T by Dec. 19 – Cocobod
  • Ivory Coast 2019/20 cocoa arrivals 1,153,000 T by Jan. 5 – exporters’ estimates
  • Kenya plans to refinance or exchange commercial debt with cheaper options
  • Years of drought threaten South Africa’s wildlife industry
  • Zimbabwe’s CBZ bank issues bonds under scheme to raise funds for maize, soy farming
  • Ailing Eskom’s new CEO takes helm with power shake-up on agenda
  • Kenyan shilling holds steady against the dollar
  • Kenya police arrest 3 for trying to breach British army camp
  • Kenya private sector activity up slightly in December – PMI
  • South Africa’s Absa appoints former central bank deputy governor as CEO
  • South African private sector shrinks for 8th straight month in Dec – PMI
  • South Africa’s rand weakens as power cuts resume, Mideast tensions escalate
  • Contraction in Egypt’s non-oil private sector activity slows slightly – PMI

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

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