macroafricaintel Daily Brief | 10 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets
• World stocks hit record high as techs lead relief rally
• MSCI ACWI hits record high; Apple leads tech shares
• Relief over US-iran tensions support sentiment
• Gold, safe-haven currencies, oil all weaker

Oil Markets
• Oil prices fall further as threat of Middle East war recedes
• Brent down 0.2% at $65.23 a barrel (0119GMT); down over 4% last 2 days
• WTI down 0.2% at $59.42

Precious metals
• Gold inches down as easing US-Iran tensions whet risk appetite
• Spot gold down 0.1% at $1,551.02/oz. (0045GMT)
• US gold futures down 0.2% at $1,551.40/oz.

Grains
• Soybeans edge higher as US-Iran anxiety ebbs, set for 0.5% weekly rise
• Soybean futures up 0.2% at $9.45 a bushel
• Corn futures down over 0.5% for the week
• Wheat futures up more than 1% for the week

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]
• Kenya’s Building Bridges Initiative (BBI) forum in Kisii county
• South Africa’s Eskom implements stage 1 loadshedding
• Kenya’s stranded opposition figure Miguna court case
• Egypt & Sudan to start 50MW joint electricity grid (12 Jan)
• South Africa’s ruling ANC 108th anniversary events in Northern Cape;
Jan. 8th statement by Ramaphosa on 11 Jan.

Key African events or data releases yesterday & early a.m today
• East Libya forces to press campaign against Tripoli rivals despite
ceasefire call
• Sudan’s PM visits rebel stronghold in Kordofan on peace mission
• Morocco using laws to silence dissent – rights groups
• W.Africa Oil – Angolan cargoes dwindle as diffs stay steady
• Egypt, Ethiopia, Sudan deadlocked over giant Nile dam, look to
Washington talks
• Italian foreign policy flounders amidst Libyan blunders
• Egyptair to resume flights to Baghdad on Saturday
• Power cuts, weak data hold back South African rand
• Egypt’s annual headline inflation rises to 7.1% in December
• Egypt’s core inflation accelerates to 2.4% in December – c.bank
• South African power cuts to drag on into Friday
• Extreme weather leaves Congo capital residents underwater
• South African military plane crash lands in Congo, no sign of major damage
• Sudan opens up gold market in bid to raise revenue
• Ethiopia passes gun control law to tackle surge in violence
• 20 wounded in northern Mali rocket attack on UN base
• South Africa’s manufacturing down 3.6% y/y in November
• Congo’s Jan-Nov copper output up 16%, cobalt production falls 18%
• South African business confidence index edges up in December
• Kenyan shilling holds steady against importer demand
• Kenya’s KCB Group injects 5 bln shillings into NBK after acquisition
• Militant attack in Nigerian town kills 20 soldiers, displaces 1,000 residents

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

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