macroafricaintel Daily Brief | 16 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • World stocks pause at record peak as markets assess US-China deal
  • MSC ACWI, S&P 500 at record high after Phase 1 deal inked
  • Chinese shares little moved
  • Bond yields dip on low inflation data

Oil Markets

  • Oil gains after US-China trade deal, rise in inventories
  • Brent up 0.7% at $64.45 a barrel (0310GMT)
  • WTI up 0.7% at $58.20

Precious metals

  • Gold steady as uncertainties linger after US-China trade deal
  • Spot gold up 0.1% at $1,556.69/oz. (0140GMT)
  • US gold futures up 0.2% at $1,556.40/oz.

Grains

  • US soybeans fall to near 1-mth low on doubts about Chinese purchase
  • Soybean futures down 0.1% at $9.27-3/4 a bushel (0138GMT)
  • Corn futures down 0.2% at $3.86-3/4 a bushel
  • Wheat futures down 0.4% at $5.71-1/4 a bushel

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

  • South Africa central bank decides interest rates [fcst. 6.5%, prev. 6.5%]
  • Team South Africa pre-World Economic Forum breakfast meeting in Johannesburg
  • South Africa mining production Nov-19 [fcst. 0.2% yy, prev. -2.9%]
  • South Africa state capture inquiry continues

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

  • Erdogan, Trump discuss Libya developments in phone call
  • Firm linked to Nigerian oil firm Lekoil welcomes loan scam probe
  • Egypt, Ethiopia, Sudan to finalize Blue Nile dam agreement this month
  • South African Airways flights at risk without $139 mln from govt – union
  • Turkey summons Egypt diplomat after raid on Anadolu agency in Cairo
  • Amid fears US will pull troops from Africa, French minister heads to Washington
  • South Africa’s Telkom could cut 3,000 jobs – letter to unions
  • Macron says wants “useful” meeting on Libya, unsure on attendance
  • Mali’s gold production rises 7% in 2019 to record high
  • Too early to say Libya ceasefire has collapsed – Turkish defence minister
  • Africa Oil – Sonangol sells out, Nigerian glut mounts
  • Egypt forms a new team to investigate the death of Italian student
  • Egypt could resell Israeli gas to Europe within months – Israeli minister
  • Makgoba appointed interim chair at South Africa’s Eskom
  • Egypt issues new mining law regulations – cabinet
  • South Africa’s rand firms on better-than-expected retail sales data
  • Italian appeals court acquits Saipem, Eni in Algerian graft case
  • Morocco begins talks to curb trade deficit with Turkey
  • South Africa’s Eskom takes energy regulator to court over tariffs
  • Ethiopian Airlines to start building new $5 bln airport this year – CEO
  • Sudan reopens airspace after revolt quelled
  • Ethio Telecom posts 32% rise in H1 revenue
  • Egypt orders retrial of monks sentenced to death for bishop’s murder
  • Ethiopia sets tentative August date for elections
  • Germany sets out broad aims for Berlin Libya conference
  • Scientists hope to revive near-extinct northern white rhino in Kenya
  • EasyJet to restart UK flights to Egypt’s Sharm el-Sheikh resort
  • Uganda shilling weakens on importer demand
  • Kenya to ditch wide fiscal deficits – finmin
  • South Africa’s retail sales up 2.6% y/y in November
  • Mozambique leader Nyusi sworn in despite opposition boycott
  • Trafficking risk high for hundred of migrants sent back to Libya
  • Congo opens Chinese-owned Deziwa copper and cobalt mine
  • South African nuclear firm Necsa’s board members resign
  • Ghana sells 280,000 T of 2020/21 cocoa export contracts with LID by Jan. 7
  • Ivory Coast sells around 720,000 T of 2020/21 cocoa export contracts with LID by Jan.3 – CCC
  • Ivory Coast 2019/20 Q1 cocoa grind up 4.4% by end Dec.
  • Kenya shilling trading in tight range against the dollar
  • Kenya’s Treasury cuts 2019 growth estimate to 5.6%

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

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