macroafricaintel Daily Brief | 31 Jan

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asia shares fight for footing after turbulent week
  • Nikkei bounces 1.3%, still down for week
  • China Jan PMI at 50 as expected, services stronger
  • WHO confident China steps will contain virus
  • Amazon surges 11% as sales beat expectations

Oil Markets

  • Oil jumps as WHO declares emergency but recommends no travel, trade restrictions
  • Brent up 90 cents at $59.19 a barrel (0243GMT)
  • WTI up $1.03 at $53.17

Precious metals

  • Spot gold only a shade firmer for the week at $1,572.11/oz.
  • Failed to get much of a safe-haven bid [on China virus fears]
  • Spot gold up 0.5% at $1,583.93/oz. (1902GMT; 30 Jan)
  • US gold futures settles 0.8% higher at $1,583.50/oz. (30 Jan)


  • Soybeans rise for first time in 9 sessions, set to close week 2% lower
  • Soybeans remain under pressure as coronavirus fears mount
  • Corn firms, set to finish week down more than 1.5%
  • Wheat heads for first weekly decline in a month
  • Soybean futures up 0.6% at $8.81-1/2 a bushel (0322GMT)
  • Wheat futures little changed at $5.60-1/4 a bushel
  • Corn futures up 0.3% at $3.80-3/4 a bushel

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

  • Bank of Ghana MPC decision & press briefing [fcst. 15.0%, prev. 16.0%]
  • US review of preferential trade agreement with South Africa et al.
  • Swearing-in of new Kenya’s Kiambu county governor Nyoro
  • Kenya inflation Jan-20 [fcst. 6.1% yy, prev. 5.8%]
  • Uganda inflation Jan-20 [fcst. 3.8% yy, prev. 3.6%]
  • Nigeria FX reserves Jan-20 [prev. $38.68B]
  • Nigeria manufacturing PMI Jan-20 [prev. 60.8]
  • South Africa trade balance Dec-19 [prev. ZAR6.1B]
  • Brexit day; crucial Trump impeachment trial vote also

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

  • Taiwan’s CPC buys African, US crude for April – sources
  • Joint venture between Libya’s National Oil Corp and Italy’s Eni losing 155,000 bpd of oil due to blockade – NOC
  • Trump’s Mideast plan is ‘injustice of the century’, US-allied Tunisian president says
  • Morocco’s RAM airline suspends flights to China amid coronavirus – state news agency
  • US will not completely withdraw forces from Africa – Pentagon chief
  • Malawi central bank keeps benchmark rate flat, raises GDP forecast
  • Cheap as bread, girls sell sex to survive crisis in Africa
  • Ethiopia passes new investment law in bid to reform economy
  • Senegal turns to eco-farming to protect food supply as climate change
  • Liberia running low on gasoline after reserves go missing
  • Ethiopian airlines denies suspending flights to China amid coronavirus
  • EU wheat off 3-week low as sale to Egypt lends some support
  • Africa Oil – Middle distillate margins weigh amid coronavirus jitters
  • UN shuts refugee centre in Libya’s capital as truce crumbles
  • Burundi court jails four journalists for harming state security
  • Tanzania says may switch off 15 mln SIM cards in biometric registration
  • South Africa’s rand falls, stocks lifted by Massmart bounce
  • African economic growth to accelerate to around 4% over next 2 years – AfDB
  • IMF says South Africa’s economic growth weakened by bailouts
  • Egypt’s M2 money supply up 13.28% y/y in December –
  • Egyptair to suspend mainland China flights over coronavirus
  • Algeria captures man planning suicide attack – defence ministry
  • Egypt preparing special flight to evacuate citizens from China’s Wuhan
  • Algerian protests blunted without a shot fired in anger
  • Nigeria court issues warrant for former oil minister in OPL 245 case
  • South Africa’s resumes power blackouts as emergency capacity dwindles
  • MTN South Africa bets on mobile money relaunch to reach millions without bank accounts
  • South Africa’s Wescoal to break ground at new coal mine in February – CEO
  • Gulf bourses mixed; Telecom Egypt continues rally
  • South Africa’s struggling carrier SAA to cut flights to ease cash flow
  • College burnt in militant attack in northern Mozambique
  • Telecoms firm MTN to invest $1.6 bln in Nigeria – statement
  • Nigeria tells travellers to avoid China because of virus
  • MTN Uganda says forcing foreign telcos to list locally may not boost Ugandan ownership
  • Vodafone stake sale needs Egyptian regulatory approval
  • Tech heaven: Drone academy students help map out Africa’s future
  • Kenyan logistics platform Sendy raises $20 mln for expansion
  • Telecom Egypt’s shares open up 10% following Saudi Telecom bid for Vodafone Egypt
  • Kenya shilling strengthens against the dollar
  • South Africa’s Massmart forecasts annual loss, to reorganise business
  • South Africa’s rand weakens as China virus knocks risk appetite
  • South Africa’s credit growth in Dec slows to 6.14% y/y

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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.