macroafricaintel Daily Brief | 5 Feb

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

Global Markets

  • Asian shares up as China stocks edge higher but caution prevails
  • Financial markets trying to shake off virus woes
  • Equities draw investors on hopes for more China stimulus
  • Oil markets worried about demand disruptions

Oil Markets

  • Oil prices climb as OPEC, allies weigh output cuts to cushion coronavirus impact
  • OPEC+ panel met to consider steps, hear from China UN envoy
  • Oil flips into contango, indicating months of surplus
  • Brent up 0.8% at $54.40 a barrel (0127GMT)
  • WTI up 0.9% at $50.03

Precious metals

  • Gold prices edge higher on virus worries
  • Spot gold up 0.2% at $1,555.41/oz. (0050GMT)
  • US gold futures up 0.2% at $1,558.40/oz.

Grains

  • Soybeans rise for third straight day; lower demand worries cap gains
  • Soybean futures up 0.4% at $8.82-3/4 a bushel (0154GMT)
  • Corn futures down 0.2% at $3.81-1/2 a bushel
  • Wheat futures up 0.4% at $5.59-1/4 a bushel

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

  • Nigeria’s police chief meets federal legislature over insecurity concerns
  • South Africa petrol prices fall by 13 cents
  • South Africa’s Mabuza in South Sudan for peace initiative
  • Namibia supreme court rules on use of electronic voting machines
  • South Africa’s Public Protector vs Ramaphosa court case in Pretoria continues
  • South Africa Standard Bank PMI Jan-20 [prev. 47.6]
  • Nigeria Stanbic IBTC Bank PMI Jan-20 [prev. 56.8]
  • OPEC+ technical committee meets over coronavirus in Vienna; 4-5 Feb
  • Investing in African mining indaba in Cape Town; 3-6 Feb
  • Kenya’s Kenyatta heads to Washington DC for trade talks
  • UN-brokered Libya military talks in Geneva

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

  • IMF lowers Uganda growth projection, cites oil investment delays
  • Nigeria working to have US travel ban lifted – foreign minister
  • Sudan’s sovereign council head confirms meeting Israeli PM in Uganda
  • UN Secretary General says Libya situation a ‘scandal’
  • Wife of Lesotho prime minister charged with murder of his previous spouse
  • Africa Oil – Spot trade stalls as Chinese demand fizzles
  • Algeria pardons thousands of prisoners
  • South Africa’s rand firms as risk appetite picks up
  • Botswana to accelerate $4 bln coal-to-liquid refinery project – minister
  • Nigeria eyes increased trade and tourism with new visa policy
  • Moi, Kenyan strongman who presided over rampant graft, dies
  • US, Jersey sign $300 mln Abacha loot repatriation deal with Nigeria
  • Moi’ Kenyan torture victims mourn a reckoning that never came
  • Vodacom to launch 5G services in South Africa in 2020
  • Egypt’s CIB proposes raising $951 mln for new expansion
  • Sudan casts doubt on early normalisation of ties with Israel
  • Turkey’s Karpowership looks to plug South African power gap
  • South African retailer Edcon to sell 167 CNA stores
  • Security problems hit Burkina Faso’s 2019 gold production – minister
  • Uganda shilling holds steady due to lower demand for dollars
  • Congo’s 2019 copper output up 17%, cobalt production falls 20%
  • South Africa court issues arrest warrant for ex-president Zuma, stayed until May 6
  • Families in Africa fear impact of US immigration ban
  • Angola’s Endiama expects diamond output to top 10 mln carats in 2020
  • UN Libya envoy says military factions ready to negotiate in Geneva
  • AngloGold Ashanti to update on South Africa asset sale this month
  • Kenya shilling holds steady against the dollar
  • Egypt to sell a 45% stake of Banque du Caire in the first half of 2020
  • Egypt’s non-oil private sector shrinks faster in Jan – PMI

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

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