macroafricaintel Daily Brief | 26 Jun

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

Global Markets

  • Stocks going nowhere as virus fears hold optimism in check
  • MSCI AxJ grinds 0.5% weekly gain, Nikkei flat
  • Dollar steady as investors see risks balanced

Oil Markets

  • Oil prices crawl up on demand recovery, tempered by virus outbreaks
  • Brent up 0.5% at $41.27 a barrel (0009GMT)
  • WTI up 0.4% at $38.87

Precious metals

  • Gold on track for third weekly gain as virus cases surge
  • Spot gold up 0.1% at $1,763.48/oz. (0042GMT)
  • US gold futures up 0.2% at $1,773.60/oz.


  • Corn firms; set for weekly losses of more than 4% on supply glut, low demand
  • Corn futures down more than 4% for the week
  • Soybeans down nearly 1% for the week
  • Wheat up more than 1% for the week

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

  • Ghana’s ruling NPP declares Nana Akufo-Addo as presidential flagbearer (27 Jun)
  • Kenya senate decides fate of impeached Kirinyaga county governor Waiguru
  • Corporate Council on Africa leaders forum; Kagame, Kenyatta, Nyusi & Akufo-Addo key speakers; 23-26 Jun
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • In China’s ‘Little Africa’, a struggle to get back to business after lockdown
  • Malawi’s opposition appears to win presidential election re-run
  • Congo aims to launch state cobalt monopoly in two months, mines minister
  • Commander in Somalia militant group killed – state media
  • Morocco’s OCP to commission Nigeria, Ghana plants in 2024
  • Ivory Coast to allow international flights from July 1
  • Donors pledge $1.8 bln for Sudan’s troubled transition
  • Egypt’s Eva Pharma begins producing covid-19 drug Remdesivir
  • Egypt central bank keeps benchmark rates on hold
  • Ivory Coast says Burkina Faso national led deadly attack against army
  • At least 10 aid workers kidnapped in southwest Niger
  • South Africa Airways restructuring vote delayed until next month
  • Africa Oil – European gasoline margins boost hope for Nigeria exports
  • South Africa rand recovers after gloomy budget; stocks fall
  • Malawi opposition’s Chakwera leads re-run with 60% – state broadcaster mbc
  • Djibouti sets up sovereign wealth fund, targets $1.5 bln in 10 yrs
  • Nigeria banks to restructure over a third of loans – MPC member
  • Kenya central bank holds key rate at 7.0% for the second time
  • Egypt national carrier to resume flights from July
  • Western donors pledge some $900 mln for Sudan’s transition
  • Ghana bank governor fears ballooning deficit not sustainable
  • Turkey says Libya’s GNA demands Haftar withdraw from Sirte, Jufra
  • Congo announces end of ebola outbreak in east, second deadliest on record
  • Zambia sees 2020 expenditure up $1.1 bln as kwacha falls
  • South Africa retailer Mr Price pulls plug on Nigeria
  • South Africa mines record six covid-19 deaths, 1,796 cases
  • Botswana issues maiden power generation licences to private producers
  • Nigeria’s covid-19 outbreak could impoverish 5 mln people, World Bank says
  • Uganda shilling trades unchanged supported by month-end flows
  • Nigeria’s cenbank aims to boost foreign reserves to support naira
  • Algeria’s Sonatrach, Total extend LNG supply deal – Sonatrach statement
  • Egypt’s Rameda gets requests to export covid-19 drug – CEO
  • Civil society groups tell Congo to reject AJN Resources deal
  • Senegal president self-quarantines after contact with covid-19 case
  • South Africa’s Harmony raises $200 mln in share sale
  • South Africa’s Exxaro Resources expects dip in coal production, sales volumes
  • South Africa’s Mr Price full-year earnings fall, scraps dividend

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

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