macroafricaintel Daily Brief | 6 Jul

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

Global Markets

  • Asia shares climb as China blue chips hit 5-yr peak
  • Asia ex-Japan stocks highest since Feb, led by China
  • Some US states delay reopenings as pandemic rages
  • Major currencies range-bound, gold near highs

Oil Markets

  • Oil prices mixed as coronavirus spike casts shadow over US demand
  • Brent up 0.3% at $42.91 a barrel (0109GMT)
  • WTI down 0.7% at $40.35

Precious metals

  • Gold slips as risk appetite improves, viurs surge caps losses
  • Spot gold down 0.1% at $1,773.49/oz. (0306GMT)
  • US gold futures down 0.4% at $1,782.30/oz.

Grains

  • Soybeans hit 4-mth high on hot, dry US weather threat
  • Soybean futures up 1% at $9.06-1/4 a bushel (0142GMT)
  • Corn up 1.6% at $3.59 a bushel
  • Wheat up 0.8% at $4.95-3/4 a bushel

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

  • Kenya’s Kenyatta speech expected; new covid-19 measures & cabinet reshuffle likely
  • Malawi independence day
  • South Africa state capture inquiry resumes
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today

  • Egypt’s private economic activity ebbs at slower rate in June – PMI
  • Morocco economy to contract 13.8% in Q2, 4.6% in Q3 – planning agency
  • Tunisia Ennahdha party to review stance on govt
  • Uneasy calm in Ethiopia after protests, official death toll doubles
  • Sudan fires top police officials after protests
  • South Africa’s Sasol gives up licence to seek offshore gas in Mozambique
  • Keep SMB’s Congo coltan mine in supply chains, says mineral tracker
  • Congo mines minister to meet with firms on confinement moratorium
  • Egypt sets date for senate election in August; 11-12 Aug
  • Jets hit Libya’s al-Watiya airbase where Turkey may build base, sources say
  • Ghana’s president self-isolates after close person tests positive for coronavirus
  • Malawi’s election cheer dampened by coronavirus surge
  • Ugandan dies after setting fire to himself over motorcycle impounded over covid-19
  • Suicide car bomber hits checkpoint at Somalia’s Mogadishu port
  • Nigeria debt rose to 28.62 trln naira as of March – debt office
  • Cameroon holds first peace talks with main seperatist insurgents
  • Nigeria weakens naira at retail FX auction in a move to align rates
  • Nigeria central bank to sell to retail clients at 5% above official rate – traders
  • Botswana top vet defends investigations into unexplained elephant deaths
  • South Africa’s Tsogo Sun to buy additional shares in Hospitality Property Fund
  • Suspected militant ambush in Mali kills seven soldiers
  • Land Bank default forces South Africa central bank into $200 mln bailout of state investment arm
  • Morocco’s RAM to axe routes, may reduce fleet to secure aid
  • South Africa to investigate scrap metal shortage hurting industry
  • Angola resists OPEC pressure to comply fully with oil cuts – sources
  • South Africa’s Capitec Bank expects 70% plunge in H1 profit due to bad loans
  • South Africa’s Old Mutual makes acting CEO permanent, a year after sacking predecessor
  • Zimbabwe’s Landela agrees to buy state-owned gold mines, seeks more assets
  • Djibouti ramps up efforts to get seafarers stranded by coronavirus off ships
  • Angola app gives performers a lifeline – streaming to paying public
  • ‘Black Lives Matter’ movement stirs Ghana artist in covid limbo
  • Italy prosecutor says Eni, Shell aware of bribes in Nigeria case
  • Russia to reopen embassy in Libya – Ifax cites foreign minister
  • Kenya shilling weakens due to manufacturing sector demand
  • Ghana minister resigns after breaching coronavirus measures
  • Vedanta’s Zambia copper unit warns part of Nchanga open-pit mine about to collapse
  • South Africa’s National Treasury says “no further action” to bailout SAA airline
  • Kenya private sector activity up in June, outlook gloomy – PMI
  • Deterioration in South Africa factory activity slows in June as lockdown eases – PMI

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

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