macroafricaintel Daily Brief | 7 Jul

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

Global Markets

  • Asian shares hit speed bump, China extends sharp rally
  • Asian shares step back after hitting 4 1/2 –mth high
  • China extends rally as investors count on policy support
  • Yuan hit highest levels in almost 4 months

Oil Markets

  • Oil prices inch higher on output cut support, but US coronavirus spike caps gains
  • Brent up 0.2% at $43.17 a barrel (0103GMT)
  • WTI up 0.3% at $40.76

Precious metals

  • Gold steadies near 8-yr high as virus cases surge
  • Spot gold almost unchanged at $1,783.67/oz. (0303GMT)
  • US gold futures flat at $1,793.50/oz.


  • Soybeans firm, USDA crop report caps gains
  • Soybean futures up 0.2% at $9.08-1/4 a bushel
  • Corn up 0.1% at $3.47 a bushel
  • Wheat down 0.2% at $4.92-1/4 a bushel

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

  • Kenya begins phased reopening of economy
  • Fitch SSA webinar; Nigeria & South Africa in focus
  • CSIS Africa online debate; Ezekwesili, Ofori-Atta speakers
  • Nigeria junior labour minister reappears before Senate committee for questioning over public works programme
  • Trilateral Ethiopia GERD talks resume (from 6 July)
  • Nigeria MPs investigate $30 bln worth revenue leakages; banks in focus
  • South Africa Airways administrators unveil revised restructuring plan
  • South Africa FX reserves Jun-20 [prev. $52.77B]
  • South Africa consumer confidence Q2-20 [prev. -9]
  • 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

  • Egypt reports first drop below 1,000 new covid-19 cases since May 27
  • Egypt military production minister dies
  • Morocco 2020 bugdet review sees fiscal deficit at 7.5%, growth at -5%
  • Congo dispatches former warlords to try to resolve ethnic conflict
  • Kibali’s $500 mln will be clear to leave Congo ‘very soon’ – Barrick CEO
  • Kenya orders probe into rise in violence against women and girls during pandemic
  • Kenya protesters set fire to police station after killing
  • Ghana presidential candidate selects first female running mate for major party
  • UN says attacks by militia in Congo may be war crimes
  • South Africa rand up as risk appetite revives, stocks rise
  • No quotes on Nigeria’s official FX market after currency weakend at auction
  • Malawi’s Chakwera pledges graft clampdown in subdued inauguration amid virus
  • Nurses in Zimbabwe arrested as they protest over pay
  • Kenya uses app in battle against desert locusts
  • Kenya announced phased reopening from coronavirus lockdown
  • Nigeria levied $338 mln from banks before weakening retail FX rate
  • Tunisia inflation slows to 5.8 pct
  • Kenya Airways to lay off staff, reduce network and assets – CEO
  • Egypt private economic activity ebbs at slower rate in June – PMI

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

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