macroafricaintel Daily Brief | 8 Jul

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

Global Markets

  • Asian shares waver with coronavirus, corporate earnings in focus
  • MSCI ex-Japan eases with 4-1/2 month hit on Tuesday
  • Oil prices slip on oversupply fears
  • Gold near 8-1/2 year high on safe haven demand
  • Citi ‘overweight’ on US & EM equities

Oil Markets

  • Oil dips as US inventory build stokes supply fears
  • Brent down 0.3% at $42.95 a barrel (0019GMT)
  • WTI down 0.3% at $40.52

Precious metals

  • Gold steady near highest since November 2011 on flight to safety
  • Spot gold steady at $1,793.56/oz. (0031GMT)
  • US gold futures down 0.2% at $1,806.30/oz.


  • Soybeans fall to 6-day low as weather concerns recede
  • Soybean futures down 0.2% at $8.97-3/4 a bushel
  • Corn down 0.5% at $3.50-3/4 a bushel
  • Wheat up 0.1% at $4.95-3/4 a bushel

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

  • Electoral Commission of Ghana briefs press on ongoing voter registration
  • Financial Times Africa debt digital dialogue; Kaberuka, Daly et al. speakers
  • Nigeria resumes domestic flights
  • 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

  • Algeria prepares new plan to revive economy, reduce independence on oil
  • Zimbabwe health minister, accused of corruption, sacked – statement
  • Egypt women flood instagram with ‘MeToo’ stories as suspect arrested
  • Nigeria naira eases sharply on official market after pressure to unify FX rate
  • Glencore copper mine in Congo says six workers have coronavirus
  • Implement substantive reforms, Paris Club creditors tell Zimbabwe
  • Libya’s NOC says oil blockage to halve oil output in coming years
  • Nigeria naira eases 5.5% on official market backed by central bank – traders
  • Parts of South Africa’s Edcon set for sale to Durban-based retailer
  • Africa to rebound from pandemic slump in 2021 but damage done – AfDB
  • South Africa rand slides as coronavirus infection rise dims outlook
  • African economies could shrink 3.4% this year, rebound in 2021 – AfDB
  • Kenya police fire teargas, arrest marchers protesting at brutality
  • Ivory Coast’s 2020 growth seen sliding to 0.8% due to pandemic
  • Egypt charges student with sex crimes in case that stoked debate
  • No quotes on Nigeria’s official FX market for second session
  • South Sudan central bank cuts benchmark interest rate to 10%
  • Congo health workers reduce coronavirus services in pay protest
  • South Africa faces battle to rein in spending – Fitch
  • South Africa has bad record on keeping budget promises – Fitch
  • Uganda shilling little changed as sluggish consumer spending cuts demand
  • Sierra Leone doctors threaten to expand strike amid covid-19 crisis
  • Africa’s top publisher to close South Africa publications, cut jobs
  • Free ambulance helps save mothers and babies in Kenya lockdown
  • Egypt, France, Germany, Jordan warn Israel on annexation
  • Senegal slave island, moved by George Floyd’s death, renames Europe square
  • Egypt foreign reserves recover slightly to $38.2 bln
  • Cameroon activist campaigns against colonial monuments
  • South Africa’s Massmart says 1,800 Game jobs at risk
  • Kenya shilling steady on muted demand
  • Kenya central bank to hold its rate-setting meeting on July 29
  • South Africa consumer confidence crashes to 35-yr low in second quarter – survey
  • South Africa’s Omnia swings to annual profit as turnaround bears fruit
  • South Africa central bank reduces bond purchases to 5 bln rand in June
  • South Africa net foreign reserves rose to $45.7 bln in June
  • With drones and masks, African innovators keep covid-hit economies afloat

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

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