macroafricaintel Daily Brief | 9 Jul

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

Global Markets

  • Asian stocks grind higher as focus turns to earnings
  • Investors hope for positive outlook from US firms on earnings
  • China rally extends, CSI300 hits 5-yr high while yuan gains
  • Gold steady above $1,800/oz.

Oil Markets

  • Oil prices idle as coronavirus spike fears offset signs of gasoline recovery
  • Brent up 3 cents at $43.32 a barrel (0035GMT)
  • WTI unchanged at $40.90

Precious metals

  • Gold holds above $1,800 level as virus casts long shadow
  • Spot gold little changed at $1,808.44/oz. (0243GMT)
  • US gold futures flat at $1,819.80/oz.


  • Wheat hits 1-mth peak on supply concerns as production outlook dips
  • Wheat futures up 0.5% at $5.19 a bushel
  • Soybeans up 0.1% at $8.99 a bushel
  • Corn up 0.1% at $3.54-1/4 a bushel

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

  • Kenya & US negotiate bilateral trade deal (from 8 July)
  • Nigeria govt clarification on reported detention of anti-graft chief expected
  • South Africa releases manufacturing production data
  • 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

  • Nigeria’s confirmed coronavirus cases pass 30,000 – NCDC
  • Ghana activists sue govt to save forest from mine
  • Ivory Coast premier and would-be president Gon Coulibaly dies at 61
  • Tunisia budget deficit in 2020 will be more than 5 pct of GDP
  • Total secures $15.8 bln in funding for Mozambique gas project – FNB
  • Egypt keeps domestic fuel prices unchanged – statement
  • UN chief says foreign meddling in Libya conflict at ‘unprecedented levels’
  • Malawi appoints Wilson Banda as new central bank governor
  • Seven killed in oil platform ladder installation blast in southern Nigeria – NNPC
  • Nigeria naira resumes official market trading as FX rates unify
  • US, Kenya formally launch trade deal talks
  • IMF must fine-tune lending instruments for poorest states – Georgieva
  • Eni CEO commits to Libya after meeting with al-Sarraj
  • Coronavirus tipping sovereign rating balance into junk – Fitch
  • Nigeria naira resumes trading at 381 per dollar on official market
  • France calls for release of Mali opposition leader Cisse
  • South Africa’s Steinhoff agrees to sell stake in Conforama France to Mobilux
  • South Africa Airways to offer training for up to 1,000 staff
  • Russia working on intermediate Libya ceasefire with Turkey – Ifax
  • With schools closed, child labour on the rise in lockdown Uganda
  • Namibia to ground national carrier’s license over cash hole
  • Kenya shilling under pressure agains dollar
  • Somalia – Two policemen killed in roadside blast in Mogadishu – witness
  • In Africa, lack of coronavirus data raises fears of “silent epidemic”
  • Kenya sports minister Mohamed to bid for top WTO job
  • Dozen of bodies found in Burkina Faso, and rights group suspects extrajudicial killings

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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.