By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Asian shares pare gains as US-China tensions intensify
- MSCI Asia-Pacific ex-Japan shares up
- Chinese shares deep in the red, Hang Seng down 0.6%
- Japan & Australia shares upbeat
- Spot gold up to $1,809/oz.
- Oil up after sharp drop in US inventories
- Brent at $43.14, WTI at $40.50
Oil Markets
- Oil climbs after sharp drop in US crude stocks; OPEC committee meeting in focus
- US crude inventories fall by 8.3 mln bbls last week – API
- Brent up 0.4% at $43.09 a barrel (0343GMT)
- WTI up 0.4% at $40.46
Precious metals
- Gold steadies above $1,800 as virus fears, US-China tensions rise
- Spot gold up 0.1% at $1,808.61/oz. (0240GMT)
- US gold futures down 0.1% at $1,811.40/oz.
Grains
- Soybeans extend gains on worries over US crop condition
- Soybean futures up 0.3% at $8.80-1/2 a bushel (0235GMT)
- Corn up 0.1% at $3.34-1/2 a bushel
- Wheat up 0.4% at $5.29 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- South Africa inflation May-20 [fcst. 2.8% yy, prev. 3.0%]
- Nigeria inflation Jun-20 [fcst. 12.7% yy, prev. 12.4%]
- OPEC JMMC meets to decide future of output cuts; 14-15 Jul
- UNECA’s Songwe et al. discuss SDGs progress at HLPF special event
- World Bank hosts e-seminar on channelling capital flows to developing countries
- 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 yesterday & early a.m today
- Tunisia moderate Islamist party Ennahda to withdraw confidence from govt
- Egypt oil pipeline fire injures 17
- Eastern-based Libya parliament asks Egypt to intervene in war
- Zimbabwe ruling party seeks de-listing of Old Mutual unit
- Erdogan, Trump agree to work more closely in Libya to ensure stability – Turkish presidency
- Botswana central bank seeks law to preserve shrinking sovereign wealth fund
- Morocco ‘revenge porn’ victims smash taboos by speaking out
- Egypt, Sudan, Ethiopia deadlocked on Nile dam in new talks
- Tunisia sentences woman to six months for Koranic Facebook joke
- South Africa Airways creditors approve rescue plan
- South Africa’s TFG to raise 3.95 bln rand to cut debt
- Nigeria’s NNPC fired 850 workers, many from refineries, oil union says
- OPEC says global oil demand set for record rise in 2021
- Malian accused of Timbuktu war crimes refuses to enter plea
- Congo gives mines month to release confined workers
- Zimbabwe inflation at 737.26% y/y in June – Zimstat
- Crisis-hit Moroccans join ‘informal economy’ as job market shrinks
- Police detain two Algerians in anti-terrorism operation in Barcelona
- Turkey’s Karpowership signs 5-yr power deal with Sierra Leone
- Eastern-based Libya parliament asks Egypt to intervene in war
- Nigeria virus hunters in race against covid-19 in Africa’s giant
- Sudan declares emergency in North Darfur state after violence
N.B. Full stories of above headlines are available on Reuters
