macroafricaintel Daily Brief | 15 Jul

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.


  • 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

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