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