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

Global Markets

• Asian shares fall despite China GDP beat as Sino-US tensions, virus fears weigh
• Bullish China GDP fails to inspire equities
• Geopolitical risk hampers markets
• Oil down as OPEC curbs output cuts
• Brent down 0.5% at $43.57
• Spot gold 0.1% lower at $1,808.97/oz.

Oil Markets

• Oil prices slip after OPEC, allies agree to loosen oil supply curbs
• OPEC+ grouping set to ease output cuts to 7.7 mln bpd from Aug
• US crude inventories fall 7.5 mln bbls last week – EIA
• Prices expected at about $40/bbl in coming months – IEA’s Birol
• Brent down 0.3% at $43.66 a barrel (0015GMT)
• US gold futures down 0.4% at $41.02

Precious metals

• Gold holds steady as virus concerns counter positive China data
• Spot gold 0.1% lower at $1,808.97/oz. (0341GMT)
• US gold futures mostly unchanged at $1,814.20/oz.

Grains

• Wheat eases from near 3-mth high, talk of Chinese demand caps losses
• Wheat futures down 0.1% at $5.50 a bushel
• Soybeans up 0.2% at $8.84-3/4 a bushel
• Corn up 0.6% at $3.28-1/4 a bushel

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

• Ethiopia GERD filling in focus amid tensions with Egypt; eyes on AU
• Nigeria’s Buhari launches artisanal gold mining initiative
• AfDB et al. hosts forum on covid impact on Africa’s education
• South Africa power load-shedding continues
• Kenya domestic flights resume (from 15 Jul)
• South Africa producer inflation May-20 [fcst. 1.0% yy, prev. 1.2%]
• Nigeria inflation Jun-20 [fcst. 12.7% yy, prev. 12.4%]
• South Africa state capture inquiry continues
• 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

• A crack in Egypt’s Shuqair-Mostorod pipeline caused major fire – prosecutor
• South Africa covid-19 cases surpass 300,000, say health ministry
• Tunisia PM resigns triggering political crisis
• Ethiopia dam reservoir filling as talks with Egypt, Sudan stall
• OPEC+ eases record oil cuts as economy recovers from pandemic
• Egypt seeks clarification on word of Ethiopia filling dam
• In message to US, Nigerian candidate says time to fix WTO not quit
• Sudan says Nile water levels fall after Ethiopia starts giant dam
• Covid-19 kills 4 Kenya health workers, infections at maternity hospital rise
• Founder of Nigeria’s Gokada found dismembered in New York apartment – media
• Namibia allows timber exports to resume under strict conditions
• Ethiopia has started filling Grand Renaissance dam on Blue Nile – water minister
• In African villages, coronavirus sparks fears of a spike in malaria deaths
• South Africa’s Eskom cannot say how long latest power cuts will last
• South Africa failure to lowe debt could trigger downgrade – Fitch
• South Africa e-commerce is a covid-fired market of risk and reward
• Congo gives mines month to end covid restrictions

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