macroafricaintel Daily Brief | 16 Jul

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

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