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