macroafricaintel Daily Brief | 20 Jul

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

Global Markets

  • Asian shares stumble ahead of EU summit, US stimulus talks
  • Concerns over rising coronavirus cases globally
  • Eyes on fiscal support package talks in EU, US
  • MSCI Asia-Pacific ex-Japan shares down 0.2%
  • S&P 500 E-mini futures down 0.4%
  • Australia, South Korean & HK shares down as well
  • Brent down 25 cents at $42.89, WTI down 24 cents at $40.35
  • Spot gold down 0.1% at $1,807.55/oz.

Oil Markets

  • Oil eases amid rising coronavirus cases worldwide
  • Brent down 0.6% at $42.89 a barrel (0353GMT)
  • WTI down 0.5% at $40.37

Precious metals

  • Gold eases on firmer dollar; virus fears limit losses
  • Spot gold down 0.1% at $1,807.55/oz. (0242GMT)
  • US gold futures down 0.1% at $1,808.30/oz.


  • Soybeans rise for 5th session on strong demand, corn eases
  • Corn falls on concerns over energy demand amid coronavirus
  • Soybean futures up 0.4% at $8.98-3/4 a bushel (0253GMT)
  • Corn down 0.3% at $3.38-3/4 a bushel
  • Wheat down 0.2% at $5.33-3/4 a bushel

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

  • Central Bank of Nigeria decides interest rates [fcst. 12.5%, prev. 12.5%]
  • 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 over the weekend & early a.m today

  • Saudi King Salman, 84, admitted to hospital
  • Pact to aid poor cocoa farmers in peril as covid-19 hits demand
  • Mali opposition rejects ECOWAS proposals on ending political crisis
  • Nigeria foreign minister Onyeama tests positive for coronavirus
  • Four killed in Sierra Leone protest after police and army open fire
  • Burundi arrests local administrators for robbing residents
  • France, Germany, Italy threaten sanctions over arms for Libya
  • Libya GNA fighters head for front as battle for Sirte looms
  • G20 finance officials call for full, transparent debt freeze participation
  • Sudan army launches legal action against ‘insulting’ activists
  • IMF exploring additional tools to provide aid to pandemic-hit countries
  • Egypt reports lowest daily coronavirus figure since late May
  • Congo replaces sanctioned army chief with deputy also sanctioned for rights abuses
  • US opens probe of phospate fertilizer imports from Morocco, Russia
  • Total signs $14.9 bln debt financing for huge Mozambique LNG project
  • South Africa farmers rap repeal of state of disaster for drought
  • Libya’s NOC “deeply concerned” at using its institutions as “war posts”
  • South Africa banks to allow their law firms to act for customers against them
  • Public debt, populism and arrests as Tunisia faces crisis
  • Turkey’s Erdogan says Egypt’s actions in Libya are illegal
  • Mali PM apologises for security force ‘excesses’ during protests
  • Deaths in South Africa mines fall to 51, lowest in a century, says Minerals Council
  • Coronavirus fan flames of love in Nigeria’s online dating scene
  • Ethiopia maids ‘dumped’ in the streets in Lebanon as covid hits

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

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