macroafricaintel Daily Brief | 22 Jul

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

Global Markets

  • Asia markets to open lower on pandemic worries, shrugging off US equities upswing
  • Australia shares down 1.1%
  • Nikkei up 0.24%, Hang Seng down 0.34%
  • Brent down 0.7% at $44, WTI down 0.8% at $41.59
  • Spot gold up 1.5% at $1,842.52/oz.

Oil Markets

  • Oil prices fall on US inventory build, increasing pandemic fears
  • US crude stockpile rise sharply in latest week – API
  • Brent down 0.7% at $44 a barrel (0156GMT)
  • WTI down 0.8% at $41.59

Precious metals

  • Gold climbs to 9-yr high on weaker dollar, stimulus bets
  • Spot gold up 0.1% at $1,843.09/oz. (0034GMT)
  • US gold futures up 0.1% at $1,845.90/oz.

Grains

  • Chicago corn, soybeans rebound on Chinese buying; wheat firms
  • Corn futures up 0.2% at $3.31-1/2 a bushel (0106GMT)
  • Soybeans up 0.2% at $8.94-3/4 a bushel
  • Wheat up 0.1% at $5.28-1/2 a bushel

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

  • Issoufou, Akufo-Addo & Ouattara expected in Mali to solve crisis [during the remainder of week]
  • South Africa central bank MPC meets; 21-23 Jul [fcst. 3.75%, prev. 3.75%]
  • Ghana central bank MPC meets; 22-27 Jul [fcst. 14.5%, prev. 14.5%]
  • South Africa restaurant & hospitality industry protests expected
  • Ivory Coast’s Ouattara expected to respond to party’s request to seek third term
  • Ghana’s special development initiative minister Koomson in the spotlight; after shooting incident
  • Nigeria auctions 130 bln naira worth of bonds; settlement on 24 Jul
  • South Africa releases Apr-20 retail sales data
  • 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

  • Egypt’s army says it foiled ‘terrorist’ attack in northern Sinai
  • Saudi King Salman holds cabinet meeting virtually from hospital – SPA
  • Ethiopia, Egypt & Sudan to holdmore talks on GERD
  • Egypt agrees with Ethiopia, Sudan on the priority of reaching a dam binding deal
  • Italy prosecutors seek jail for Eni, Shell executives in Nigeria case
  • Ethiopia says first year of filling Renaissance dam achieved due to rain
  • Zimbabwe tightens covid rules ahead of anti-govt protests
  • Radisson adds six hotels in Africa in bet on future growth
  • US NHC: 80% chance of cyclone between west coast of Africa, Lesser Antilles
  • Algeria’s Skikda LNG plant resumes production after maintenance – Sonatrach
  • Iraq increases oil exports in July, still pumps above OPEC+ target
  • Sudan’s Bashir trial for 1989 coup adjourned as crowds jostle outside court
  • South Africa has not committed to fund SAA rescue plan, finmin says
  • AfDB agrees $400 mln loan for Mozambique LNG
  • Uganda’s Museveni seeks re-election to extend rule to four decades
  • Algeria expects energy revenue to fall $10 bln this year
  • Fight to save Senegal capital’s coast gains momentum
  • Kenya flower industry rebounds as lockdowns ease

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

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