macroafricaintel Daily Brief | 23 Jul

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

Global Markets

  • Shares drop as China consulate closure fans Sino-US tensions
  • MSCI Asia ex-Japan -0.3%; Nikkei down 0.6%
  • Investors fear further escalation of US-China tensions
  • Trump says other consulate closures possible
  • Brent up 1 cent at $44.30, WTI flat at $41.90
  • Spot gold down 0.3% at $1,865.84/oz.

Oil Markets

  • Oil ticks up, but gains capped by demand destruction
  • Rising covid cases reduce US summer fuel consumption
  • US crude inventories up by 4.9 mln barrels
  • US-China tensions add pressure
  • Brent up 0.1% at $44.31 a barrel (0207GMT)
  • WTI up 0.1% at $41.96

Precious metals

  • Gold slips as investors book profit, holds on to near 9-yr high
  • Spot gold down 0.2% at $1,867.36/oz. (0333GMT)
  • US gold futures up 0.1% at $1,867/oz.


  • Soybeans ease as US-China tensions fuel demand concerns
  • Soybean futures down 0.2% at $8.94 a bushel (0309GMT)
  • Corn down 0.3% at $3.33-3/4 a bushel
  • Wheat down 0.4% at $5.32-1/2 a bushel

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

  • Ghana’s Ofori-Atta delivers mid-year covid-focused budget review
  • Issoufou, Buhari, Akufo-Addo, Sall & Ouattara due in Mali to solve crisis
  • South Africa central bank decides interest rates [fcst. 3.75%, prev. 3.75%]
  • Nigeria’s finmin Ahmed & statistics chief Kale host webinar on data & good governance
  • Nigerian-British Chamber of Commerce hosts webinar; Buhari’s trade minister Adebayo, economic advisory council chair Salami & Dangote key speakers
  • Ghana central bank MPC meets; 22-27 Jul [fcst. 14.5%, prev. 14.5%]
  • Ghana’s special devpt initiative minister Koomson in spotlight; after shooting incident
  • Cuban doctors arrive Kenya to support covid-19 efforts
  • 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

  • Sudan’s Hamdok says currency to be adjusted as he unveils reforms
  • Party of Ivory Coast ex-President Gbagbo ask him to run in Oct polls
  • Militants in northeast Nigeria execute four aid workers
  • AfDB approves 5 bln rand loan to South Africa
  • Sudan appoints 18 civilian state governors as part of transition
  • Sudan to begin currency adjustment in August
  • Egypt extends operating hours of cafes, restaurants until midnight from July 26 – statement
  • Don’t expect first covid-19 vaccinations until early 2021 – WHO’s Ryan
  • Botswana has not found more dead elephants midway through survey
  • Sudan to adjust pound’s exchange rate over two years
  • Zimbabwe court suspends police search warrant against Econet
  • Turkey says any Libya ceasefire deal requires Haftar withdrawal
  • South Africa restaurants plead for end to ‘job-killing’ restrictions
  • Zimbabwe activist, journalist charged in court over planned protests
  • Africa’s confirmed covid-19 cases exceed 750,000 – Reuters ally
  • Former Ivory Coast minister to run for president in break with ruling party
  • Ethiopia Airlines cargo plane catches fire at Shanghai airport, no casaulties
  • South Africa anit-apartheid campaigner Andrew Mlangeni dies at 95
  • Power cuts return, adding to frustrations in covid-weary South Africa

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

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