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.

Grains

• 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