macroafricaintel Daily Brief | 24 Jul

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

Global Markets

  • Asia shares stymied by Sino-US spat, euro stays buoyant
  • Euro near highest since late 2018 as dollar sinks
  • Asia shares retreat on Sino-US tensions
  • Gold approaching record peak amid covid uncertainty
  • Brent up 16 cents at $43.47, WTI up 9 cents at $41.16

Oil Markets

  • Oil rises on weaker dollar, but virus woes & US-China tensions weigh
  • Brent up 0.4% at $43.46 a barrel (0137GMT)
  • WTI up 0.3% at $41.19

Precious metals

  • Gold poised for best week in more than 3 months on stimulus bets
  • Gold up more than 4% so far this week
  • Spot gold up 0.1% at $1,889.24/oz. (0410GMT)
  • US gold futures down 0.3% at $1,884.60/oz.


  • Soybeans set for second weekly gain on Chinese demand
  • Soybean futures up 0.3% at $9.02-3/4 a bushel (0249GMT)
  • Soybeans up nearly 1% so far this week
  • Corn down 0.8% for the week
  • Wheat has lost 0.3%

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

  • South Africa’s Malema addresses EFF 7th anniversary rally; 26 Jul
  • Ghana central bank MPC meets; 22-27 Jul [fcst. 14.5%, prev. 14.5%]
  • 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

  • Prominent South Sudan critic says govt sent hit squad for him; Juba denies
  • Tanzania’s former president Benjamin Mkapa dies, presidency says
  • Sudan finds mass grave believed to have bodies of officers executed by Bashir
  • West Africa leaders to hold extraordinary summit on Mali crisis
  • South Africa public schools to close as coronavirus cases rise over 400,000
  • Nigeria lawmakers recommend new board for Niger Delta body in corruption probe
  • South Africa SAA rescue conditions met except state guarantee letter, administrators say
  • French soldier killed in Mali combat operations – Elysee
  • Kenya forest communities face eviction from ancestral lands – even during pandemic
  • Egyptians crowd livestock market ahead of Eid holiday despite coronavirus
  • South Africa 59% excess deaths imply hidden covid-19 toll
  • Uganda reports its first death from novel coronavirus
  • Zimbabwe politician denied bail in anti-govt protests case
  • Solar keeps lights, phones on for rural Kenyans during pandemic blackouts
  • Orange launches digital banking in Ivory Coast, eyes further expansion
  • South Africa’s Impala Platinum expects 20% jump in annual earnings
  • South Africa expands virus loan scheme, may stop lenders blacklisting borrowers
  • South Africa’s Spur forecasts 40% fall in annual profit, hit by lockdowns
  • South Africa – Investigations ongoing at Glencore’s Cape Town refinery after blast
  • South Africa Sasol expects delay in last unit in US project to come onstream
  • Family of slain Ethiopia singer mourns their “hero like a lion”

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

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