macroafricaintel Daily Brief | 30 Jul

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

Global Markets

  • Asian stocks rise, dollar languishes near 2-yr lows on Fed
  • Sentiment supported by ultra easy monetary policy
  • Eyes on US coronavirus relief package negotiations
  • Brent up 4 cents at $43.79, WTI up 1 cent at $41.28
  • Spot gold off 0.4% at $1,962.6/oz.

Oil Markets

  • Oil holds steady as virus concerns weigh on demand hopes
  • US crude stocks post biggest weekly drop since Dec
  • US gasoline, distillate inventories post surprise builds
  • Brent up 4 cents at $44.13 a barrel (0330GMT)
  • WTI down 1 cent at $41.26

Precious metals

  • Gold eases as risk appetite improves after Fed policy meeting
  • Gold up more than 28% so far this year
  • Spot gold down 0.3% at $1,964.70/oz. (0329GMT)
  • US gold futures up 0.3% at $1,959.20/oz.

Grains

  • Corn firms after four days of losses, record US crop hopes cap gains
  • Corn ticks up on bargain buying after 4 sessions of losses
  • Soybeans face pressure as US-China tensions raise demand worries
  • Corn futures up 0.2% at $3.27 a bushel (0250GMT)
  • Soybeans down 0.25 cents at $8.85 a bushel
  • Wheat down 0.1% at $5.32-1/2 a bushel

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

  • Eid holidays in Nigeria, Kenya & others from tomorrow
  • South Africa producer inflation Jun-20 [fcst. 0.3% yy, prev. 0.4%]
  • Kenya, Uganda & Zambia release July inflation data
  • Nigeria FX reserves Jul-20 [prev. $36.2B]
  • Nigeria manufacturing PMI Jul-20 [prev. 41.1]
  • South Africa trade balance Jun-20 [prev. ZAR15.94B]
  • 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

  • Contested Mali lawmakers will not step down, says representative
  • World Bank’s IFC launches $4 bln medical supply financing platform
  • Ivory Coast pledges fair vote, Ouattara asked to run again
  • Egypt’s Sisi approves restrictions on retired army officers standing for election
  • Half of violence against African migrants is by law enforcers, UN says
  • Morocco arrests dissident journalist on rape and spy charges
  • Seven babies stillborn in one night at Zimbabwe hospital as nurses strike
  • WTO set to skip naming acting chief after US push caused deadlock
  • South Africa insurers Old Mutual, Guardrisk offer to settle with virus-hit firms
  • ‘Vaccine nationalism’: Is it every country for itself?
  • Egypt budget deficit falls to 7.8% in FY 2019/20 – cabinet
  • Gambia VP tests positive for coronavirus, president self-isolating
  • EU set to drop Algeria from safe country travel list
  • Zimbabwe agrees to pay $3.5 bln compensation to white farmers
  • Kenya police arrest fugitive indicted in US for ivory, rhino horn trafficking
  • Egypt’s arrears to foreign oil companies fall to $850 mln at end of June – minister
  • South Africa’s Standard Bank warns of up to 50% profit slump
  • South Africa’s Sasol to sell world’s biggest oxygen production site to Air Liquide
  • Zimbabwe minister Shiri, who helped plot Mugabe ouster, dies at 65

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.