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