macroafricaintel Daily Brief | 3 Aug

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

Global Markets

  • Asia stocks cautiously mixed, dollar tries to bounce
  • Asia ex-Japan dips, Nikkei aided by yen pullback
  • Caixin China PMI beats forecasts at 52.8
  • Dollar adds to Friday bounce, after punishing July
  • Brent down 7 cents at $43.45, WTI eased 8 cents at $40.19
  • Gold reaches new peak, eyeing $2,000 level

Oil Markets

  • Oil falls on supply glut fears as OPEC+ set to boost output
  • OPEC+ set to raise outputin August, adding 1.5 mln bpd
  • US oil & gas rig count holds steady at record low
  • Brent down 0.6% at $43.26 a barrel (0253GMT)
  • WTI down 0.7% at $39.98

Precious metals

  • Gold soars to record high as virus fears lift safe-haven demand
  • Gold up 30% so far this year
  • Specs cut gold bullish positions in week ended July 28 – CFTC
  • Spot gold steady at $1,973.94/oz. (0254GMT)
  • US gold futures up 0.3% at $1,992.30/oz.


  • Wheat falls 1% on global stockpiles, tepid demand
  • Bumper global wheat production expected
  • Wheat futures down 0.8% at $5.26-3/4 a bushel (0254GMT)
  • Corn up 0.2% at $3.27-1/2 a bushel
  • Soybeans up 0.7% at $8.98-1/2 a bushel

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

  • Electoral Commission of Ghana press briefing on ongoing voter registration
  • Ghana’s main opposition NDC press briefing
  • 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 over the weekend & early a.m today

  • Cameroon tomato farmers count losses to wild weather & lockdown
  • Algeria says to investigate actions targeting stability
  • Suspected militants kill 16 in northern Cameroon
  • Algeria leader secures fugitive officer with Erdogan call, source says
  • South Africa telecom operator Telkom moves into financial services
  • South Africa Covid-19 cases surpass half a million
  • Egypt says Turkish seismic survey plans could encroach on its waters
  • Nigeria’s Lagos to allow places of worship to reopen – governor
  • Ivory Coast’s former PM named by Gbagbo’s party as presidential candidate
  • Kenya Airways resumes international flights after virus curbs lifted
  • South Africa’s deputy finance minister asked to step aside over abuse of power claim
  • Egypt reports lowest coronavirus daily figure since May 3
  • South Africa will not have universal basic income grant this year, minister says
  • Namibia to close schools, limit public gatherings as Covid-19 cases surge
  • UN to train Botswana traditional leaders to fight gender-based abuse
  • South Africans push back against 5G towers in their backyards
  • Solar beats salt, bringing clean water to coastal Kenyans
  • WTO fails to agree on interim leader before choosing new chief
  • Congo soldier shoots dead 12 in drunken rampage
  • South Africa produces its first ventilators to fight Covid-19
  • South Africa economy could contract 8.2% if second Covid-19 wave hits, OECD says
  • South Africa insurers’ offer in Covid claims fight too little too late for some
  • Zimbabwe businesses closed, streets deserted on day of protests

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: Logo

You are commenting using your 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.