macroafricaintel Daily Brief | 4 Aug

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

Global Markets

  • Asia stocks rise as upbeat factory data lifts confidence
  • US ISM data boosts Asian shares
  • Gold near record high as virus risks remain
  • Oil gives up gains on expected output increase
  • Brent down 0.6% at $43.89, WTI down 0.6% at $40.76

Oil Markets

  • Oil prices drop on fuel demand worries as coronavirus flares up
  • Brent down 0.6% at $43.88 a barrel (0132GMT)
  • WTI down 0.5% at $40.79

Precious metals

  • Gold steadies near record high as virus concerns persist
  • Spot gold steady at $1,976.36/oz. (0231GMT)
  • US gold futures up 0.3% at $1,993


  • Soybeans ease on US crop condition, wheat falls for 2nd session
  • Soybean futures down 0.5% at $8.92 a bushel (0235GMT)
  • Corn down 0.6% at $3.26-1/2 a bushel
  • Wheat down 0.5% at $5.18-1/4 a bushel

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

  • Ghana’s ruling NPP press briefing
  • Kenya Senate special sitting on controversial county revenue allocation amendments
  • Nigeria exit school classes resume
  • 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

  • African activists fight violence against women one law at a time
  • South Africa’s Eskom seeks $221 mln damages over coal deal
  • South Africa corruption watchdog probes Covid-19 tenders
  • South Africans go online to document police brutality
  • Three Gambia ministers test positive for Covid-19
  • South Africa’s Shoprite lifted by sales jump and potential Nigeria exit
  • Ivory Coast weather good for main cocoa crop, more sun needed
  • Russia to deliver Covid-19 drug to South Africa, Latam countries – wealth fund
  • South Africa’s rand leads EMEA FX losses ahead of data-heavy week
  • South Africa’s Shoprite sees lower annual earnings
  • Cameroon tomato farmers count losses to wild weather and lockdown

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

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