macroafricaintel Daily Brief | 7 Aug

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

Global Markets

  • Asia shares fall after Trump takes aim at China tech firms
  • Trump’s ban on top China tech firms sours mood
  • MSCI ex-Japan Asia down 1%, Tencent falls 9%
  • Hopes of US stimulus bolster shares despite lack of progress
  • Brent down 0.1% at $45.04

Oil Markets

  • Oil prices slip on uncertainty over US recovery, stimulus
  • Brent down 6 cents at $45.03 a barrel (0246GMT)
  • WTI down 2 cents at $41.93

Precious metals

  • Gold hits new record high, on track for ninth weekly rise
  • Spot gold up 0.3% at $2,068.32/oz. (0035GMT)
  • US gold futures up 0.5% at $2,078.70/oz.

Grains

  • Wheat faces biggest weekly drop in 1 year, corn down for 5th week
  • Wheat down more than 5% this week
  • Corn down more than 1% this week
  • Soybeans down more than 1.7% for the week

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

  • 3rd term bids by Ivory Coast’s Ouattara & Guinea’s Conde to be in focus; after official declarations on Thursday
  • Gambia declares state of emergency on Covid-19
  • South Africa Fx reservers Jul-20 [prev. $52.32B]
  • 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

  • Africa’s cases of Covid-19 top 1 million – Reuters tally
  • Ivory Coast President Ouattara says he will run for third term
  • Zimbabwe again denies bail to journalist in protest case, govt denies crisis
  • Around 40 migrants down in shipwreck off Mauritanian coast
  • Egypt & Greece sign agreement on exclusive economic zone
  • Nigeria to reopen for international air travel in weeks
  • Guinea’s ruling party nominates President Conde for third term
  • Afreximbank commits $400 mln to Mozambique LNG project
  • South Africa regulator working to clarify companies rights in pandemic insurance claims
  • South Africa’s Ramaphosa sets up body to probe Covid-19 corruption
  • Turkey says Egypt-Greece deal falls in its continental shelf
  • Container ships sent to Tripoli to keep Lebanon supply lines running
  • US imposes Libya-related sanctions on individuals, company
  • Mauritania names new PM after previous cabinet resigns amid corruption probe
  • Egypt’s Suez Canal revenues up 4.7% in last 5 years – chairman
  • South Africa’s MTN to exit Middle East to focus on Africa
  • 10 countries account for 80% of Africa Covid-19 testing – Africa CDC
  • Ivory Coast police fire teargas at supporters of former president
  • Weather alerts at risk as Kenya’s radio stations struggle amid virus downturn
  • South Africa animal rights group asks court to ban live sheep shipments by Kuwait firm
  • South Africa’s funeral parlours turn to makeshift mortuaries as virus deaths rise
  • Nigeria startup helps local churches digitize operations

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

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