macroafricaintel Daily Brief | 12 Aug

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

Global Markets

  • Asian stocks fall on US stimulus uncertainty
  • US gridlock on stimulus deal dents share prices
  • Russia vaccine triggers escape from safe-haven assets
  • Value-oriented shares bought back globally
  • Brent up 0.2% at $44.60, WTI up 0.1% at $41.66

Oil Markets

  • Oil prices bolstered by bigger-than-expected drop in US crude stocks
  • Brent up 0.3% at $44.65 a barrel (0206GMT)
  • WTI up 0.2% at $41.70

Precious metals

  • Gold falls below $1,900 level as US dollar, yields rise
  • Gold down nearly $140 from Friday’s close
  • Spot gold down 1.1% at $1,889.59/oz. (0330GMT)
  • US gold futures down 2.4% at $1,900/oz.


  • Corn edges lower as traders await key USDA report
  • Corn futures down 0.2% at $3.23 a bushel
  • Soybeans down 0.3% at $8.71-1/4 a bushel
  • Wheat down 0.5% at $4.92-1/2 a bushel

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

  • International youth day; Africa’s jobless in focus
  • Kenya county revenue allocation row continues in Senate
  • South Africa retail sales Jun-20 [fcst. -6.6% yy prev. -12.0%]
  • 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

  • Sea life around Mauritius dying as Japan ship oil spill spreads
  • Mali protests resume as thousands call for president to resign
  • Egypt vote for newly created Senate
  • Nigeria opens pipeline, depot repair to private investors – tender
  • At least 81 people killed as South Sudan’s disarmament erupts in violence
  • Outrage as Somalia parliament drafts law permitting child, forced marriages
  • Niger expands emergency across region where aid workers were killed
  • UK’s Prudential to exit US business, focus on Asia, Africa
  • Angola’s beleaguered dos Santos steps down from Unitel
  • Japan ship that caused Mauritius oil spill passed annual checks

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

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