macroafricaintel Daily Brief | 17 Aug

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

Global Markets

  • Asia shares move ahead led by China gains
  • China blue chips gain 2%, PBOC adds more loans
  • Nikkei slips as Japan reports record drop in GDP
  • Rise in long-term US yields offers some support to dollar
  • Gold soft after suffering worst week since March
  • Brent up 33 cents at $45.13, WTI up 39 cents at $42.40

Oil Markets

  • Oil prices advance as China lines up boost in US crude imports
  • OPEC+ ministerial panel to meet on Aug. 19
  • Brent up 0.5% at $45.01 (0023GMT)
  • WTI up 0.6% at $42.28

Precious metals

  • Gold eases as investors await Fed minutes
  • Spot gold down 0.2% at $1,940.73/oz. (0258GMT)
  • US gold futures flat at $1,950.50/oz.

Grains

  • Corn climbs to 1-mth top on fears of US crop damage
  • Corn futures up 1% at $3.41-1/2 a bushel (0331GMT)
  • Wheat up 1.3% at $5.06-1/4 a bushel
  • Soybeans up 0.8% at $9.05-1/2 a bushel

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

  • South Africa eases Covid-19 lockdown to alert level 2; ministerial briefings expected
  • Ghana’s Akufo-Addo hands over AfCFTA secretariat in Accra
  • Kenya senate seeks resolution to county revenue allocation impasse
  • Kenya’s Kenyatta potential cabinet reshuffle back in focus; after cabinet et al. sent on compulsory leave
  • Nigeria inflation July-20 [fcst. 12.9% yy, prev. 12.6%]
  • 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

  • Somalia – At least seven dead after gunmen attack Mogadishu hotel
  • Egypt disposing of dangerous materials at ports – minister
  • Egypt approves law to protect identities of women reporting sex abuse
  • India sends team to Mauritius to assist in oil spill
  • Mauritania supports ‘good judgement’ of UAE leadership on Israel accord – WAM
  • Congo’s central bank makes huge rate hike to 18.5%
  • South Africa leader lifts lockdown restrictions after Covid-19 infections fall
  • Japan ship involved in Mauritius oil spill breaks apart
  • Equatorial Guinea govt & prime minister resign
  • Bus torched in Ivory Coast as election tensions run high
  • Fire at Sudan military arms factory warehouse south of Khartoum – SUNA
  • UN says Mali army chief left village unprotected before massacre
  • Ireland to return 5.5 mln euros in Abacha loot to Nigeria – statement
  • France PM liken killing of French aid workers in Niger to 2015 Paris attacks
  • Son of Angola’s ex-leader sentenced to 5 yrs jail in $500 mln graft case – Lusa
  • South Sudan death toll in disarmament fighting rises, Un sends peacekeepers
  • South Africa’s Exxaro Resources says Eskom withdraws force majeure on coal deals
  • Libya sovereign fund to ask UN for freedom to invest billions
  • Plane carrying 4 passengers crashes in dense forest in eastern Congo
  • Cautious hopes for slum dwellers relocated in Egypt housing project
  • Japan shipping company says Mauritius govt has requested compensation

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

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