macroafricaintel Daily Brief | 18 Aug

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

Global Markets

  • Asia shares sluggish after Wall Street’s tech-inspired rally
  • Dollar weaknes slightly on disappointing data
  • Nikkei slips 0.5%, Chinese blue chips down 0.25%
  • Safe haven gold rises on Buffet move
  • Oil mostly holds gains after output cut
  • Brent down 0.1% at $45.31, Gold up 0.4% at $1,995/oz.

Oil Markets

  • Oil lower as suppliers seek to hold promises on output cuts
  • Brent down 0.5% at $45.15 a barrel (0322GMT)
  • WTI down 0.5% at $42.66

Precious metals

  • Gold prices extend gains on dollar weakness, $2,000-mark eyed
  • Spot gold up 0.2% at $1,990.13/oz. (0351GMT)
  • US gold futures up 0.1% at $1,999.70/oz.


  • Corn eases from 5-wk top on expectations of higher US production
  • Corn futures down 0.3% at $3.43-1/2 a bushel (0258GMT)
  • Wheat down 0.4% at $5.24-1/4 a bushel
  • Soybeans down 0.2% at $9.13-1/4 a bushel

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

  • Ghana presidential frontrunners Akufo-Addo & Mahama tour regions
  • Ghana’s Bawumia speaks on infrastructure
  • Kenya Senate adhoc committee meets on revenue allocation impasse; after passage failure for umpteenth time
  • Kenya’s Kenyatta cabinet reshuffle back in focus; after cabinet et al. sent on compulsory leave
  • 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

  • Egypt shrinks subsidized bread loaf by 20 gms, revises cost of flour
  • Nigeria eyes record 12.65 trillion naira spending plan for 2021 – document
  • MTN Ivory Coast CEO sees 2020 revenue rising up to 10%
  • Nigeria to reopen airports for international flights from Aug. 29
  • OPEC+ panel focuses on compliance with oil cuts, calls for ‘vigilance’
  • G7 to consider extending debt freeze for low-income countries – US Treasury
  • Nigeria’s central bank to set up $39 bln infrastructure firm with sovereign fund
  • Algeria’s Sonatrach, Wintershall Dea sign MoU to boost partnership
  • Congo Ebola responders end strike over unpaid salaries
  • Sudan security forces fire tear gas at protesters on anniversay of power-sharing deal
  • Nigeria’s $1.5 bln World Bank loan delayed over reforms – sources
  • Nigeria inflation rises for 11th month in July as import disruption weigh
  • Turkey, Qatar & Germany ministers visit Libya amid ceasefire efforts
  • Coronavirus banishes female inmates to far-flung jails in Malawi
  • Nigeria annual inflation at 12.82% in July – stats office
  • South Africa’s TFG concludes agreement to buy Jet stores, some approvals pending
  • Death toll from attack on Somalia Mogadishu hotel rises to 16
  • Putin, Erdogan discuss conflicts in Libya, Syria in phone call
  • Ivory Coast’s main cocoa harvest to begin early, boosted by good weather
  • South Africa’s embattled state arms firm appoints interim CEO
  • South Africa’s Tiger Brands to sell processed meats businbess for $24.7 mln
  • Egypt unemployment rate rose to 9.6% in Q2 due to coronavirus – CAPMAS
  • Hit by worsening drought, Zimbabwe taps funding for water-wise farming

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

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