macroafricaintel Daily Brief | 27 Aug

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

Global Markets

  • Asia shares take on breather, hope for flexible Fed
  • Sino-US tensions send a chill across Asia shares
  • Markets wager Fed to be more flexible on inflation
  • Oil underpinned as hurricane closes US refineries
  • Brent up 5 cents at $45.69, gold down to $1,943/oz.

Oil Markets

  • Oil treads water as huge Gulf of Mexico storm shuts output
  • Storm risk cushioned by high US oil, product stockpiles
  • Market awaits post-storm damage assessments
  • Brent up 5 cents at $45.69 a barrel (0148GMT)
  • WTI down 4 cents at $43.35

Precious metals

  • Gold slips as investors book profit ahead of Powell’s speech
  • Silver fall nearly 2%
  • Spot gold down 0.6% at $1,941.43/oz. (0315GMT)
  • US gold futures down 0.2% at $1,949.50/oz.

Grains

  • Soybeans up for 4th session on strong Chinese demand, corn rebounds
  • Soybean futures up 0.1% at $9.25 a bushel (0354GMT)
  • Corn up 0.5% at $3.56 a bushel
  • Wheat up 0.1% at $5.40-1/2 a bushel

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

  • Kenya eases restrictions on social gatherings, extends curfew
  • Kenya senate adhoc committee on county revenue allocation presents recommendations to resolve standoff
  • Kenya parliament interrogates KEMSA chief over Covid-19 funds scandal
  • 10th anniversary of Kenya’s 2010 constitution; awaited BBI report to be in focus
  • South Africa producer inflation Jul-20 [fcst. 1.1% yy, prev. 0.5%]
  • AfDB 2020 annual meetings; 25-27 Aug [Adesina expected to be re-elected chief]
  • 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

  • Suspects in high-profile rape case fled Egypt in July – prosecutors
  • Namibia apartheid politician turned independence advocate dies of Covid-19
  • Mali junta seeks 3-yr post-coup transition, West Africans say one is enough
  • EU freezes Mali training missions after military coup, denies responsibility
  • West Africa mediators proposed 12-mth transitional govt in Mali
  • Pompeo discusses Libya conflict, Iran with UAE counterpart
  • Tanzania president Magufuli to face 14 challengers in Oct elections
  • Nigeria says Q3 & Q4 GDP to reflect further economic slowdown – presidency
  • 17 dead dolphins wash up on Mauritius beach near oil spill site
  • Kenya extends coronavirus curfew as cases rise outside capital
  • Kenya condemns women to ‘death by unsafe abortion’, campaigners warn
  • South Africa’s Adcock Ingram scraps divided on weak outlook
  • Kenya’s President Kenyatta extends nationwide curfew by 30 days
  • Nigeria cocoa output to fall in 2020/21 on virus, dry weather – cocoa association
  • Ivory Coast president sees growth slowing to 1.8% in 2020
  • South Africa approves AngloGold’s Harmony sale but with conditions
  • EU freezes Mali training missions after coup
  • Malawi traditional leader orders chiefs to dissolve lockdown child marriages
  • Congo army says militia kills 20 in east
  • South Africa union group plans strike on Oct. 7 over corruption
  • Botswana sees risk of no De Beers sales deal by end-2020

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

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