By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Asian stocks reach 29-mth top, China services surprisingly strong
- Nikkei rallies, hopes new PM will stick with stimulus
- China service PMI strong, blue chips highest since mid-2015
- Dollar near 2-yr trough as Fed commits to easy policy
- Risk of future inflation pushes up US long-term yields
- Brent up 26 cents at $46.07/barrel, gold at $1,969/oz.
Oil Markets
- Oil prices edge up on stimulus support despite ample supplies
- Brent set for 5th monthly gain; 4th mth for WTI
- Hedge funds cut bullish bets on US crude – CFTC
- Brent up 0.6% at $46.08 a barrel (0038GMT)
- WTI up 0.3% at $43.11
Precious metals
- Gold hits near 2-wk high on dollar weakness, dovish Fed
- Spot gold up 0.3% at $1,969.98/oz. (0304GMT)
- US gold futures up 0.2% at $1,978.70/oz.
Grains
- Corn set for biggest monthly gain since May 2019 on US dryness
- Corn futures up 0.8% at $3.62-1/4 a bushel (0304GMT)
- Soybeans up 1.5% at $9.64-2/3 a bushel
- Wheat up 4% so far in August
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- Central Bank of Nigeria resumes FX sales to BDCs
- South Africa M3 Jul-20 [fcst. 10.3% yy, prev. 11.1%]
- South Africa PSCE Jul-20 [fcst. 5.6% yy, prev. 5.6%]
- South Africa trade balance Jul-20 [prev. ZAR46.63B]
- Kenya, Uganda & Zambia release August inflation data
- South Africa state capture inquiry continues
- Covid-19 updates by authorities across the continent
Key African events or data releases over the weekend & early a.m today
- Ghana to reopen international air borders from Sept. 1, says president
- Schools to reopen in Nigeria’s Lagos as Covid-19 cases decline
- Ten militants and five civilians killed in east Congo violence – army, local leader
- Egypt detains second suspect in alleged rape case, three more held in Lebanon
- Mauritius fishermen battle to save dozens dolphins near oil spill
- South Africa’s Ramaphosa to appear before ruling party’s integrity commission
- Angola to join oil and extractives transparency group
- Thousands protest in Mauritius over dead dolphins, demand resignations
- Namibia opens airports and schools but extends overnight curfew
- Influential Libya interior minister suspended amid protests
- Acting leader of Egypt’s Muslim Brotherhood arrested in Cairo
- Mali’s neighbours tell junta to transfer power to transitional govt
- Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subsidiary’s assets
- Sierra Leoneans sue govt for alleged environmental failings at diamond mine
- Sierra Leone community’s suit against diamond miner shows activist trend
- Tanzania opposition alleges irregularities in candidates’ enrollment
- South Africa’s ex-leader Zuma, accused of graft, hits out at successor
- Former CAR interim leader to run in December poll
- At least two students killed during exams in eastern Congo
- Western diplomats express deep concern over Zimbabwe crisis
- ECOWAS agrees Mali’s transitional govt to last only one year: Nigerian presidency
- South Africa sees worst power cuts in record in 2020, research shows
- UN says life of Congo’s Nobel Laureate doctor in danger
- Renewed tensions over commercial farming on Uganda abandoned land
- West Africa leaders to push Mali junta to hand over power within a year
- Kenya Airways losses deepen, expects more challenges ahead
- Uptake of South Africa’s Covid loan scheme likely to stay minimal – banking association
- South Africa’s coronavirus loan scheme likely to pay out only $1.5 bln by 2021 – banking association
- Where state is weak, Mali militants broker talks between rival clans
N.B. Full stories of above headlines are available on Reuters