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 5^th monthly gain; 4^th 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