macroafricaintel Daily Brief | 2 Sep

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

Global Markets

  • Stocks gain on brisk US manufacturing survey, stimulus hopes
  • Ex-Japan Asian shares up 0.25%, Nikkei up 0.35%
  • US ISM indicators show strong manufacturing expansion
  • Mnuchin says will talk to Pelosi on stimulus
  • Fed reiterates dovish message
  • Brent up 0.8% at $45.95

Oil Markets

  • Oil gains on US stock draw, economic recovery optimism
  • Brent up 37 cents at $45.95 a barrel (0310GMT)
  • WTI up 34 cents at $43.10
  • US crude stocks fall more than expected – API
  • 71 of 643 US Gulf of Mexico manned platforms remain evacuated
  • OPEC August oil output rise for 2nd month – survey
  • Power demand pushes UAE August oil above OPEC+ quota – sources

Precious metals

  • Gold dips as solid US economic data lifts dollar
  • Spot gold down 0.3% at $1,964.75/oz. (0251GMT)
  • US gold futures down 0.4% at $1,971.80/oz.

Grains

  • Wheat eases after rally, losses curbed by strong demand
  • Wheat futures down 0.1% at $5.63-1/2 a bushel (0325GMT)
  • Soybeans down 0.4% at $9.50-3/4 a bushel
  • Corn up 0.1% at $3.58-1/4 a bushel

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

  • Nigeria releases Q2-20 trade statistics
  • Nigeria’s speaker Gbajabiamala visits Ghana over attacks on citizens
  • South Africa state capture inquiry continues
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Tunisia parliament approves a technocratic govt
  • Zimbabwe to reopen schools from Sept. 14 for students taking final exams
  • Libya’s NOC chairman discusses oil blockage with Italy’s foreign minister
  • France army says killed civilian by accident in Mali
  • Zimbabwe licences dollar-denominated bourse to lure foreign investors
  • ‘Hotel Rwanda’ hero’s family accuses govt of kidnapping him
  • OPEC August oil output rises for 2nd month as cut eased – survey
  • South Africa state firms seek coronavirus crisis bailouts
  • Russia-Zimbabwe platinum JV to secure phase 1 funding by end of year
  • Morocco’s trade deficit shrinks 18.2% y/y
  • Sudan’s Bashir appears at trial over 1989 coup
  • Zimbabwe suspects elephants died from bacterial infection
  • Grounded by Covid, Nigeria diners get a taste of air travel
  • Two Mauritius citizens killed in accident near site of Japan ship oil spill
  • South Africa state firms seeking billions of rand in bailouts, govt says
  • Blast hits Libya capital, residents say
  • South Africa’s Old Mutual holds off on dividend after half-year loss

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

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