macroafricaintel Daily Brief | 3 Sep

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

Global Markets

  • Asian shares set to rise on broader US rally, dollar gains
  • Wall Street climbs on defensive share gains
  • ADP falls short of expecations
  • Dollar edges away from 2-yr lows
  • Brent down 2.5% at $44.43

Oil Markets

  • Oil holds steady near multi-week lows on demand worries
  • Brent down 0.2% at $44.36 a barrel (0115GMT)
  • WTI up 0.1% at $41.54

Precious metals

  • Gold steadies as dollar stalls, economic concerns persist
  • Spot gold up 0.1% at $1,944.58/oz. (0059GMT)
  • US gold futures up 0.3% at $1,950.60/oz.


  • Soybeans gain for 9th straight session on China demand
  • Soybean futures up 0.2% at $9.63-1/2 a bushel (0129GMT)
  • Corn down 0.3% at $3.57-3/4 a bushel
  • Wheat little changed at $5.57-3/4 a bushel

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

  • South Africa’s Mabuza answers questions in parliament
  • Kenya transport CS Macharia answers questions on Covid-19 funds in parliament
  • South Africa Standard Bank PMI Aug-20 [prev. 44.9]
  • Nigeria Stanbic IBTC Bank PMI Aug-20 [prev. 50.4]
  • Kenya, Ghana & other Africa Aug-20 PMIs due
  • Nigeria raises prices of petroleum products
  • 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

  • South Africa power cuts worsen on cold weather, breakdowns
  • South Africa ready to help insurgency-hit Mozambique, if asked
  • Seven killed in suicide bomb attack in northern Cameroon village
  • US to cut $100 mln in aid to Ethiopia over dam dispute
  • Elderly Guinea president confirms 3rd term bid, vows to represent young people
  • Nigeria’s gasoline price to hit record in naira terms in Sept – PPMC circular
  • UN warns of Libya arms build-up and virus surge
  • Uganda says it has rare gorilla ‘baby boom’ in park in country’s southwest
  • Turkey backs Libya ceasefire but doubtful after Haftar’s rebuff
  • Zimbabwe finds more elephant carcasses, death toll at 22
  • Bad weather, Covid-19 leave over 2.6 mln Malawians short of food
  • Switzerland froze $900 mln from Angola businessman – documents
  • Zimbabwe protest organiser, journalist freed on bail, banned from posting on Twitter
  • ‘Hotel Rwanda’ hero’s family calls for an international trial
  • South Africa’s $30 bln Covid-19 relief package exposed to fraud – auditor general
  • South Africa’s Eskom to ramp up power cuts
  • Russia to propose OPEC+ react to oil demand recovery – Novak
  • Ousted Mali president in hospital for checks, says source close to family
  • Nigeria says can tap mineral wealth despite Covid, unrest
  • South Africa’s Eskom says gross debt rose to $29.3 bln as of March

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

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