macroafricaintel Daily Brief | 8 Sep

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

Global Markets

  • Shares stabilise, try to shrug off US tech rout scare
  • Ex-Japan Asia up 0.37%, Nikkei rises 0.4%
  • S&P500 futures up 0.5%, Nasdaq futures down 0.1%
  • US debt yields off lows
  • Brent up 0.1% at $42.07

Oil Markets

  • Oil mixed after dropping on demand concerns post-US holiday
  • Brent up 0.1% at $42.07 a barrel (0221GMT)
  • WTI down 1.6% at $39.13

Precious metals

  • Gold subdued on strong dollar; ECB meeting in focus
  • Spot gold down 0.2% at $1,925.68/oz. (0048GMT)
  • US gold futures steady at $1,934.60/oz.


  • Soybeans rise for 11th session on strong Chinese demand, wheat eases
  • Renewed fears of rain & flooding in China
  • Soybean futures up 0.7% at $9.74-3/4 a bushel (0212GMT)
  • Wheat down 0.1% at $5.49-1/2 a bushel
  • Corn up 1.4% at $3.63

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

  • South Africa GDP Q2-2020 [fcst. -20.0% qq saa, prev. -2.0% cons. -47.3%]
  • Kenya Senate resumes plenary after 1-mth recess; revenue formula top on agenda
  • Nigeria resident doctors go on strike
  • AGRF virtual “Feed the Cities” summit in Kigali; 8-11 Sep
  • South Africa SACCI business confidence Aug-20 [prev. 82.8]
  • 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

  • Egypt’s total recorded coronavirus cases hit 100,041 – Health ministry
  • South Africa retailer Clicks’ stores face protests over ads seen as racist
  • West Africa leaders say Mali junta must name a president by Sept. 15
  • Libya oil units halt operations due to spread of virus
  • Nigeria’s Buhari calls electricity price rise, petrol deregulation crucial decisions
  • 3 Somalia special forces killed, US officer wounded in car bomb – Somali official
  • Ivory Coast cocoa farmers say rainfall will boost main crop
  • West Africa bloc chairman calls for Mali junta’s cooperation
  • Ethiopia bars journalists from flying to Tigray regional vote – passengers
  • Japan says it offered Mauritius “unprecedented” support, including financial
  • South Africa consumer confidence improves in third quarter as lockdown eases
  • As occupations gather pace, South Africa landowners fear for their property

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

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