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

Global Markets

• Asian stock markets gain following tech bounce, euro waits for ECB
• MSCI AxJ up 0.5% after Nasdaq jumped 2.7% overnight
• Currency markets await ECB
• Oil prices back under pressure amid demand fears
• Brent down 0.4% at $40.63, WTI down 0.6% at $37.82

Oil Markets

• Oil prices fall as growing US stockpiles signal bumpy demand recovery
• US stockpiles rose last week, drop had been expected
• Brent down 0.4% at $40.62 a barrel (0417GMT); rose 2.5% Wed.
• WTI down 0.6% at $37.81; rose 3.5% on Wed.

Precious metals

• Gold at 1-wk high as weak dollar supports; ECB meet in focus
• Spot gold flat at $1,945.87/oz. (0307GMT)
• US gold futures steady at $1,955.50/oz.

Grains

• Soybeans retreat from over 2-yr high ahead of USDA report
• Soybeans snap winning streak despite Chinese demand
• Wheat firms on concerns over Black Sea production
• Soybean futures down 0.2% at $9.76-1/2 a bushel (0342GMT)
• Corn up 0.1% at $3.60-1/2 a bushel
• Wheat up 0.4% at $5.46 a bushel

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

• South Africa current account balance Q2-2020 [fcst. 5.1% of GDP, prev. 1.3%]
• South Africa manufacturing production Jul-20 [fcst. -11.2% yy, prev. -16.3%]
• South Africa mining production Jul-20 [fcst. -20.4% yy, prev. -28.2%]
• South Africa SACCI business confidence Aug-20 [prev. 82.8]
• AGRF virtual “Feed the Cities” summit in Kigali; 8-11 Sep
• 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 human rights lawyer George Bizos dies at 92
• Mali’s protest leader backs civilian ‘rare bird’ to lead transition
• Guinea constitutional council clears President Conde’s third term bid
• Floods kill at least 13 and injure 19 in Burkina Faso
• Nigeria in talks to give up majority stakes in refineries, NNPC chief says
• All four of Nigeria’s refineries are currently shut down, says NNPC chief
• Turkey sentences five journalists for naming intelligence agents in Libya
• Businesses doing good can reboot ‘fairer’ Africa after coronavirus
• Ethiopia’s Tigray holds regional election in defiance of federal govt
• United to add new direct US flights to Africa, India, Hawaii
• Uganda move to regulate online activity is tool to curb dissent ahead of polls – rights groups
• South Africa volunteers on AstraZeneca vaccine trial say not alarmed by pause
• Egypt sets up commodities exchange for wheat, oils, sugar and rice
• Nigeria asks for $1.1 bln advance from Eni, Shell in graft case
• Air Namibia plans 50% cut to wages of some workers
• Kenya’s $580m medical equipment leasing deal ‘criminal’ – Senate panel
• Tullow Oil fending off potential cash crunch, reports $1.3 bln loss
• Zimbabwe nurses end 3-mth strike over pay
• Strategic Somaliland touts its oil and gas as opens Taiwan office

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