macroafricaintel Daily Brief | 11 Sep

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

Global Markets

  • Shares struggle to shake off bearish mood as US tech giants fall anew
  • MSCI AxJ down 0.2%, Nikkei up 0.3%
  • NYSE Fang+ index down 5.4% so far this week
  • Brent down 0.2% at $39.98, WTI flat at $37.30

Oil Markets

  • Oil extends losses as stockpile rise amid weakening demand
  • Brent down 0.5% at $39.88 a barrel (0337GMT)
  • WTI down 0.4% at $37.16

Precious metals

  • Gold slips from 1-wk peak hit by stronger dollar
  • Spot gold down 0.8% at $1,938.53/oz. (0308GMT)
  • US gold futures down 0.8% at $1,948/oz.

Grains

  • Soybeans set for fifth weekly gain as China ramps up purchases
  • Corn set for positive finish as market eyes USDA forecast
  • Soybeans up 13% so far in 5 weeks
  • Soybean futures up 1.2% this week
  • Corn up 2.2% for the week

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

  • 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

  • Zimbabwe divorce law spurs women’s fight for property
  • Protests flare in Libya’s Benghazi over power cuts, living conditions
  • Sudan declares state of economic emergency after sharp fall in currency
  • Nigeria’s central bank told to stop giving forex for food imports
  • Nigeria President Buhari directs central bank to stop issuing foreign exchange for food imports
  • Nigeria doctors suspend strike to allow govt time to meet demands
  • Suspected militants kill at least 53 in eastern Congo
  • Mozambique denies accusations of abuses in insurgency-hit province
  • Unilever South Africa to pull all TRESemme products for 10 days over ‘racist’ ad
  • Death toll in eastern Congo village attacks rises to at least 53
  • Communities ‘left out’ as oil pipeline project set to get underway in East Africa
  • EU sea patrol stops UAE ship on suspicion of breaking Libya arms embargo
  • AstraZeneca vaccine trial pause a “wake-up call”, says WHO
  • Egypt to hold parliamentary elections on Oct 24-25 – elections commissioner
  • Libya’s NOC says armed group entered Sharara oil field on Sunday, one person killed
  • CAR seeks justice for rural victims of sexual violence
  • Ivory Coast to hike farmgate cocoa prices 21% this season, sources say
  • South Africa’s Harmony Gold expects to swing to a full year loss
  • South Africa Airways needs state cash next week – administrators
  • WHO says $700 mln raised so far for Covid-19 vaccines initiative for poor
  • Uganda says to re-open airport and resume international flights on Oct. 1
  • South Africa’s FirstRand hopes to return to dividends next year
  • South Africa’s manufacturing output falls 10.6% y/y in July
  • Police and protesters clash as Mali starts post-coup transition talks
  • South Africa Airways needs state cash next week – administrators
  • South Africa’s Aspen to seek acquisitions in emerging markets
  • South Africa’s Dis-chem joins list of retailers removing TRESemme products from shelves
  • South Africa’s Eskom expects 2021 replacement of generators at nuclear plant
  • Chickens roost in Kenya’s empty classrooms amid Covid-19 shutdown
  • Kenya county tackles water woes with locally led climate fund
  • Insurer Sanlam posts profit rise, to expand across Africa
  • South Africa insurer Sanlam reports 10% half-year profit rise

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

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