macroafricaintel Daily Brief | 7 Oct

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

Global Markets
• Asia stocks inch up, defy US stimulus gloom
• MSCI Asia ex-Japan up 0.2%, Nikkei down 0.2%
• Markets await Fed minutes (1800GMT)
• Spot gold steady at $1,879/oz.

Oil Markets
• Oil prices fall as Trump cancels aid talks, US crude stockpiles rise
• Brent down 1.6% at $41.95 a barrel (0411GMT)
• WTI down 2% at $39.86

Precious metals
• Gold claws back as economic uncertainty lifts appeal
• Spot gold up 0.3% at $1,882.12/oz. (0345GMT)
• US gold futures down 1.2% at $1,886.30/oz.

Grains
• Wheat slips from 5-yr high, dry weather concerns limit losses
• Wheat futures down 0.3% at $5.91 a bushel (0317GMT)
• Soybeans down 0.3% at $10.41-1/4 a bushel
• Corn up 0.1% at $3.85-1/4 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji & @macroafrica]
• Ghana ruling NPP’s Akufo-Addo & NDC’s Mahama on the campaign trail
• WTO announces final two candidates for DG
• South Africa’s COSATU 1-day strike over corruption, etc.
• South Africa’s Ramaphosa anti-corruption drive gains momentun; more
high-profile arrests expected
• South Africa FX reserves Sep-20 [prev. $55.75B]
• South Africa’s Ramaphosa announces economic recovery plan [expected
during the week]
• Nigeria’s Buhari delivers 2021 budget speech (8 Oct)
• 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
• Covid-19 vaccine may be ready by year-end – WHO’s Tedros
• Zimbabwe finance minister says Covid-19 won’t hit economy as hard as elsewhere
• Sudan & main rebel groups formalise peace deal
• Egypt unveils 59 ancient coffins in major archaeological discovery
• South Africa Hawks police not aware of imminent arrest of ANC’s Magashule
• Kidnapped France aid worker’s son cautious on word of her release in Mali
• Braving coronavirus, pilgrims flock to Senegal’s ‘little Mecca’
• Belgium arrests 3 Rwandans in connection with 1994 genocide
• West Africa leaders lift sanctions on Mali
• Mali announces new govt following August coup
• Egypt says GERD dam will begin generating power in next 12 months
• Ethiopia bans flights over dam for security reasons: aviation chief
• Ethiopia’s Oromo celebrate tense thanksgiving amid tight security
• India & South Africa ask WTO to waive rules to aid Covid-19 drug production
• US welcomes transitional govt Mali
• Chevron Nigeria plans to cut 25% of staff after oil price drop

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

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