macroafricaintel Daily Brief | 1 Dec

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

Global Markets
• Asia shares extend gains on recovery hopes, following stellar November
• Asian factories continue recovery from covid-19 woes as China booms
• US housing, manufacturing data suggest economic recovery slowing
• Oil drops as OPEC+ delays talks, raising supply alarm
• Brent down 0.5% at $47.62, WTI down 0.5% at $45.11 (0550GMT)
• Gold rebounds from 5-mth lows as virus fears outweigh vaccine cheer
• Spot gold up 0.4% at $1,784.37/oz., futures up 0.4% at $1,787.90 (0349GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Ghana elections special voting today; main polls on 7 Dec
• Nigeria’s Buhari rolls out national gas expansion programme [1 mln petrol/diesel to autogas vehicle conversions by end-2021 targeted]
• South Africa ABSA manufacturing PMI Nov-20 [prev. 60.9]
• Ghana ruling NPP’s Akufo-Addo & NDC’s Mahama on the campaign trail
• South Africa’s Mabuza delivers keynote at World AIDS day event in Soweto
• Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today
Reuters
• Ivory Coast, Ghana cancel cocoa sustainability schemes run by Hershey
• US Pompeo voices ‘grave concern’ about ongoing Ethiopia Tigray hostilities
• Somalia expels Kenya ambassador over ‘interference’
• Abiy says Ethiopia’s federal forces have not killed civilians in Tigray
• Malaria death toll to exceed covid-19’s in sub-Saharan Africa: WHO
• Militants attack three France military bases in Mali
• In Sudan camp, a Tigray farmer once displaced by famine now shelters from war
• Ivory Coast, Ghana withdraw membership of US trade body – document
• Violence, floods in South Sudan’s Warrap state displace thousands
• Threats, detentions and frozen assets: Nigeria’s protesters depict
pattern of intimidation
• Ethiopia’s PM savours victory, Tigrayan leader says war not finished
• Electricity grid collapses in Nigeria, Africa’s largest economy
• Nigeria buries 43 farmers killed by militants, dozens missing
• Allies of Burkina Faso’s Kabore retain control of parliament

Bloomberg
• Oil rally stalls on uncertainty over OPEC+ output plan
• Zimbabwe $1.25 bln plan sees cannabis as biggest cash crop
• Cocoa growers, Ivory Coast & Ghana, hit back at Hershey, ban ethical efforts
• Naira hits 4-yr low as Nigeria central bank adjusts rate
• Kenya shilling set for longest losing streak ever on virus hit
• Zimbabwe rules out return to US dollar, backs local currency
• South Africa stocks fall, paring best November gains since 2001
• South Africa buyout firms take equity in Zimbabwe border post

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

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