macroafricaintel Daily Brief | 9 Dec

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

Global Markets
• Stock market bull run continues, sterling faces Brexit test
• US Q3 productivity pared; unit labor costs revised up
• China’s factory prices fall more slowly in November, food weighs on consumer prices
• Oil eases on demand concerns after jump in US stockpiles
• Brent down 0.4% at $48.66, WTI down 0.3% at $45.45 (0450GMT)
• Gold dips as equities climb on vaccine cheer; stimulus hopes support
• Spot gold down 0.3% at $1,865.46/oz., futures down 0.3% at $1,870.20 (0309GMT)

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
• Ghana’s electoral commission releases 7th Dec. election results
• Bank of Namibia decides interest rates [fcst. 3.75%, prev. 3.75%]
• AfDB hosts Africa economic conference (8-10 Dec)
• Ethiopia’s Abiy visits Kenya (9-10 Dec)
• South Africa CPI Nov-20 [fcst. 3.5% yy, prev. 3.0%]
• South Africa retail sales Oct-20 [fcst. -3.2% yy, prev. -2.7%]
• South Africa SACCI business confidence Oct-20 [prev. 85.7]
• Nigeria’s Buhari addresses joint session of parliament on insecurity in the north, etc; (10 Dec)
• South Africa state capture inquiry continues
• Covid-19 updates by authorities across the continent
• South Africa current account balance Q3-20 (10 Dec) [fcst. 1.1% of GDP, prev. -2.4%]
• South Africa mining production Oct-20 (10 Dec) [fcst. -3.8% yy, prev. -2.8%]
• South Africa manufacturing production Oct-20 (10 Dec) [fcst. -2.9% yy, prev. -2.6%]

Key African events or data releases yesterday & early a.m today
Reuters
• Ethiopia’s war risks leaving manufacturing dreams in tatters
• Exclusive: Fitch says upgrades of major economies unlikely in 2021 despite covid-19 vaccine
• Lawmakers throw buckets and chairs in Congo parliament brawl
• Ethiopia says UN team shot at in Tigray after defying checkpoints
• Exclusive: US thinks Eritrea has joined Ethiopia war, diplomats say
• Ethiopia says UN team shot at in Tigray after defying checkpoints
• South Africa economy rebounds in Q3 led by mining, manufacturing
• Arms deal corruption case postponed against South Africa ex-president Zuma
• ‘He said Victor was shot’: Brother grapples with loss after Nigeria protest deaths
• Kabila alliance rejects Congo president’s bid for new coalition
• Ethiopia scorns guerrilla war fears, UN team shot at in Tigray
• Australia monitoring virus security situation in South Africa

Bloomberg
• Egypt minister hails steps toward resolving Gulf-Qatar feud
• ‘Stars aligning’ for South Africa stocks as risk appetite builds
• South Africa opens new battle with unions over airline salaries
• Ramaphosa rival to face South Africa ruling party integrity body
• South Africa statistics agency may drop focus on annualized GDP
• Ethiopia says forces fired on UN team after checkpoint breaches
• Possible Eritrea troop sightings signal wider Ethiopia fight
• A tiny gold fund turns into gateway for capital fleeing Nigeria
• South Africa court postpones hearing of Jacob Zuma’s corruption trial
• South Africa exits longest recession since 1992 with GDP bounce
• South Africa’s AngloGold appoints Ramos as chairwoman after Pityana resigns
• Abu Dhabi wealth fund targets Africa, renewables to lift returns

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

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