macroafricaintel Daily Brief | 25 Sep

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

Global Markets

  • Asian shares rise on tech rally, renewed stimulus hopes
  • MSCI Asia ex-Japan +0.66%; Nikkei +0.62%
  • Asian shares posted biggest drop in more than 3 mths Thursday
  • Dollar steady after retreating from 2-mth highs

Oil Markets

  • Oil gains but heading for weekly fall over coronavirus demand concerns
  • Brent up 17 cents at $42.11 a barrel (0346GMT)
  • WTI up 16 cents at $40.47

Precious metals

  • Gold edges higher on US stimulus hopes; set for worst week in six
  • Spot gold up 0.1% at $1,869.47/oz. (0341GMT)
  • US gold futures down 0.4% at $1,870.30/oz.

Grains

  • Soybeans flat, set for first weekly loss in 7 on US harvest pressure
  • Soybeans slid 4.1% this week
  • Wheat set to end week with nearly 5% decline
  • Corn has lost more than 3% in week thus far

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

  • Mali swears in interim civilian president
  • South Africa’s Ramaphosa meets education & health workers’ union
  • Ghana’s president & NPP flagbearer Akufo-Addo tours Western North region
  • Bank of Ghana meets on rates; decision on 28 Sep [fcst. 14.5%, prev. 14.5%]
  • Ghana’s EC displays new voters register; 18-25 Sep
  • 75th session of UN General Assembly (15-30 Sep); speeches & engagements by African leaders
  • Potential consititutional crisis in Kenya in focus; 12th Oct deadline for dissolution of parliament by lawyers’ body LSK
  • 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

  • US to provide $720 mln Syria aid and funds for Sahel, South Sudan
  • Egypt cuts interest rates by 50 bps as inflation subsides
  • Ethiopia charges 2,000 over violence after singer’s killing – attorney general
  • Kenya anti-graft agency slams procurement of Covid-19 equipment
  • Kenya High Court suspends move to dissolve parliament over lack of women
  • Somalia meeting most targets on road to debt relief, says IMF
  • France opens probe into BNP Paribas over its role in Sudan
  • Ghana raises 2020/21 cocoa farmgate price by 28%
  • South Africa hit ‘Jerusalema’ inspires people worldwide to shake off Covid-19 blues
  • UK seeks to seize $39 mln from lawyer who helped corrupt Nigeria politician
  • Kenya should renegotiate China rail loan, parliamentary panel says
  • Kenya’s WTO candidate says she will focus on climate change if selected
  • Could Egypt’s MeToo movement be the tinder for a ‘feminist revolution’?
  • ‘Be prepared’: With water scarcer, Egypt pushes farmers to use much less
  • Nigeria collector hopes to boost local pride in artistic heritage amid Black Lives Matter backdrop

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

macroafricaintel Daily Brief | 24 Sep

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

Global Markets

  • Asian shares tumble as global recovery hopes falter
  • MSCI Asia ex-Japan -1.32%; Nikkei -0.74%
  • US Fed officials call for more fiscal support
  • Gold near 2-mth lows on strong greenback

Oil Markets

  • Oil falls on fuel demand growth concerns as coronavirus lingers
  • Brent down 0.7% at $41.49 a barrel (0217GMT)
  • WTI down 0.9% at $39.57

Precious metals

  • Gold falls to over 2-mth low on stronger dollar
  • Spot gold down 0.3% at $1,858.08/oz. (0049GMT)
  • US gold futures down 0.3% at $1,862.30/oz.

Grains

  • Soybeans, corn hit 1-wk low as US harvest advances
  • Soybean futures down 1.2% at $10.02-3/4 a bushel (0305GMT)
  • Corn down 0.9% at $3.65-1/4 a bushel
  • Wheat down 1.1% at $5.42-3/4 a bushel

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

  • South Africa marks Heritage Day; Ramaphosa to speak
  • Ghana’s president & NPP flagbearer Akufo-Addo tours Western North region
  • Ghana NDC flagbearer Mahama speaks on electoral process thus far
  • Nigeria’s Buhari commissions key SGR line in oil-rich region
  • Bank of Ghana meets on rates; decision on 28 Sep [fcst. 14.5%, prev. 14.5%]
  • Ghana’s EC displays new voters register; 18-25 Sep
  • 75th session of UN General Assembly (15-30 Sep); speeches & engagements by African leaders
  • 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

  • CAR MPs vote to keep Dec. 27 election on track
  • Nigeria pop star Yemi Alade wants to hleop women in new UN role
  • Ivory Coast to free opposition leader’s allies in pre-vote peace gesture, spokesman says
  • Nigeria auction bonds at lower yields after surprise rate cut
  • West Africa bloc may lift Mali sanctions soon, says envoy
  • Gambia opposition laments failure of bid to curb term limits
  • Eastern Libya forces say they killed militant group leader
  • Somalia president names newcomer Roble premier as elections loom
  • Nigeria gas tanker explosion kills at least 28
  • Three Egypt policeman, four militants killed in prison break attempt
  • Kenya’s Maasai gather for once-in-a-decade ceremony to turn warriors into elders
  • Gambia MPs reject retroactive bill curbing term limits as unlawful
  • Mali risks “economic paralysis” from post-coup embargo – trade group
  • Egypt orchestra for visually-impaired women resumes concerts amid coronavirus
  • Sudan discusses Arab-Israel peace & terrorism list with US – statement
  • First tanker to load crude at Libya’s Hariga port since January
  • Mozambique asks EU for help in tackling insurgency
  • Tanker to enter Libya’s Hariga port, load 1 million barrels of oil
  • Nigeria’s Buhari to send long-awaited oil reform bill to Senate – sources
  • Kenya harnesses fly larvae’s appetite to process food waste
  • China’s BGI wins 1.5 mln coronavirus test kit order from Ethiopia
  • South Africa set for wave of equity fundraising as banks shun risk

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

macroafricaintel Daily Brief | 23 Sep

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

Global Markets

  • Asian stocks struggle to build on Wall Street gains, dollar rises
  • MSCI AxJ index trades either side of flat
  • Dollar strength points to persistent caution
  • Brent at $41.34, gold steady at $1,900

Oil Markets

  • Oil down after US crude inventories rise against expectations
  • Brent down 0.7% at $41.42 a barrel (0347GMT)
  • WTI down 0.9% at $39.46

Precious metals

  • Gold loses sheen as robust dollar weighs
  • Spot gold down 0.2% at $1,894.69/oz. (0348GMT)
  • US gold futures down 0.5% at $1,898/oz.

Grains

  • Soybeans slips for third day on US harvest pressure, wheat eases
  • Harvest-friendly US weather to boost soybean, corn supplies
  • Soybean futures down 0.2% at $10.17-1/2 a bushel (0326GMT)
  • Corn down 0.3% at $3.68 a bushel
  • Wheat down 0.4% at $5.56 a bushel

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

  • Bank of Mauritius decides interest rates [fcst. 1.85%, prev. 1.85%]
  • Ghana NDC flagbearer Mahama briefing on voters register expected
  • Ghana health workers continue strike
  • Bank of Ghana meets on rates; decision on 28 Sep [fcst. 14.5%, prev. 14.5%]
  • Ghana’s EC displays new voters register; 18-25 Sep
  • 75th session of UN General Assembly (15-30 Sep); speeches & engagements by African leaders
  • 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

  • Nigeria’s main unions to strike over petrol, power price hikes
  • Egypt’s Sisi committed to ridding Libya of militia, regional interference
  • Ivory Coast ruling party says will hold election with or without opposition
  • Glencore says DRC Kamato Copper Company ramping up to full production
  • Macron tells Mali junta to hand power back to civilians quickly
  • Cameroon opposition say one killed in protest against veteran ruler
  • Zimbabwe to gradually re-open schools from Oct 26
  • France’s Macron says working for new Libya meeting to solve crisis
  • Uganda’s public debt surges in coronavirus crisis, central bank says
  • South Africa’s rand recovers after sell-off, stocks slide
  • Libya’s NOC says output to rise as it seeks to revive oil industry
  • Kenya’s parliament to challenge dissolution bid over lack of women
  • Nigeria’s central bank cuts benchmark rate to 11.5% in unexpected move
  • Ivory Coast to boost cocoa processing with 2 new factories
  • Libya’s NOC lifts force majeure at Zueitina oil terminal
  • Angola’s Sonangol reports EBITDA of $4.8 bln in 2019 – statement
  • Cameroon police break up opposition protests with tear gas, water cannon
  • East Mediterranean states formally establish Egypt-based gas forum
  • Insurgency in Mozambique threatens food security, says World Food Programme
  • Coronavirus accelerates Nigeria’s digital banking push
  • Meet the woman driving a motorbike taxi in eastern Congo
  • South Africa’s rand falls again on second wave infection fears
  • Turkey says EU sanctions on Turkish firm over Libya embargo show bias

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

macroafricaintel Daily Brief | 22 Sep

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

Global Markets

  • Stocks down on fresh lockdown worries, banking sell-off; dollar rises
  • Asian shares extend losses for 2nd consecutive day
  • Banking sector sell-off continues on dirty money reports
  • Fresh lockdown worries, stimulus delay spook investors
  • Brent up 0.3% at $41.95, gold last at $1,908.76

Oil Markets

  • Oil rises as US storm eases, but demand worries linger
  • Brent up 0.3% at $41.57 a barrel (0224GMT)
  • WTI up 0.7% at $39.57

 
Precious metals

  • Gold edges higher as dollar halts surge on Covid worries
  • Spot gold up 0.3% at $1,918.20/oz. (0052GMT)
  • US gold futures up 0.6% at $1,921.50/oz.

Grains

  • Corn rebounds on China demand, though improved crop ratings cap gains
  • Corn futures up 0.2% at $3.70-1/2 a bushel (0332GMT)
  • Soybeans up 0.3% at $10.26 a bushel
  • Wheat up 0.5% at $5.57-1/2 a bushel

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

  • Nigeria’s central bank decides interest rates [fcst. 12.5%, prev. 12.5%]
  • Ghana health workers on strike
  • Cameroon opposition protest expected
  • Nigeria petrol tanker drivers go on strike
  • Ghana’s EC displays new voters register; 18-25 Sep
  • 75th session of UN General Assembly (15-30 Sep); high-level general debate starts
  • 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

  • B2Gold says Mali political situation ‘headed in right direction’
  • Kenya’s top judge advises parliament to dissolve over lack of women
  • Former Mali colonel Ndaw named interim president, junta leader VP
  • Cameroon soldiers jailed for killing women and children
  • Armed men kill at least a dozen civilians in northeast Congo
  • Botswana says toxins in water killed hundreds of elephants
  • Nigeria health workers end strike despite no coronavirus harzard pay
  • Kinross Gold CEO sees ‘very low’ risk of unrest spreading to Mauritania
  • Ivory Coast opposition calls for protests to stop Ouattara’s third term bid
  • Sibanye-Stillwater looking to buy gold mines outside South Africa – CEO
  • Coronavirus rumours and regulations mar Burkina Faso’s malaria fight
  • South Africa’s stocks, rand plunge on risk-off market sentiment
  • Senegal’s economy to contract 0.7% in 2002, IMF says
  • Ivory Coast dry spell supports cocoa main crop
  • OPEC watching Libya oil restart closely, needs time to assess – sources
  • Egypt discovers 27 sarcophagi more than 2,500 years old
  • Zimbabwe teachers to boycott work over pay, demand Covid-19 allowance
  • Oil tanker heads to Libya’s Hariga terminal as NOC partially lifts force majeure
  • Turkey will keep supporting Libya’s GNA despite Sarraji plan to quit
  • Botswana says cyanobacteria cause of mysterious elephant deaths
  • Algeria announces early legislative election
  • Algeria names new central bank governor, says President Tebboune
  • Morocco orders Covid-19 vaccine as cases approach 100,000
  • South Africa to allow travel from all of Africa from Oct. 1
  • South Africa’s Investec profit warning increases heat from investors

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

macroafricaintel Daily Brief | 21 Sep

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

Global Markets

  • Asian shares cling to tight ranges as attention shifts to US election, stimulus
  • MSCI ex-Japan down 0.1%, China blue-chips down 0.3%
  • Brent down 1 cent at $41.1
  • Spot gold slightly lower at $1,951.3

Oil Markets

  • Oil prices steady as third storm in month takes aims at US
  • Brent up 0.2% at $43.24 a barrel (0230GMT)
  • WTI up 0.2% at $42.21

Precious metals

  • Gold prices firm as tepid dollar lends support
  • Spot gold up 0.2% at $1,953.37/oz. (0334GMT)
  • US gold futures down 0.1% at $1,960.50/oz.

Grains

  • Soybeans ease from 28-mth high, Chinese demand curbs losses
  • Soybean futures down 0.1% at $10.42 a bushel (0258GMT)
  • Corn down 0.4% at $3.77 a bushel
  • Wheat unmoved at $5.75 a bushel

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

  • Ghana’s Akufo-Addo visits Nigeria; 20-22 Sep
  • Uganda eases Covid-19 restrictions, allows in tourists
  • Nigeria’s central bank decides interest rates; 21-22 Sep [fcst. 12.5%, prev. 12.5%]
  • South Africa state capture inquiry continues
  • Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today

  • World leaders to mark United Nations at 75 as pandemic challenges organization
  • Sudan to discuss removal from US terrorism list in UAE
  • Covid-19 graft scandals fuel South Africans’ anger with ruling ANC
  • Banks agree $545 mln for Congo Republic economy
  • Libya’s NOC lifts force majeure on oil, except where fighters remain
  • Morocco orders Covid-19 vaccine as cases approach 100,000
  • Former execs of South Africa’s Comair to buy out firm in restructuring
  • South Africa commits $650 mln to airline SAA, adminstrator says
  • Turkey upset by Sarraj’s plan to step down in Libya – Erdogan
  • With tourists slow to return, Egypt’s resorts and ancient sites face tough winter
  • Three women in final five for WTO leadership race
  • Libya’s Haftar says he will lift oil blockade
  • Dutch court freezes stake in Angola’s former first family oil feud
  • Somalia president names newcomer Roble premier as elections loom
  • Japan sending team to probe Mauritius ship grounding
  • Ivory Coast opposition calls for protests to stop Ouattara’s third term bid
  • Ethiopia files terrorism charges against leading opposition activist
  • ‘Hotel Rwanda’ hero says he was duped into coming to Rwanda, NYT reports
  • Convoy ambush in eastern Congo kills one aid worker
  • Ivory Coast ex-PM, barred from standing for president, says Ouattara must be blocked
  • Burundi impunity for abuses continues, says UN report, as another mass grave opened
  • Militant group claims killing of France aid workers in Niger
  • More than 30 killed in militia attacks in western Ethiopia
  • Suspected arms dealers moved millions in Somalia money transfers, report says
  • ‘Hotel Rwanda’ hero denied bail during terror trial

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

macroafricaintel Daily Brief | 18 Sep

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

Global Markets

  • Asia defies Wall Street weakness but economy, election worries cap gains
  • MSCI ex-Japan up 0.2%, Nikkei 0.1% higher
  • S&P down 0.2%, Nasdaq up 0.07%
  • Brent last 0.2% firmer at $43.39

Oil Markets

  • Oil eases as US production returns after storm
  • Brent down 6 cents at $43.24 a barrel (0112GMT)
  • WTI down 6 cents at $40.91

Precious metals

  • Gold firms on economic worries, stimulus hopes
  • Spot gold up 0.5% at $1,951.32/oz. (0348GMT)
  • US gold futures up 0.5% at $1,959/oz.

Grains

  • Soybeans set for sixth weekly gain as China steps up purchases
  • Soybean futures up more than 4% this week, set for more than 20% rally in 6 weeks
  • Corn up nearly 3% this week
  • Wheat up close to 4% in the week

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

  • South Africa ministerial briefings on ease of Covid-19 restrictions expected
  • South Africa SACCI business confidence Aug-20 [prev. 82.8]
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Burundi impunity for abuses continues, says UN report, as another mass grave opened
  • Suspected arms dealers moved millions in Somalia money transfers, report says
  • Somalia’s president names Mohamed Hussein Roble as prime minister
  • Convoy ambush in eastern Congo kills one aid worker
  • Militant groupu claims killing of France aid workers in Niger
  • More than 30 killed in militia attacks in western Ethiopia
  • Head of Libya’s Tripoli govt says he wants to quit
  • ‘Hotel Rwanda’ hero denied bail during terror trial
  • Ivory Coast ex-PM, barred from standing for president, says Ouattara must be blocked
  • Uganda reverses forest destruction by inviting in…loggers
  • Algeria referendum looms as test for president and opposition
  • Uganda says 219 prisoners escape, some with guns and ammunition
  • South Sudan president replaces finance minister, state TV reports
  • Covid-19 graft scandals fuel South Africans’ anger with ruling ANC
  • South Africa to open up for international travel from Oct.1, says president
  • Kenya county govts shut down services in dispute over revenue-sharing scheme
  • Mali junta moves toward selecting interim president after embargo threat

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

macroafricaintel Daily Brief | 17 Sep

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

Global Markets

  • Asian shares open weaker after Fed
  • Nikkei flat, Hang Seng down 0.15%
  • BoJ keeps policy steady
  • Brent down 0.8% at $41.86
  • Gold down 1.1% at $1,938.12

Oil Markets

  • Oil falls as demand worries re-emerge, crews return to US Gulf rigs
  • Brent down 0.8% at $41.86 a barrel (0355GMT)
  • WTI down 1.1% at $39.73

Precious metals

  • Gold drops 1% as dollar rises after Fed’s upbeat economic view
  • Spot gold down 1.1% at $1,938.12/oz. (0321GMT)
  • US gold futures down 1% at $1,951.30/oz.

Grains

  • Soybeans hit over 27-mth high on Chinese demand
  • Soybean futures up 0.6% at $10.17-1/2 a bushel (0134GMT)
  • Corn down 0.1% at $3.71-1/2 a bushel
  • Wheat down 0.1% at $5.41-1/2 a bushel

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

  • South Africa’s SARB decides on interest rates [fcst. 3.5%, prev. 3.5%]
  • Kenya counties shut down over revenue allocation standoff
  • South Africa ministerial briefings on ease of Covid-19 restrictions expected
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Ghana’s economy contracts for the first time in 37 years
  • Head of Libya’s Tripoli govt says he wants to quit
  • Egypt cuts highways across pyramids plateau, alarming conservationists
  • South Sudan president replaces finance minister, state TV reports
  • Covid-19 graft scandals fuel South Africans’ anger with ruling ANC
  • South Africa to open up for international travel from Oct.1, says President
  • Kenya county govts shut down services in dispute over revenue-sharing scheme
  • Mali junta moves toward selecting interim president after embargo threat
  • ‘Hotel Rwanda’ hero could face maximum life in prison, prosecution says
  • West Africa bloc fails to reach agreement with Mali junta
  • More than 50 prisoners starve to death in east Congo prison
  • South Africa’s Discovery reports 94% drop in full-year profit
  • Mozambique army condemns ‘horrifying’ shooting of naked woman at hands of fighters
  • Algeria upholds conviction of journalist; rights group fear new crackdown
  • UN chief to appoint special envoy to broker peace in Libya

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

macroafricaintel Daily Brief | 16 Sep

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

Global Markets

  • Asian stocks cheer upbeat data but temper appetite ahead of Fed
  • MSCI Asia ex-Japan +0.5%
  • Yen hits 2-wk high, dollar treads water
  • Gold, US treasury yields flat before Fed statement
  • Brent up 0.8% at $40.85

Oil Markets

  • Oil gains as hurricane shuts US output, stockpiles fall
  • Brent up 0.4% at $40.68 a barrel (0055GMT)
  • WTI up 0.5% at $38.46

Precious metals

  • Gold off 2-wk high as dollar firms ahead of Fed decision
  • Spot gold down 0.2% at $1,952.15/oz. (0026GMT)
  • US gold futures down 0.3% at $1,960.50/oz.

Grains

  • Soybeans extend decline on lower US crush; corn falls
  • Soybean futures down 0.2% at $9.89-3/4 a bushel (0226GMT)
  • Corn down 0.5% at $3.64-1/4 a bushel
  • Wheat down 0.5% at $5.35-3/4 a bushel

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

  • Nigeria banking & finance industry conference; day 2
  • South Africa retail sales Jul-20 [fcst. -6.6% yy, prev. -7.5%]
  • South Africa business confidence Aug-20 [prev. 82.8]
  • South Africa’s SARB decides on interest rates [fcst. 3.5%, prev. 3.5%]
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • South Sudan fighter for women’s voices honored by US peace group
  • West Africa bloc fails to reach agreement with Mali junta
  • UN chief to appoint special envoy to broker peace in Libya
  • Mozambique army condemns ‘horrifying’ shooting of naked woman at hands of fighters
  • Moussa Traore, who led Mali’s first military coup, dies at 83
  • Zimbabwe eases Covid-19 restrictions as exam classes start
  • Gambia’s former first lady Zineb Jammeh hit with US sanctions
  • Egypt TV host’s comments on hijab spark debate, probe by media watchdog
  • AstraZeneca resumes Covid-19 vaccine trials in South Africa, health dept says
  • More than 50 prisoners starve to death in east Congo prison
  • UK says following court case of Zimbabwe journalist
  • Egypt cuts highways across pyramids plateau, alarming conservationists
  • Algeria upholds conviction of journalist; rights groups fear new crackdown
  • At least 24 migrants drowned off Libya – IOM
  • Kenya’s budget deficit likely to swell, finance minister says
  • Mali must appoint civilian govt immediately, says regional bloc
  • ‘There’s nothing we can do’, striking South Africa undertakers tell bereaved
  • Guinea-Bissau migration agency boss arrested for alleged cocaine trafficking
  • Millions of Africa children rely on TV education during pandemic
  • Nigeria health workers strike over coronavirus allowance
  • South Africa coronavirus loan scheme lags, hobbling govt relief package
  • Nigeria’s petrol and power price rises upset business owners

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

macroafricaintel Daily Brief | 15 Sep

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

Global Markets

  • Asian stocks head higher on China data, markets eye Fed meeting
  • MSCI ex-Japan index rises, most Asian markets in green
  • Central bank meetings dominate week’s agenda
  • Brent down 0.1% at $39.58, WTI down 0.1% at $37.24

Oil Markets

  • Oil inches lower as bleaker demand outlook weighs
  • Brent down 0.1% at $39.58 a barrel (0102GMT)
  • WTI down 0.1% at $37.24

Precious metals

  • Gold rises on softer dollar, investors focus on Fed meet
  • Spot gold up 0.3% at $1,962.78/oz. (0259GMT)
  • US gold futures up 0.5% at $1,972.60/oz.

Grains

  • Soybeans near 2-yr high on Chinese demand, US crop woes
  • Soybean futures up 0.4% at $10.03 a bushel (0248GMT)
  • Corn down 0.3% at $3.68-1/2 a bushel
  • Wheat up 0.1% at $5.46-1/4 a bushel

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

  • ECOWAS leaders meet on Mali in Aburi, Ghana
  • South Africa’s Ramaphosa presides over meetings of councils on the economy (NEDLAC) & covid-19 response (PCC)
  • South Africa business confidence Aug-20 [prev. 82.8]
  • South Africa’s SARB MPC meets on rates; 15-17 Sep [fcst. 3.5%, prev. 3.5%]
  • Nigeria inflation Aug-20 [fcst. 12.8% yy, prev. 12.8%]
  • Covid-19 updates by authorities across the continent

Key African events or data releases yesterday & early a.m today

  • Canada’s First Quantum eyes operations expansion at Zambia mine
  • Ivory Coast council approves President Ouattara for third term
  • US slaps more election-related visa restrictions on Nigerians
  • ‘Hotel Rwanda’ hero declines to plead to terrorism charges
  • Egypt real estate firms’ profit hit by coronavirus crisis
  • Protest erupt in Ivory Coast against Ouattara’s third term bid
  • Nigeria reels from twin crisis that threaten food availability
  • OPEC+ Sept meeting unlikely to advocate deeper oil output cuts – sources
  • Egypt to allow wedding ceremonies, cultural events in open-air venues
  • Iran says it supports OPEC as long as its interests are protected
  • AngloGold Ashanti says South Africa gives “unconditional” approval for asset sale to Harmony
  • Ten Tanzanian school children killed in dormitory fire
  • Morocco medics protest over conditions, staff shortages as pandemic surges
  • Ivory Coast rains boost cocoa main crop
  • Coronavirus prompts major pre-emptive Egypt wheat buying spree
  • Vodafone says STC ‘substantively’ completed due diligence on Egypt unit stake sale

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

macroafricaintel Daily Brief | 14 Sep

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

Global Markets

  • Asian shares buoyed by coronavirus vaccine hopes
  • MSCI ex-Japan rises, most Asian markets in green
  • AstraZeneca resumes phase-3 trial for coronavirus vaccine
  • UK, US, Japan central bank meetings expected this week
  • Brent up 0.5% at $40, gold firm at $1,949.7/oz.

Oil Markets

  • Oil mixed as storm threatens US gulf production
  • Brent down 3 cents at $39.80 a barrel (0050GMT)
  • WTI up 9 cents at $37.42

Precious metals

  • Gold gains on weaker dollar, investors await Fed meeting
  • Spot gold up 0.4% at $1,949.92/oz. (0309GMT)
  • US gold futures up 0.6% at $1,958.60/oz.

Grains

  • Soybeans rise above $10/bushel on Chinese demand, corn at 5-mth peak
  • Soybean futures up 0.8% at $10.04-1/2 a bushel (0347GMT)
  • Corn up 0.6% at $3.70-3/4 a bushel
  • Wheat up 0.4% at $5.44 a bushel

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

  • Nigeria health workers embark on 7-day strike
  • South Africa SACCI business confidence Aug-20 [prev. 82.8]
  • ECOWAS leaders meet on Mali in Accra (15 Sep)
  • South Africa’s SARB MPC meets on rates; 15-17 Sep [fcst. 3.5%, prev. 3.5%]
  • Nigeria inflation Aug-20 [fcst. 12.8% yy, prev. 12.8%]
  • Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today

  • Protesters set govt building on fire in eastern Libya
  • Uganda, Tanzania sign agreement for construction of crude oil pipeline
  • Mali’s M5-RFP coalition rejects junta’s post-coup charter
  • South Africa economy to shrink by more than govt’s 7% forecast in 2020 – Mboweni
  • Libya medics already faced war, now the pandemic is surging there too
  • Saudi Telecom says no deal reached on Vodafone Egypt stake
  • Libya’s Haftar committed to ending oil blockade, US says
  • Ivory Coast’s Bedie promises to let exiles return if elected president
  • Mali negotiators back charter that could see soldier as interim president
  • Congo gold miners scour rubble for bodies after cave-in
  • Mali interim president can be soldier or civilian – rapporteur
  • Congo says it will reimburse VAT to mining companies after audit
  • Ambulance hits landmine in southern Mali, killing six
  • At least 50 killed in collapsed gold mine in east Congo – NGO
  • Uganda, Total reach agreement bringing to fresh 4-wk low on cooler forecasts
  • Ivory Coast govt seeks end to violence ahead of October election
  • Egypt’s Sisi says appreciates ‘important step’ of Israel, Bahrain establishing diplomatic ties
  • Can a tooth settle the mystery over Congo’s independence hero?
  • Unilever South Africa takes further steps after ‘racist’ TRESemme advert
  • Regional party wins vote in Ethiopia’s Tigray, challenging federal govt
  • Six killed in Burundi gun attack, weeks after similar incident
  • Risk appetite aids South Africa’s rand recovery, stocks up
  • Almost 100 Senegal soldiers test positive for coronavirus
  • Junta to appoint Mali leader in 2-yr transition, proposal says
  • South Africa bank profits seen taking years to recover from Covid-19 hit
  • Malawi’s economy to grow 4.5% in 2021 – finmin
  • Zimbabwe divorce law spurs women’s fight for property

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