macroafricaintel Daily Brief | 10 Jul

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

Global Markets

  • Asian shares down on virus risk, US-China tension
  • Equities and risk assets take a hit
  • China stocks fall after red-hot rally
  • Growth in US coronavirus cases unsettles markets

Oil Markets

  • Oil dips, heading for weekly loss as virus cases rise
  • Brent down 0.2% at $42.28 a barrel (0114GMT)
  • WTI down 0.3% at $39.49

Precious metals

  • Gold set for 5th weekly gain as pandemic rages
  • Spot gold little changed at $1,801.69/oz. (0041GMT)
  • US gold futures up 0.2% at $1,806.90/oz.

Grains

  • Wheat set for best weekly gain in 4 mths on global harvest worries
  • Wheat futures on track for weekly gain of more than 6%
  • Corn also set for a weekly gain
  • Soybeans also expected higher for the week

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

  • Nigeria’s Buhari signs revised 2020 budget
  • Nigeria’s finmin Ahmed hosts public forum on 2021-23 MTEF
  • South Africa state capture inquiry resumes
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Algeria tightening travel restrictions to limit coronavirus infections
  • Kenya musuem, Mau Mau fighter shed light on British colonial abuses
  • Sudan’s Khartoum airport partially opens to flights from Egypt, Turkey and UAE
  • Nigeria’s President Buhari to sign revised 2020 budget into law on Friday – presidency
  • At least three killed in protests over Congo election chief
  • Ivory Coast ruling party may ask president to stand again after PM dies
  • Botswana to ration fuel amid shortage
  • Egypt annual headline inflation rises to 5.6% in June – CAPMAS
  • Nigeria excess crude account held $72.41 mln as of July 7 – finmin
  • Nigeria naira ease on black market after moves to unify official FX rate –traders
  • Malawi new female cabinet ministers vow to push for jobs for women
  • South Africa court dismisses appeal against SAA layoff ruling
  • Botswana finds more elephants, says test results due this week
  • Africa could have covid-19 vaccine in Q1 if human trials work – South Africa trial lead
  • Ghana health workers warn of potential covid-19 calamity
  • Foreign mineworkers return to South Africa mines after lockdown
  • Nigeria drops plan for some pupils to return to school amid covid-19 concerns
  • Sudan finance, foreign and energy ministers replaced in reshuffle
  • US warns aid at risk unless alleged abuses in W.Africa’s sahel region addressed
  • Eastern Congo militia pledges to surrender after leader forced out
  • Kenya shilling under pressure, Tanzania’s stable; in week ahead
  • Ivory Coast dollar bonds fall after death of ruling party candidate
  • Kenya to sell 5-yr, 10-yr and 15-yr bonds in July – cenban
  • South Africa manufacturing output falls 49.4% y/y in April
  • Air Namibia allowed to fly again after court suspends licence cancellation
  • Africa urged to test more as coronavirus cases exceed 500,000
  • Mali president offers concessions to end political stalemate
  • Zambia health minister corruption trial delayed a week
  • Fears at Nile’s convergence in Sudan that new dam will sap river’s strength
  • Kenya shilling weakens against dollar
  • Uganda shilling firms as low consumer spending cuts demand
  • Uganda central bank may cap commercial bank interest rates

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

macroafricaintel Daily Brief | 9 Jul

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

Global Markets

  • Asian stocks grind higher as focus turns to earnings
  • Investors hope for positive outlook from US firms on earnings
  • China rally extends, CSI300 hits 5-yr high while yuan gains
  • Gold steady above $1,800/oz.

Oil Markets

  • Oil prices idle as coronavirus spike fears offset signs of gasoline recovery
  • Brent up 3 cents at $43.32 a barrel (0035GMT)
  • WTI unchanged at $40.90

Precious metals

  • Gold holds above $1,800 level as virus casts long shadow
  • Spot gold little changed at $1,808.44/oz. (0243GMT)
  • US gold futures flat at $1,819.80/oz.

Grains

  • Wheat hits 1-mth peak on supply concerns as production outlook dips
  • Wheat futures up 0.5% at $5.19 a bushel
  • Soybeans up 0.1% at $8.99 a bushel
  • Corn up 0.1% at $3.54-1/4 a bushel

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

  • Kenya & US negotiate bilateral trade deal (from 8 July)
  • Nigeria govt clarification on reported detention of anti-graft chief expected
  • South Africa releases manufacturing production data
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Nigeria’s confirmed coronavirus cases pass 30,000 – NCDC
  • Ghana activists sue govt to save forest from mine
  • Ivory Coast premier and would-be president Gon Coulibaly dies at 61
  • Tunisia budget deficit in 2020 will be more than 5 pct of GDP
  • Total secures $15.8 bln in funding for Mozambique gas project – FNB
  • Egypt keeps domestic fuel prices unchanged – statement
  • UN chief says foreign meddling in Libya conflict at ‘unprecedented levels’
  • Malawi appoints Wilson Banda as new central bank governor
  • Seven killed in oil platform ladder installation blast in southern Nigeria – NNPC
  • Nigeria naira resumes official market trading as FX rates unify
  • US, Kenya formally launch trade deal talks
  • IMF must fine-tune lending instruments for poorest states – Georgieva
  • Eni CEO commits to Libya after meeting with al-Sarraj
  • Coronavirus tipping sovereign rating balance into junk – Fitch
  • Nigeria naira resumes trading at 381 per dollar on official market
  • France calls for release of Mali opposition leader Cisse
  • South Africa’s Steinhoff agrees to sell stake in Conforama France to Mobilux
  • South Africa Airways to offer training for up to 1,000 staff
  • Russia working on intermediate Libya ceasefire with Turkey – Ifax
  • With schools closed, child labour on the rise in lockdown Uganda
  • Namibia to ground national carrier’s license over cash hole
  • Kenya shilling under pressure agains dollar
  • Somalia – Two policemen killed in roadside blast in Mogadishu – witness
  • In Africa, lack of coronavirus data raises fears of “silent epidemic”
  • Kenya sports minister Mohamed to bid for top WTO job
  • Dozen of bodies found in Burkina Faso, and rights group suspects extrajudicial killings

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

macroafricaintel Daily Brief | 8 Jul

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

Global Markets

  • Asian shares waver with coronavirus, corporate earnings in focus
  • MSCI ex-Japan eases with 4-1/2 month hit on Tuesday
  • Oil prices slip on oversupply fears
  • Gold near 8-1/2 year high on safe haven demand
  • Citi ‘overweight’ on US & EM equities

Oil Markets

  • Oil dips as US inventory build stokes supply fears
  • Brent down 0.3% at $42.95 a barrel (0019GMT)
  • WTI down 0.3% at $40.52

Precious metals

  • Gold steady near highest since November 2011 on flight to safety
  • Spot gold steady at $1,793.56/oz. (0031GMT)
  • US gold futures down 0.2% at $1,806.30/oz.

Grains

  • Soybeans fall to 6-day low as weather concerns recede
  • Soybean futures down 0.2% at $8.97-3/4 a bushel
  • Corn down 0.5% at $3.50-3/4 a bushel
  • Wheat up 0.1% at $4.95-3/4 a bushel

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

  • Electoral Commission of Ghana briefs press on ongoing voter registration
  • Financial Times Africa debt digital dialogue; Kaberuka, Daly et al. speakers
  • Nigeria resumes domestic flights
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Algeria prepares new plan to revive economy, reduce independence on oil
  • Zimbabwe health minister, accused of corruption, sacked – statement
  • Egypt women flood instagram with ‘MeToo’ stories as suspect arrested
  • Nigeria naira eases sharply on official market after pressure to unify FX rate
  • Glencore copper mine in Congo says six workers have coronavirus
  • Implement substantive reforms, Paris Club creditors tell Zimbabwe
  • Libya’s NOC says oil blockage to halve oil output in coming years
  • Nigeria naira eases 5.5% on official market backed by central bank – traders
  • Parts of South Africa’s Edcon set for sale to Durban-based retailer
  • Africa to rebound from pandemic slump in 2021 but damage done – AfDB
  • South Africa rand slides as coronavirus infection rise dims outlook
  • African economies could shrink 3.4% this year, rebound in 2021 – AfDB
  • Kenya police fire teargas, arrest marchers protesting at brutality
  • Ivory Coast’s 2020 growth seen sliding to 0.8% due to pandemic
  • Egypt charges student with sex crimes in case that stoked debate
  • No quotes on Nigeria’s official FX market for second session
  • South Sudan central bank cuts benchmark interest rate to 10%
  • Congo health workers reduce coronavirus services in pay protest
  • South Africa faces battle to rein in spending – Fitch
  • South Africa has bad record on keeping budget promises – Fitch
  • Uganda shilling little changed as sluggish consumer spending cuts demand
  • Sierra Leone doctors threaten to expand strike amid covid-19 crisis
  • Africa’s top publisher to close South Africa publications, cut jobs
  • Free ambulance helps save mothers and babies in Kenya lockdown
  • Egypt, France, Germany, Jordan warn Israel on annexation
  • Senegal slave island, moved by George Floyd’s death, renames Europe square
  • Egypt foreign reserves recover slightly to $38.2 bln
  • Cameroon activist campaigns against colonial monuments
  • South Africa’s Massmart says 1,800 Game jobs at risk
  • Kenya shilling steady on muted demand
  • Kenya central bank to hold its rate-setting meeting on July 29
  • South Africa consumer confidence crashes to 35-yr low in second quarter – survey
  • South Africa’s Omnia swings to annual profit as turnaround bears fruit
  • South Africa central bank reduces bond purchases to 5 bln rand in June
  • South Africa net foreign reserves rose to $45.7 bln in June
  • With drones and masks, African innovators keep covid-hit economies afloat

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

macroafricaintel Daily Brief | 7 Jul

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

Global Markets

  • Asian shares hit speed bump, China extends sharp rally
  • Asian shares step back after hitting 4 1/2 –mth high
  • China extends rally as investors count on policy support
  • Yuan hit highest levels in almost 4 months

Oil Markets

  • Oil prices inch higher on output cut support, but US coronavirus spike caps gains
  • Brent up 0.2% at $43.17 a barrel (0103GMT)
  • WTI up 0.3% at $40.76

Precious metals

  • Gold steadies near 8-yr high as virus cases surge
  • Spot gold almost unchanged at $1,783.67/oz. (0303GMT)
  • US gold futures flat at $1,793.50/oz.

Grains

  • Soybeans firm, USDA crop report caps gains
  • Soybean futures up 0.2% at $9.08-1/4 a bushel
  • Corn up 0.1% at $3.47 a bushel
  • Wheat down 0.2% at $4.92-1/4 a bushel

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

  • Kenya begins phased reopening of economy
  • Fitch SSA webinar; Nigeria & South Africa in focus
  • CSIS Africa online debate; Ezekwesili, Ofori-Atta speakers
  • Nigeria junior labour minister reappears before Senate committee for questioning over public works programme
  • Trilateral Ethiopia GERD talks resume (from 6 July)
  • Nigeria MPs investigate $30 bln worth revenue leakages; banks in focus
  • South Africa Airways administrators unveil revised restructuring plan
  • South Africa FX reserves Jun-20 [prev. $52.77B]
  • South Africa consumer confidence Q2-20 [prev. -9]
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Egypt reports first drop below 1,000 new covid-19 cases since May 27
  • Egypt military production minister dies
  • Morocco 2020 bugdet review sees fiscal deficit at 7.5%, growth at -5%
  • Congo dispatches former warlords to try to resolve ethnic conflict
  • Kibali’s $500 mln will be clear to leave Congo ‘very soon’ – Barrick CEO
  • Kenya orders probe into rise in violence against women and girls during pandemic
  • Kenya protesters set fire to police station after killing
  • Ghana presidential candidate selects first female running mate for major party
  • UN says attacks by militia in Congo may be war crimes
  • South Africa rand up as risk appetite revives, stocks rise
  • No quotes on Nigeria’s official FX market after currency weakend at auction
  • Malawi’s Chakwera pledges graft clampdown in subdued inauguration amid virus
  • Nurses in Zimbabwe arrested as they protest over pay
  • Kenya uses app in battle against desert locusts
  • Kenya announced phased reopening from coronavirus lockdown
  • Nigeria levied $338 mln from banks before weakening retail FX rate
  • Tunisia inflation slows to 5.8 pct
  • Kenya Airways to lay off staff, reduce network and assets – CEO
  • Egypt private economic activity ebbs at slower rate in June – PMI

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

macroafricaintel Daily Brief | 6 Jul

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

Global Markets

  • Asia shares climb as China blue chips hit 5-yr peak
  • Asia ex-Japan stocks highest since Feb, led by China
  • Some US states delay reopenings as pandemic rages
  • Major currencies range-bound, gold near highs

Oil Markets

  • Oil prices mixed as coronavirus spike casts shadow over US demand
  • Brent up 0.3% at $42.91 a barrel (0109GMT)
  • WTI down 0.7% at $40.35

Precious metals

  • Gold slips as risk appetite improves, viurs surge caps losses
  • Spot gold down 0.1% at $1,773.49/oz. (0306GMT)
  • US gold futures down 0.4% at $1,782.30/oz.

Grains

  • Soybeans hit 4-mth high on hot, dry US weather threat
  • Soybean futures up 1% at $9.06-1/4 a bushel (0142GMT)
  • Corn up 1.6% at $3.59 a bushel
  • Wheat up 0.8% at $4.95-3/4 a bushel

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

  • Kenya’s Kenyatta speech expected; new covid-19 measures & cabinet reshuffle likely
  • Malawi independence day
  • South Africa state capture inquiry resumes
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Egypt’s private economic activity ebbs at slower rate in June – PMI
  • Morocco economy to contract 13.8% in Q2, 4.6% in Q3 – planning agency
  • Tunisia Ennahdha party to review stance on govt
  • Uneasy calm in Ethiopia after protests, official death toll doubles
  • Sudan fires top police officials after protests
  • South Africa’s Sasol gives up licence to seek offshore gas in Mozambique
  • Keep SMB’s Congo coltan mine in supply chains, says mineral tracker
  • Congo mines minister to meet with firms on confinement moratorium
  • Egypt sets date for senate election in August; 11-12 Aug
  • Jets hit Libya’s al-Watiya airbase where Turkey may build base, sources say
  • Ghana’s president self-isolates after close person tests positive for coronavirus
  • Malawi’s election cheer dampened by coronavirus surge
  • Ugandan dies after setting fire to himself over motorcycle impounded over covid-19
  • Suicide car bomber hits checkpoint at Somalia’s Mogadishu port
  • Nigeria debt rose to 28.62 trln naira as of March – debt office
  • Cameroon holds first peace talks with main seperatist insurgents
  • Nigeria weakens naira at retail FX auction in a move to align rates
  • Nigeria central bank to sell to retail clients at 5% above official rate – traders
  • Botswana top vet defends investigations into unexplained elephant deaths
  • South Africa’s Tsogo Sun to buy additional shares in Hospitality Property Fund
  • Suspected militant ambush in Mali kills seven soldiers
  • Land Bank default forces South Africa central bank into $200 mln bailout of state investment arm
  • Morocco’s RAM to axe routes, may reduce fleet to secure aid
  • South Africa to investigate scrap metal shortage hurting industry
  • Angola resists OPEC pressure to comply fully with oil cuts – sources
  • South Africa’s Capitec Bank expects 70% plunge in H1 profit due to bad loans
  • South Africa’s Old Mutual makes acting CEO permanent, a year after sacking predecessor
  • Zimbabwe’s Landela agrees to buy state-owned gold mines, seeks more assets
  • Djibouti ramps up efforts to get seafarers stranded by coronavirus off ships
  • Angola app gives performers a lifeline – streaming to paying public
  • ‘Black Lives Matter’ movement stirs Ghana artist in covid limbo
  • Italy prosecutor says Eni, Shell aware of bribes in Nigeria case
  • Russia to reopen embassy in Libya – Ifax cites foreign minister
  • Kenya shilling weakens due to manufacturing sector demand
  • Ghana minister resigns after breaching coronavirus measures
  • Vedanta’s Zambia copper unit warns part of Nchanga open-pit mine about to collapse
  • South Africa’s National Treasury says “no further action” to bailout SAA airline
  • Kenya private sector activity up in June, outlook gloomy – PMI
  • Deterioration in South Africa factory activity slows in June as lockdown eases – PMI

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

macroafricaintel Daily Brief | 3 Jul

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

Global Markets

  • US markets closed for July 4 holiday
  • Asia shares hit 4-mth high as US, China recoveries gather pace
  • Shanghai shares hit 14-mth high on service sector recovery
  • US payrolls jump 4.8 mln but hurdles lie ahead
  • Rising US covid-19 cases threaten US recovery

Oil Markets

  • Oil falls as growing coronavirus cases stoke fuel demand worries
  • Brent down 0.9% at $42.77 a barrel (0042GMT)
  • WTI down 0.8% at $40.31

Precious metals

  • Gold steadies in tight range as virus fears offset solid US jobs data
  • Spot gold unchanged at $1,775.12/oz. (0232GMT)
  • US gold futures down 0.1% at $1,787.80/oz.

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

  • South Africa’s Ramaphosa visits Mpumalanga to assess province’s covid-19 response
  • Kenya roadmap on reopening worship centres expected; Kenyatta covid-19 measures speech expected on Monday [Or during weekend; cabinet reshuffle could be announced]
  • Electoral Commission Ghana voter re-registration continues
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • US welcomes independent probe of report that cleared African Development Bank chief
  • Mining magnate Gertler denies skirting US sanctions in Congo
  • Attackers on motorbikes kill 32 Mali villagers, local officials say
  • Small homemade bomb explodes in Cameroon capital, official says
  • South Africa to keep 20,000 soldiers on covid-19 duty until September
  • Botswana investigating mystery deaths of at least 275 elephants
  • Portugal to take then selll majority stake in Efacec firm of Angola’s dos Santos
  • Lockdown ends in Nigeria’s Kano, where coronavirus killed hundreds
  • Namibia considering options for struggling national flag carrier – finmin
  • South Africa telecoms regulator moves to finalise spectrum licensing
  • Slain Ethiopia singer electrified a generation with songs of freedom and protest
  • Sierra Leone doctors’ strike leaves covid-19 patients stranded
  • Pump or dump? With oil in decline, Africa ponders its energy future
  • Two killed in clashes as mourners struggle to get into Ethiopia singer’s funeral
  • South Africa man dragged naked from shack sparks legal action against evictions
  • Six hurt in scuffles with security forces at Ethiopia singer’s funeral
  • South Africa rand firmer as currnet account surplus adds to global risk boost
  • OPEC basket oil price rises above $40 for first time in 4 months
  • South Africa’s SAA administrators aim to publish revised plan on July 7
  • Canadian arrested in Egypt early in 2019 returns home after release, needs medical treatment
  • Pirates kidnap nine in attack on vessel off Nigeria, says ship owner
  • South Africa refinery explosion kills two, injures seven
  • Pandemic costs Africa travel, tourism almost $55 bln
  • Kenya shilling seen on back foot, Tanzania’s firming; in week ahead
  • Africa does not have manifold undetected coronavirus infections – WHO
  • As pandemic spreads, Congo poet warns in music video of ‘empty cooking pots’
  • South Africa – CMA CGM drops port congestion surcharge for Cape Town
  • Angola resists OPEC pressure to comply fully with oil cuts – sources
  • Eight years after bombing, Somalia reopens national theatre
  • Kenya shilling holds steady against the dollar
  • South Africa records first current account surplus in 17 years
  • Explosion at Astron Energy’s South Africa refinery kills at least 2 – source
  • World food price index rises in June, first increase in 2020 – UN
  • How to rid East Africa of locusts? Serve them in a kebab or drive them to cannibalism

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

macroafricaintel Daily Brief | 2 Jul

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

Global Markets

  • Asia stocks rise on vaccine hopes, eyes on US payrolls
  • MSCI ex-Japan rises, all major Asian indexes in black
  • Shanghai copper at 6-mth highs on supply fears
  • Investor focus on US employment data due later in the day
  • Currencies tread water

Oil Markets

  • Oil prices dip on demand worries as California reimposes restrictions
  • Brent down 0.3% at $41.89 a barrel (0024GMT)
  • WTI down 0.3% at $39.69

Precious metals

  • Gold eases off near 8-yr peak after solid US data
  • Spot gold down 0.2% at $1,767.11/oz. (0034GMT)
  • US gold futures down 0.2% at $1,777.30/oz.

Grains

  • Corn eases after rally, lower US planting stems fall
  • Corn futures down 0.2% at $3.59-3/4 a bushel (0030GMT)
  • Soybeans down 0.1% at $8.98 a bushel
  • Wheat down 0.4% at $4.96-3/4 a bushel

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

  • Nigeria raises fuel prices
  • AfDB hosts Africa infrastructure finance webinar
  • South Africa current account balance Q1-20 [fcst. -2.7% of GDP, prev. -1.3%]
  • Electoral Commission Ghana voter re-registration continues
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Burkina Faso probes bullet-ridden bodies discovered after army operation
  • Nigeria to restart domestic flights July 8 in easing of coronavirus curbs
  • Mali opposition seeks to curb president’s authority in reform plan
  • Algeria president pardons protest movement activists
  • Military deployed in Ethiopia capital after more than 80 killed in protests
  • Egypt reopens airports and welcomes tourists to pyramids after covid closure
  • Sierra Leone doctors treating covid-19 patients to go on strike
  • ‘We are not guinea pigs’, say South Africa anti-vaccine protesters
  • Egypt parliament approves $5 bln supplemental spending bill
  • Monk’s death sentence commuted to life for murder of bishop at Egypt monastery
  • Big South Africa insurers face $232 mln in claims from 500 virus-hit firms
  • South Africa eases lockdown, eco-tourism community fears for future
  • South Africa’s Sasol to sell Escravos gas-to-liquids plant to Chevron
  • Sierra Leone doctors treating covid-19 patients to go on strike
  • Mauritius investigates alleged round-tripping linked to Wirecard AG
  • Portfolio inflows to emerging markets to continue to recover – IIF
  • Morocco’s trade deficit narrows 12% y/y in Jan-May
  • More than 40,000 people forcefully evicted in East Africa during coronavirus crisis
  • Libya’s NOC says force majeure continues pending lifting of blockade
  • Outflanked by China in Africa, Taiwan eyes unrecognised Somaliland
  • South Africa’s Transnet names Dlamini as CFO
  • South Africa – Johannesburg exchange fines Tongaat over non-compliance
  • Child labour on Ivory Coast cocoa farms rises during pandemic, study finds
  • Actis-backed African education group acquires Nigeria university – CEO
  • Turkey business group plans Libya trip to set post-war plan – sources
  • Congo and the chocolate factory: New producer hits the sweet spot
  • Uganda shilling inches up against the dollar
  • Easing lockdown lifts South Africa’s Absa PMI in June
  • Congo vows zero tolerance over child soldiers after US anti-trafficking nod
  • South Africa retailer Steinhoff posts bigger full-year loss

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

macroafricaintel Daily Brief | 1 Jul

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

Global Markets

  • Asia shares inch higher as data drives rebound hopes
  • Chinese PMI data helps stocks edge higher
  • Caution holds gold near 8yr top, supports yen

Oil Markets

  • Oil rises after sharp drop in US crude inventories
  • Brent up 0.8% at $41.60 a barrel (0044GMT)
  • WTI up 1.1% at $39.69

Precious metals

  • Gold firms near 8-yr peak as virus fears grow
  • Spot gold up 0.1% at $1,782.67/oz. (0336GMT)
  • US gold futures steady at $1,800.60/oz.

Grains

  • Corn falls from 3-mth high, USDA estimates cap losses
  • Corn futures up 0.2% at $3.41 a bushel
  • Soybeans down 0.1% at $8.81 a bushel
  • Wheat down 0.3% at $4.90-1/2 a bushel

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

  • Nigeria reopens interstate borders
  • Egypt reopens airports
  • Impeachment motion against Kenya’s Nakuru county governor Kinyanjui imminent
  • South Africa Absa manufacturing PMI Jun-20 [prev. 50.2]
  • Electoral Commission Ghana voter re-registration continues
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • South Africa retailer Steinhoff posts bigger annual loss
  • One killed in Sudan as thousands rally for faster reform
  • At least 10 dead as slaying of Ethiopia singer triggers protests
  • Sahel summit agrees need to intensify campaign against militants
  • France’s Macron says recent “spectacular” results make victory in Sahel possible
  • Three deadly blasts rock Ethiopia capital during protests – police
  • South Africa activists hail ruling to protect poor residents from police raids
  • Zimbabwe central bank raises main lending rate to 35% as inflatioin soars
  • Protests in Ethiopia town of Adama kill eight, injure 80 – doctor
  • Belgium king expresses deep regret for colonial past in Congo
  • Egypt M2 money supply up 17.24% y/y in May – cbank
  • Soccer – Africa cup of nations postponed from January next year to 2022
  • Kenya economic growth slows down in the first quarter
  • OPEC, Russia seen easing oil production cuts from August – sources
  • Nigeria WTO nominee says has “strong support” from Africa
  • Kenya economy expands by 4.9% in the first quarter of this year
  • Tunisia coalition under pressure over PM conflict of interest allegations
  • MTN launches 5G network across major cities in South Africa
  • OPEC oil output sinks as Saudi deepens cuts and others cut more, survey shows
  • Ethiopia satellite television: federal police arrested media mogul amid protests
  • Kenya inflation falls to 4.59% in June
  • Spain to open border with Morocco only in case of reciprocity
  • Ethiopia media mogul’s bodyguards in standoff with police, his TV station says
  • South Africa – Shipping firm CMA CGM to impose emergency surcharge at Cape Town port
  • Global covid-19 prevential trial of hydroxychloroquine to resume
  • Fitch: Sub-Sahara Africa debt burdens rising faster than elsewhere
  • South Africa trade balance swings to a surplus in May
  • South Africa recession deepens in first quarter as mining plummets
  • Egypt says gold deposit discovered in southeast
  • Sahel remains fragile despite battle gains against militants
  • Uganda shilling holds steady against the dollar
  • Botswana taps into strategic fuel reserves to ease shortages
  • South Africa first quarter expenditure on GDP down 2.3% q/q
  • Kenya shilling edges down against the dollar
  • Swarms of locust devastate parts of northern Kenya
  • South Africa Barloworld sees drop in H1 earnings as pandemic hits demand
  • South Africa credit growth slows to 6.35% y/y in May
  • Shell to take up to $22 bln in writedown after climate review

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

macroafricaintel Daily Brief | 30 Jun

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

Global Markets

  • Asia stocks up as China PMI, US data cheer markets worried over coronavirus surge
  • Equities see positives in economic data
  • Hong Kong shares not phased by China security bill
  • Coronavirus surge remains a risk to markets

Oil Markets

  • Oil prices slip as weak Japan data exposes market jitters over fragile demand
  • Brent down 0.8% at $41.53 a barrel (0038GMT)
  • WTI down 1% at $39.32

Precious metals

  • Gold poised for best quarter in four years as virus fears persist
  • Spot gold steady at $1,771.30/oz. (0306GMT)
  • US gold futures up 0.2% at $1,783.80/oz.

Grains

  • Soybeans edge higher ahead of USDA report
  • Soybean futures up 0.3% at $8.69 a bushel (0101GMT)
  • Corn down 0.2% at $3.25-1/4 a bushel
  • Wheat down 0.5% at $4.84 a bushel

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

  • Electoral Commission Ghana starts voter re-registration exercise
  • EU leaders meet G5 Sahel heads of state in Mauritania
  • Nigeria’s Buhari flags off section of Trans-Nigeria gas pipeline
  • Kenya & Uganda publish June inflation data
  • South Africa’s central bank publishes money & credit statistics
  • South Africa state capture inquiry continues
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Nigeria’s slave descendants hope race protests help end discrimination
  • Congo president vows not to accept judicial reforms that cause ‘harm’
  • Senegal lifts covid-19 state of emergency to protect economy
  • Macron slams Turkey’s ‘criminal’ role in Libya, Putin’s ambivalence
  • Saudi crown prince, Nigerian president discuss OPEC+ deal compliance
  • South Africa court sides with Eskom in clawback dispute
  • Libya’s NOC confirms international talks on resuming oil output
  • South Africa’s Naspers posts 4.5% fall in full-year profit
  • South Africa’s MTN allows customers to pay for online shopping using mobile money
  • Algeria annual inflation rises in May
  • Four aid workers say militants abducted them in northeast Nigeria
  • Nigeria to ease covid-19 curbs on inter-state travel and students
  • Matonge, An African home in Brussels
  • Nigeria to allow travel between states outside curfew hours from July 1
  • Lesotho’s former first lady granted bail in murder case
  • Libya tribal leaders says oil output to resume
  • Uganda power distributor Umeme to invest $83 mln to boost network
  • “On our knees”: Kenya tourism revenue collapses
  • Malawi names former insurance executive as finance minister
  • Kenya shilling holds steady against the dollar
  • Burundi’s new cabinet includes two under Western sanctions over rights abuses
  • Kenya loses 80 bln shillings in tourism revenue due to coronavirus
  • Libya’s NOC confirms international talks on resuming oil output
  • Potato diplomacy as Malta seeks new era of Namibia relations
  • West Africa instability risks gains against militants – French official
  • South Africa firm aims to plug covid-19 test kits shortage as virus spreads
  • France warns political uncertainty in Mali, Burkina risks recent progress
  • Uganda shilling a touch stronger as charity flows offer support
  • Spain says PM off to Africa, EU’s list of safe nations ready soon

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

macroafricaintel Daily Brief | 29 Jun

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

Global Markets

  • Asia stocks wary as coronavirus threatens economic reopening
  • Asia ex-Japan eases off 4-mth top, S&P 500 futures steady
  • Deaths from covid-19 reached half a million on Sunday
  • Dollar, bonds supported on safe haven appeal

Oil Markets

  • Oil falls in second straight session as virus cools demand
  • Brent down 1.6% at $40.36 a barrel (2350GMT)
  • WTI down 1.6% at $37.86

Precious metals

  • Gold climbs as fears over surging virus cases boost demand
  • Spot gold up 0.1% at $1,772.61/oz. (0015GMT)
  • US gold futures up 0.3% at $1,785.90/oz.

Grains

  • Corn rebounds from 6-wk low, bearish fundamentals cap gains
  • Corn futures up 0.4% at $3.18-1/4 a bushel (0218GMT)
  • Soybeans up 0.2% at $16.73-1/2 a bushel
  • Wheat up 0.2% at $4.76-3/4 a bushel

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

  • South Africa state capture inquiry resumes
  • Electoral Commission Ghana press briefing on new voters register
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Guinea-Bissau president sacks five ministers
  • Sudan extends coronaviru lockdown in Khartoum state
  • Sudan says it will rein in state firms, including those owned by security
  • Egypt court jails belly dancer for ‘debauchery’ in social media crackdown
  • Malawi’s Chakwera sworn in as president after re-run election
  • Congo PM threatens govt resignation over minister’s arrest
  • Sudan extends closure of Khartoum international airport by two weeks
  • Congo’s justice minister released hours after arrest
  • Egypt, Ethiopia & Sudan hope for Nile dam deal in weeks
  • More than 90% of issues in Nile dam negotiations resolved, AU chief says
  • Facing defeat, Malawi president says election re-run had irregularities
  • Insurgents stage ‘very violent’ attack close to gas projects in Mozambique
  • Ghana’s President Akufo-Addo choses by ruling party for poll rematch against Mahama
  • Guinea-Bissau braces for rise in coronavirus cases, enlists Cuban medical help
  • Tunisia reopens borders to tourists after halting spread of coronavirus
  • Sudan, Egypt say Ethiopia will not fill Nile dam without reaching deal
  • Morocco rejects Amnesty’s allegations on spying on journalist
  • IMF board approves $5.2 bln, 12-mth loan program for Egypt
  • Zimbabwe suspends stock exchange, mobile payments over ‘economic sabotage’
  • Ivory Coast’s Air Cote d’Ivoire says propped up by $24 mln from govt
  • East Congo ebola outbreak no longer an international emergency, says WHO
  • South Afriac to reopen casinos and cinemas despite covid-19 spread
  • UK Export Finance set to back Total’s $20 bln Mozambique LNG project – source
  • MTN to challenge Ghana regulator’s move to reduce market dominance
  • Ivory Coast flash floods kill at least seven, more rain expected
  • Congo president wins approval for state mining company nominees
  • South Africa’s Sasol to sell stakes in Mozambique pipeline, power plant – sources
  • Nigeria needs to deepen reforms to boost growth, revenues – World Bank
  • Ethiopia receives 12 bids for two telco licences – regulator
  • Libya’a NOC says Russia mercenaries entered oilfield, with output blocked
  • Congo aims to launch state cobalt monopoly in two mths, mines minister says
  • Kenya Airways estimates coronavirus revenue loss at $100 mln – CEO
  • Kenya central banker sees silver lining in economic gloom
  • Uganda – Hit the brakes on reform, say Kampala’s transport workers
  • Kenya cbank says current account gap could be narrower than forecast

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