macroafricaintel Daily Brief | 29 Apr

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

Global Markets

  • Asia shares extend gains as economies slowly re-open, oil rallies
  • MSCI Asia-Pacific ex Japan up 0.9%; up 3.3% week thus far
  • Australia shares up 1.2%, South Korea +1.2%
  • China markets blue-chips up 0.6%

Oil Markets

  • Oil prices climb as storage fills less rapidly than feared
  • Brent up 1.8% at $20.82 a barrel (0038GMT)
  • WTI up 8.8% at $13.43

Precious metals

  • Gold ticks up on weaker dollar; Fed decision awaited
  • Spot gold up 0.1% at $1,708.53/oz. (0126GMT)
  • US gold futures up 0.2% at $1,725.50/oz.

Grains

  • Corn ticks up for first time in four sessions
  • Corn futures up 0.1% at $3.12-1/4 a bushel (0158GMT)
  • Soybeans up 0.2% at $8.33-1/2 a bushel
  • Wheat down 0.3% at $5.23-1/2 a bushel

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

  • Central Bank of Kenya decides on interest rates [fcst. 7.0%, prev. 7.25%]
  • Nigeria’s Buhari chief of staff pick awaited
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Mali parliament approves new mining code
  • Malawi launches $40 monthly cash transfers to combat coronavirus impact
  • IMF approves $3.4 bln emergency aid for Nigeria’s pandemic response
  • Mozambique forces killed over […] 100 insurgents in past month – govt
  • Morocco rejects accusation of police abuse in enforcing lockdown
  • Without naming Libya’s Haftar, France says unilateral action won’t solve conflict
  • South Africa state airline SA Express faces liquidation
  • Calls in Egypt for censored social media after arrests of TikTok star, belly dancer
  • Africa Oil – Nigeria programmes begin to emerge, Angolan final waited
  • South Africa union tells mineworkers to resist Harmony Gold mine restart
  • South Africa rand, stocks rally as stimulus, easing lockdowns lift sentiment
  • South Africa delivery firms switch to meds, groceries during pandemic
  • Ivory Coast presidential candidate Soro sentenced to 20 yrs in prison
  • Nigeria switches to domestic naira markets to finance 2020 budget
  • Launch of Africa free trade deal postponed due to coronavirus – official
  • South Africa mining firms work together against covid-19 as mines reopen
  • Nigeria senate approves president’s 850 bln naira borrowing scheme
  • Russia disapproves of Haftar’s power grab in Libya – Ifax cites foreign minister
  • South Sudan central bank slashes benchmark rate to 13%
  • Nigeria seeks $2.36 bln in domestic loans; external markets unfavourable
  • Algeria annual inflation unchanged in March at 1.8%
  • DR Congo locks down mining city and Zambia border town
  • Escaped ebola patient hiding in Congo militia-held area – officials
  • South Africa landlords step up assistance for retail tenants
  • Sudan inflation rises to 81.64% in March – statistics agency
  • Russia still committed to diplomatic process in Libya after Haftar power grab
  • East Libya has expelled 1,400 refugees and migrants this year: UN
  • Kenya estimates 2020 GDP growth of 2.5% but could go lower
  • Kenya shilling loses ground under pressure from end-month demand
  • Kenya economic growth slowed to 5.4% in 2019 v 6.3% in 2018 – finmin
  • Russia ‘surprised’ by Haftar’s Libya power grab – RIA cites source
  • Russia’s Novak says storage weighing on oil prices but output pact will help
  • South Africa rand weaker on rescue package funding worries

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

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