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

Global Markets

• Asia shares follow S&P 500 higher, oil and gold jump
• Nikkei gains 0.6%, S&P 500 futures climb 1.1%
• Brent jumps to 5-wk high on hopes for demand revival
• Gold at 7-yr peak amid lake of liquidity, low rates

Oil Markets

• Oil prices climb more than $1 ahead of WTI June contract expiry
• June WTI contract hits 9-wk high before Tuesday’s expiry
• No sign of repeat of price rout on eve of May contract expiry
• Saudi-Kuwait to shut joint production field in June – media
• Brent up 4.1% at $33.84 a barrel (0044GMT)
• WTI up 4.8% at $30.83

Precious metals

• Gold jumps to highest since Oct 2012 on US-China worries
• Spot gold up 0.9% at $1,756.79/oz. (0043GMT)
• US gold futures up 0.5% at $1,765.70/oz.

Grains

• Wheat extends losses as bumper global stocks weigh
• Wheat futures down 0.2% at $4.99-1/2 a bushel (0154GMT)
• Soybeans up 0.3% at $8.40-3/4 a bushel
• Corn up 0.6% at $3.20-3/4 a bushel

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

• Nigeria’s Buhari addresses nation on covid-19 measures
• Nigeria inflation Apr-20 [fcst. 12.5% yy, prev. 12.3%]
• 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

• African countries get new tool to predict climate-related disasters
• Nigeria impounds British plane for breaking coronavirus flight ban rules – aviation minister
• Egypt tightens coronavirus restrictions for Eid holiday
• ‘He wouldn’t say a word’ – Rwanda genocide fugitive lives incognito in Paris
• Tanzania Magufuli plans to lift coronavirus restrictions
• Sudan airports to remain closed until May 31
• Sierra Leone police arrest five expatriate staff of SL Mining
• Armed group kills 20 villagers in northeast Congo
• Madagascar records its first covid-19 death – official
• Suicide bombing in Somalia kills governor, three others in Puntland – police
• First Abu Dhabi Bank puts talks to acquire Bank Audi’s Egypt business on hold – sources
• Egypt to loan EgyptAir $127 mln to help it through coronavirus crisis
• Libya – Shelling kills two at Tripoli displaced people shelter – emergency services
• Impoverished Burundi, battered by violence and coronavirus, gears up for elections
• Rwanda genocide suspect Kabuga arrested in France after decades on the run
• South Africa’s Impala closes platinum mine due to coronavirus cases
• Zimbabwe to ease coronavirus curbs, but lockdown to remain for now
• Kenya closes borders to Tanzania and Somalia over coronavirus
• Liberia’s largest palm oil project lays off 10% of workforce
• Tanzania lowers 2020 growth projection amid coronavirus outbreak
• Sudan annual inflation rises to 98.81% in April – stats agency
• Private creditors push back against blanket debt relief for Africa
• Namibia president cuts ministers’ perks in coronavirus fight
• South Africa energy regulator allows Eskom to claw back $718 mln in tariffs
• South Africa SAA has spent $539 mln since filing for bankruptcy protection – practitioners
• Ethiopia Airlines sees Boeing 737 MAX compensation deal by end-June
• South Africa TFG in talks on $134 mln loan, cuts capex forecast
• South Africa rand weakens on coronavirus rebound fears
• Africa Oil – IOC re-issues tender, Angola programme awaited
• South Africa Airways administrators prefer structured wind-down to liquidating struggling airline
• South Africa SAA has spent $539 mln since filing for bankruptcy protection – practitioners
• Zimbabwe’s drought-hit Bulawayo limits tap water to just a day a week
• Bank of Ghana holds key rate, surprises with bonds purchase
• Kenya hip hop artist Juliani stages online concert to highlight coronavirus divide
• Zambia reopens border with Tanzania to cargo after covid-19 closure
• Court orders suspension of South Africa soldiers over death of man in lockdown
• Ethiopia Airlines CEO expects settlement with Boeing by end-June
• Style-conscious Africans turn compulsory masks into fashion accessories
• Nigeria cutting oil output by nearly a quarter – minister
• South Africa prepares to protect groundwater from coronavirus mass graves
• Kenya shilling weakens as demand surges amid easing coronavirus lockdown
• Ethiopia migrants recall nightmare when 64 died in a metal container
• Nigeria mid-crop cocoa output seen weak as coronavirus disrupts exports
• Kenya to sell 6-yr infrastructure bond this month – central bank
• South Africa’s Aspen Pharmacare maintains FY profit forecast
• Uganda reserves will decline sharply without external help – IMF
• Kenya central bank to hold rate-setting meeting on May 27

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