macroafricaintel Daily Brief | 22 May

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

Global Markets

  • Hong Kong leads Asia shares lower as Beijing readies new security law
  • Hang Seng falls over 3% as Beijing plans new security law
  • Hong Kong latest flashpoint in deteriorating US-China ties
  • China pledges more stimulus, does not set 2020 growth target
  • Major currencies unmoved

Oil Markets

  • Oil prices, gasoline demand climb as countries ease coronavirus curbs
  • Brent up 0.4% at $36.20 a barrel (0040GMT)
  • WTI up 0.2% at $33.97

Precious metals

  • Gold faces weekly decline on signs of growth picking up
  • Spot gold at $1,727.39/oz. (0248GMT); down 1.4% yesterday
  • US gold futures up 0.3% at $1,726.50/oz.

Grains

  • Wheat inches down, but set for 3% weekly gain on supply concerns
  • Wheat futures down 0.2% at $5.15 a bushel (0118GMT)
  • Wheat up nearly 3% for the week
  • Soybeans down 0.5% for the week
  • Corn down nearly 0.5% for the week

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

  • Kenya senate votes to impeach deputy speaker Kindiki
  • Egypt starts marketing 3-tranche dollar bonds
  • 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 economy to shrink 8.9% in worst case – finance minister
  • Threat to hit Turkey in Libya underscores risk of escalation
  • Ethiopia to sell 40 pct of Ethio Telecom – Minister
  • Seychelles considers admitting Israelis in initial tourism restart
  • US reaches consensus with Sudan on ‘contours’ of future claims deal
  • South Africa SPAR sees Polish business breaking even in 24 months
  • South Africa rand strengthens after cenbank cuts repo rate, stocks fall
  • South Africa central bank cuts lending rate by 50 bps
  • Hundreds killed in South Sudan tribal clashes – ICRC
  • Vodcacom South Africa now a standalone business
  • World Bank approves record $500 mln to battle locust swarms
  • IMF says over 20 poor countries seek debt relief, extension possible
  • Investec Bank CEO sees no sector-wide relief to come from South Africa banks
  • Nigeria inflation rose for eighth month at 12.34% in April on higher food prices
  • Kenya’s KCB bank sees a quarter of loans hit by coronavirus
  • Egyptians rush to buy treats before Eid al-Fitr curfew
  • Nigeria black market naira seen under pressure; in week ahead
  • South Africa Cell C to place some assets in SPV – regulator
  • Eskom CEO targets massive debt reduction for sustainable future
  • Ethiopia to issue two new telecom operator licenses – regulator
  • Nigeria central bank warns against using FX black market
  • Egypt gets over $12 bln in orders for three-tranche bonds, tightens guidance – document
  • Ethiopia to issue new telecom operator licenses – regulator
  • Nigeria – Lagos doctors to end strike after curfew harassment complaint remedied
  • South Africa’s Cell C to split some assets into new special purpose vehicle – regulator
  • South Africa scientists say up to 50,000 covid-19 deaths possible
  • Rwanda economic growth to slow in 2020 due to coroanvirus
  • South Africa Tsogo Sun Hotels sees core profit hit from travel restrictions
  • Uganda shilling steady helped by auction and commodity exports
  • Kenya shilling steady, helped by tight liquidity
  • Egypt starts marketing 3-tranche dollar bonds – document
  • Rwanda to increase spending 7.5% in 2020/21 – finmin
  • South Africa Eskom aims for 200 bln rand debt balance
  • Rwanda GDP growth to slow to 2% in 2020 from 9.4% last year – finmin
  • South Africa Investec reports 16.8% drop in annual profit
  • Losses at Polish business hit South Africa’s Spar half-year earnings
  • Uganda women fear food shortages will make coronavirus and HIV a deadly mix

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

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