macroafricaintel Daily Brief | 27 May

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

Global Markets

  • Asian shares slip as new Hong Kong tensions rise
  • Hang Seng falls 0.6%, mainland China down 0.3%
  • Nikkei down 0.2%, ex-Japan Asian loses 0.3%
  • Investors fret over US-China tensions
  • Hopes of economic re-opening support sentiment

Oil Markets

  • Oil falls on demand concerns, US-China tensions
  • Brent down 0.7% at $35.77 (0009GMT)
  • WTI down 1.2% at $33.95

Precious metals

  • Gold hovers near 2-wk low on hopes of economic recovery
  • Spot gold down 0.1% at $1,710.01/oz. (0301GMT)
  • US gold futures down 0.1% at $1,703.20/oz.

Grains

  • Corn up for 3rd session as US planting lags expectations
  • Corn futures up 0.4% at $3.20-1/4 a bushel (0040GMT)
  • Soybeans down 0.1% at $8.46-1/2 a bushel
  • Wheat down 0.1% at $5.06-1/4 a bushel

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

  • Central Bank of Kenya decides interest rates [fcst. 7.0%, prev. 7.0%]
  • South Africa publishes level 3 lockdown regulations
  • 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

  • Suspected militia kills at least 17 in northeastern Congo
  • South Africa to let places of worship reopen from June
  • From Brazil to Kenya, coronavirus widows lose their husbands and then their land
  • WHO expects hydroxychloroquine safety findings by mid-June
  • Algeria raises 2020 budget deficit forecast to 10.4% of GDP
  • Hope ‘shattered’ for Kenya forest people three years after landmark ruling
  • Africa Oil – Nigeria’s July loading programmes show output rise
  • South Africa restaurant group Famous Brands expects revenue upturn in June
  • South Africa rand hits 8-wk high vs dollar
  • South Africa Airways aims to resume domestic flights in mid-June
  • Coronavirus to cut South Africa 2020 mining output by 8-10% – industry body
  • Nigeria Bongo oil export terminal shut for maintenance
  • South Africa Absa warns H1 profit likely to drop more than 20%
  • US military says Russia has deployed more fighter jets to Libya
  • New hotline helps families survive abuse in Congo
  • Uganda shilling little changed, may firm on charity and coffee inflows
  • Kenya shilling steady amid slight pick up in dollar demand

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

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