macroafricaintel Daily Brief | 28 May

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

Global Markets

  • Stocks gain on economic hopes, but Hong Kong risk clouds outlook
  • Shares gain in Australia and Japan
  • Investors bet on economic recovery
  • Hong Kong remains a risk

Oil Markets

  • Oil drops as surprise US stock build douses demand recovery hopes
  • Brent down 3.2% at $33.64 a barrel (0402GMT)
  • WTI down 4.4% at $31.37

Precious metals

  • Gold prices edge up as Hong Kong dispute riles China-US ties
  • SPDR gold holdings rise 0.2% on Wednesday
  • Spot gold up 0.2% at $1,712.39/oz. (0315GMT)
  • US gold futures flat at $1,711.40/oz.

Grains

  • Soybeans extend gains for third session, hit 2-wk high
  • Soybean futures up 0.3% at $8.50-3/4 a bushel (0157GMT)
  • Corn up 0.2% at $3.21 a bushel
  • Wheat up 0.2% at $5.05-1/4 a bushel

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

  • Central Bank of Nigeria decides interest rates [fcst. 13.0%, prev. 13.5%]
  • Kenya’s Kenyatta chairs ruling Jubilee meeting with top executives
  • Central Bank of Kenya’s Njoroge post-MPC press briefing
  • Nigeria MPs debate revised 2020 budget
  • South Africa publishes covid level 3 alert regulations, briefs press
  • South Africa EFF’s Malema briefs press
  • South Africa producer inflation Apr-20 [fcst. 3.6% yy, prev. 4.5%]
  • 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

  • Libya losses from oil blockade almost $5 billion – NOC statement
  • Migrants stuck on merchant ship disembark in Liby – IOM
  • US military says Russia flew 14 MiG 29s and Su-24s to Libya
  • Burkina prosecutor says cause of death of 12 detainees unclear
  • Zambia picks French firm Lazard Freres as debt advisers
  • Sudan says 3 jailed members of ousted Bashir regime have coronavirus
  • South Africa Eskom sees lower risk of power cuts during winter
  • South Africa PSG Group to offload 28.11% stake in Capitec to shareholders
  • South Africa Airways can still be saved with funding – adminstrators
  • Zimbabwe coronavirus cases double in a day to 132 – govt
  • Russia says postpones July BRICS summit due to coronavirus
  • Rwanda genocide suspect Kabuga denounces charges as “lies”
  • South Africa plans $20.5 bln of public works to spur economy – ANC official
  • Forty villagers killed in massacre in northeast Congo
  • Namibia economy expected to contract by 6.6% in 2020
  • Africa Oil – European demand for new crude shipment still dormant
  • South Africa Eskom lost 16 bln rand in 2019/20 – treasury
  • South Africa rand falls as Sino-US friction dents risk appetite
  • West Africa food trade under strain as covid-19 shuts borders
  • French court rejects request to release Rwanda genocide suspect Kabuga
  • South Africa appoints new CEO at state asset manager PIC
  • Protesters calling for jobs halt Tunisia phosphate output
  • Kenya central bank leaves rates unchanged at 7%, says past measures are being helpful
  • South Africa mines record 320 covid-19, minister says
  • Niger lost $120 mln in arms deals over three years – govt audit
  • Rwanda genocide suspect Kabuga denounces charges as “lies”
  • Zambia 2020 maize output forecast at 3.387 mln tonnes – minister
  • Carlyle’s Africa dealmakers leave to start their own buyout firm
  • Nigeria military unlawfully detain children at rehabiliation centre for militants – Amnesty
  • Ivory Coast issues domestic bonds worth 110 bln CFA Francs
  • “No masks, no gloves”: Kenya govt under fire over quarantine centres
  • Electric motorbike gives women in rural Zimbabwe a path out of poverty
  • Kenya rolls out testing in Nairobi slums, but some fear stigma
  • South Africa Woolworths scraps dividend, reviews Australasian real estate assets
  • South Africa central bank says lenders can handle coronavirus crisis
  • Uganda shilling flat, to firm on month-end commodity and charity flows
  • Egypt Air to pay 75% of flight crew salaries in pounds temporarily
  • Cameras roll again in Nollywookd but Nigeria cinemas still dark
  • Kenya shilling weakens a notch on end-mth importer demand
  • Zimbabwe gold miners to keep more export earnings in dollars
  • South Africa Pepkor may scrap dividend as pandemic squeezes retail spending
  • Administrators for South Africa airline not aiming to resume domestic flights mid-June

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

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