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

Global Markets

• World shares advance on surprise US job recovery, oil steadies
• US stock futures hit highest since late Feb
• Oil steadies near 3-mth high after output cuts extended

Oil Markets

• Oil prices extend gains on OPEC+ cuts, record China imports
• Brent up 2.1% at $43.19 per barrel (0500GMT)
• WTI up 1.6% at $40.17
• OPEC+ extends record oil production cuts to end-July
• Saudi raises July crude prices sharply
• China’s May crude imports hit record of 11.3 mln bpd
• US producers shut 30% of offshore oil output amid storm

Precious metals

• Gold steadies as surprise US jobs rebound dents demand
• SPDR gold holdings dip on Friday
• Speculators cut bullish positions in COMEX gold
• Spot gold up 0.1% at $1,682.57/oz. (0351GMT)
• US gold futures up 0.5% at $1,691.40/oz.

Grains

• Chicago soybeans firm on strong demand; wheat rebounds
• Soybean futures up 0.2% at $8.69-3/4 a bushel (0048GMT)
• Wheat up 0.2% at $5.16-1/2 a bushel
• Corn up 0.7% at $3.33-1/2 a bushel

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

• South Africa reopens schools after weeks of closure owing to covid-19
• South Africa SACCI business confidence May-20 [prev. 77.8]
• 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

• Sudan says it has begun talks with IMF on non-funded programme
• Slave trader’s statue torn down in UK amid global inequality protests
• Two major Libya oilfields reopen after months of blockade
• “Numerous” reports of looting in retaken Libya towns, UN says
• Turkey says it may expand cooperation with Libya’s GNA after conflict ends – Milliyet
• Algeria trade deficit deepens on lower energy revenue
• Saudi Arabia raises July crude prices after OPEC+ extends cuts
• UN examines reports of looting in retaken Libya towns
• Egypt net foreign reserves drop by $1 bln to $36.0037 bln in May
• South Africa govt, private hospitals agree deal on covid-19 patients
• Egypt shares jump after IMF agreement announced
• Mexico to sit out extension of OPEC+ oil output cuts
• Men in military fatigues kill at least 20 Mali villagers
• OPEC, Russia extend record oil cuts to end of July
• Egypt offers new Libya plan as Haftar offensive collapses
• Iraq tells OPEC it will cut oil output to comply with quota – OPEC delegate
• South Africa’s MTN faces new allegations in US complaint
• Zimbabwe grain deficit seen widening to 1.17 mln tonnes
• Egypt state banks collect over $10 bln from high-yield savings product
• Nigeria ready to compensate for overproduction in May-June
• G20 pledges more than $21 bln to fight coronavirus
• French army kills [terrorist group’s] North Africa chief Droukdel – armed forces minister
• Libya’s Haftar pulls back east as Tripoli offensive crumbles
• Mali rally against President Keita, demand his resignation
• Africa Oil – Demand firms as OPEC+ meeting looms, Angola sells
• South Africa “junk” bonds back in demand as high-yield lures local, foreign investors
• Cameroon military says missing journalist died in its custody
• WHO continues hydroxychloroquine trial after UK test halts
• South Africa rand hits 11-wk high, stocks gain
• South Africa’s MultiChoice expects to post annual profit
• Nigeria proposes steep basic healthcare budget cuts despite coronavirus
• Nigeria campaigners stage protest over sexual violence
• Zimbabwe police arrest opposition officials in dispute over party HQ
• South Africa covid-19 cases rise and president worries about Cape Town
• Guinea approves SMB-Winning deal for Simandou iron mine project
• Zambia Chamber of Mines says govt tensions with power firm CEC bad for investment
• Ethiopia’s mobile camel libraries keep children from forced labour
• CAR court rejects bid to extend president’s mandate
• South Africa’s Comair intends to cut fleet in half
• Arab Monetary Fund to provide loans of $211 mln to Morocco, $98 mln to Tunisia – WAM agency
• Women hit as Congo faces triple threat of coronavirus, ebola and measles
• South Africa public sector unions take wage dispute to court
• Aker Energy seeks to revive Ghana’s Pecan oilfield development
• Malawi revises down 2020 growth forecast to 1.9% on covid-19 impact
• Swiss prosecutors investigating Mozambique loans
• Uganda shilling strengthens as players pare positions
• WHO denies its representative falsified Equatorial Guinea covid-19 data
• Libya govt says it has entered Haftar stronghold Tarhouna
• Kenya to sell 5-yr, 10-yr bonds in June – central bank
• South Africa net foreign reserves edge up to $45.5 bln in May
• Burundi court affirms ruling party candidate’s presidential victory
• As lockdown fuels food shortages, Africa goes online for groceries
• South Africa dehorns dozens of rhinos to prevent lockdown poaching surge

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