macroafricaintel Daily Brief | 8 Jun

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

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