macroafricaintel Daily Brief | 17 Jun

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

Global Markets

  • Asia stocks given pause by virus surge, geopolitics
  • Nikkei eases back after rally, S&P 500 futures dip
  • Mood restrained by surge in virus cases, China/India spat
  • Recovery hopes supported by jump in US retail sales

Oil Markets

  • Oil falls on rise in US crude stocks, virus resurgence fears
  • Brent down 1.0% at $40.56 a barrel (0047GMT)
  • WTI down 1.5% at $37.79

Precious metals

  • Gold steady as virus fears offset firmer equities, dollar
  • Spot gold flat at $1,727.22/oz. (0054GMT)
  • US gold futures steady at $1,737/oz.

Grains

  • Wheat drops for 2nd session on harvest pressure, soybeans fall
  • Wheat futures down 0.2% at $4.95-1/4 a bushel (0102GMT)
  • Soybeans down 0.1% at $8.66-1/4 a bushel
  • Corn down 0.5% at $3.27-1/2 a bushel

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

  • Bank of Namibia decides on interest rates [fcst. 3.75%, prev. 4.25%]
  • Nigeria inflation May-20 [fcst. 12.4% yy, prev. 12.3%]
  • Malawi lawyers protest action on judicial independence
  • Africa innovation & investment forum 2020; 15-19 Jun
  • 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

  • World Bank provides $400 mln to boost health insurance in Egypt
  • Around 9% of Guinea-Bissau health workers have been infected with covid-19
  • Congo mining provinces impose new covid-19 lockdowns
  • Nigeria’s Lagos state suspends plans to reopen places of worship
  • South Africa Airways rescue plan needs over 10 bln rand to work
  • South Africa Airways administrators propose restructuring plan
  • Congo says it will launch a tender for a new passport maker after Semlex talks fail
  • Congo probing ‘violent death’ of judge in landmark graft trial
  • Turkey accuses France of exacerbating Libya crisis
  • Morocco central bank cuts rates to 1.5% to shore up economy
  • Judge in landmark Congo graft trial died violent death, says minister
  • Bodies of children and others found in Libya town after LNA retreat, Red Crescent says
  • Red Cross fears coronavirus spreading silently in Somalia’s displaced camps
  • Egypt Air seeking $185 mln from state banks to weather crisis
  • Dozens missing after boat capsizes on Congo side of Lake Kivu
  • Egypt’s GASC seeking vegoils in local tender for arrival August 10-30
  • Merkel, Erdogan agree UN process for Libya should be bolstered – statement
  • Cameroon archbishop says treating covid-19 with plant-based remedy
  • World Bank approves $1 bln for health, education in Congo
  • Uganda to hold elections in early 2021, campaign rallies banned
  • Egypt seeks loan of over $1 bln, taps UAE banks – sources
  • Tanzania president Magufuli dissolves parliament before vote, touts development record
  • Ivory Coast requests debt holiday from creditors including Paris Club
  • Murders of South Africa women as lockdown eases sparks online campaigns
  • Mali fights coronavirus, cotton farmers fear loss of climate aid
  • Zimbabwe gold miner RioZim halts production over payment delays
  • UK’s SFO ends probe in to De La Rue’s South Sudan dealings

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

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