macroafricaintel Daily Brief | 18 Jun

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

Global Markets

  • Global stocks retreat on rising second wave fears
  • S&P 500 futures, MSCI ex-Japan Asia shares down more than 1%
  • Investors fret over rise in infections in US, China
  • Australia dollar hit by weak local jobs data

Oil Markets

  • Oil prices drop on demand worries as coronavirus cases rise
  • Brent down 1.1% at $40.26 a barrel (0035GMT)
  • WTI down 1.6% at $37.36

Precious metals

  • Gold flat as dollar strength checks concerns over virus case spike
  • Spot gold flat at $1,725.90/oz. (0256GMT)
  • US gold futures nearly unchanged at $1,734.70/oz.

Grains

  • Wheat hits 8-mth low on ample global stocks
  • Wheat futures down 0.5% at $4.86-1/2 a bushel (0113GMT)
  • Soybeans down 0.1% at $8.70-1/2 a bushel
  • Corn up 0.2% at $3.29-1/2 a bushel

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

  • AU chair & South Africa president, Ramaphosa, briefs press on continental covid efforts
  • Kenya’s Kenyatta speaks at the Atlantic Council on US-Africa trade; cabinet reshuffle reportedly imminent
  • Kenya (AU endorsed candidate) & Djibouti vie for UN security council Africa slot in second round vote
  • Burundi president-elect Ndayishimiye takes oath of office
  • South Africa VBS Mutual Bank fraud suspects appear in court
  • South Africa ministerial briefing on new covid alert level 3 measures expected
  • 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

  • WHO halts trial of hydroxychloroquine in covid-19 patients
  • Turkey says discussed lasting ceasefire during Libya trip
  • Oxford college says it wants to remove statue of colonialist Rhodes
  • With climate change, conflict & covid, stresses grow for Mali villagers
  • South Africa coronavirus restrictions further eased for casinos, salons
  • Sudan extends lockdown in Khartoum state to June 29
  • West Africa ministers propose phased re-opening of borders
  • France accuses Turkey of hostile acts to stop enforcement of Libya arms embargo
  • Zimbabwe hikes govt salaries 50% as nurses picket for pay in dollars
  • Namibia faces red locust invasion
  • Ghana Cocobod seeks club deal as banks refuse underwriting risk
  • South Africa’s rand inches up, Aspen leads stocks higher
  • South Africa Land Bank close to completing restructuring plan
  • OPEC+ panel makes no recommendation on supply cuts – sources
  • Congo cuts 2020 economic growth forecast to -2.4% – cbank
  • Egypt passes electoral changes that could bolster Sisi supporters
  • Africa Oil – Angola June cargoes selling, differentials steady
  • Important to use dexamethasone only for serious covid cases – WHO
  • OPEC points to 2020 oil surplus even as demand gradually recovers
  • Ugandans join global push to rename colonial-era landmarks
  • China will exempt some African countries from repaying certain loans
  • Poor health and family ties brought Rwanda genocide suspect into custody
  • Zimbabwe nurses protest to demand US dollar salaries
  • South Sudan parties agree on state governorships, in step closer to peace
  • Ghana GDP growth slows to 4.9% y/y in first quarter
  • Acacia Mining employees pay Tanzania $650,000 in tax evasion case
  • Turkish ministers visit Libya, Tripoli govt says
  • Sudan further opens gold trade to private sector
  • Eight suspects arrested in South Africa’s “biggest bank robbery” VBS fraud case
  • Tunisia economy could shrink by as much as 7% this year
  • Nigeria naira slides on official market on plan to align exchange rates
  • Acacia Mining employees released from Tanzania jail
  • Nigeria to seek uniform exchange rates, finmin says
  • Moscow urges US to help reach Libya ceasefire – RIA
  • Nigeria naira opens weaker at 385 per dollar on official window
  • Kenya shilling firm on tight liquidity, low importer demand
  • Nigeria inflation rises in May to 12.4%, lifted by food and drug prices
  • South Africa’s Tongaat to sell eSwatini sugarcane farm for $21 mln
  • South Africa’s Massmart warns of 50% deeper half-year loss due to lockdown

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

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