macroafricaintel Daily Brief | 19 Jun

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

Global Markets

  • Stocks stutter as second wave virus fears test recovery hopes
  • Investors worry about second wave of covid
  • Oil prices support energy-related shares
  • Dollar benefits as safe haven currency

Oil Markets

  • Oil prices inch up on faith in supply cuts, demand recovery
  • Brent up 0.2% at $41.58 a barrel (0101GMT)
  • WTI up 0.4% at $38.98

Precious metals

  • Gold ticks higher on virus fears; firm dollar caps gains
  • Spot gold up 0.1% at $1,724.91/oz. (0253GMT)
  • US gold futures up 0.2% at $1,733.90/oz.

Grains

  • Wheat lingers near 8-mth low, set to finish week down 4%
  • Wheat futures down almost 4% for the week
  • Soybeans up 0.1% for the week
  • Corn down 0.5% for the week

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

  • South Africa 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

  • Egypt surpasses 50,000 confirmed coronavirus cases
  • Ethiopia dam talks stall with proposal for mediation by PMs
  • Barrick Gold alerts authorities after fake news release claims it sold [Zambia] Lumwana mine
  • After second round of voting, Kenya wins spot on UN security council
  • South Africa’s Naspers says earnings for year end March to fall 10-16%
  • At least 13 killed in landslide in Ivory Coast’s main city
  • Algeria in talks with Desertec over solar power projects
  • Mozambique court jails police officers for murder of election observer
  • Sudan approves plan to liquidate, privatise state firms
  • Africa Oil – Chinese buying abating, unlikely to rebound quickly
  • South Africa’s rand, stocks slide as second wave coronavirus fears resurface
  • Nigeria president rebukes security chiefs over worsening violence
  • Kenya president says talks on trade deal with US delayed
  • Russia aircraft active in Libya, AFRICOM says
  • Iraq tells OPEC+ it will compensate for high May oil production
  • Burundi incoming president vos to unite nation isolated over rights abuses
  • South Africa retailer TFG looks to raise $229 mln via rights issue
  • ArcelorMittal South Africa plans job cuts following pandemic hit
  • China’s Shandong Gold to buy Ghana-focused Cardinal Resources for $221 mln
  • Suspects accused of huge South Africa bank theft appear in court
  • South Africa – Cape Town had covid-19 infections earlier than thought, says health official
  • South Africa’s SABC preparing to lay off 600 workers
  • Uganda, Kenya shilling, Zambia kwacha to be stable
  • Ethiopia dam talks stall with proposal for mediation by PMs
  • Nigeria naira recovers after it opens sharply weaker on official window
  • South Africa’s bad debts may hit highest ever level of 10% due to virus
  • Amazon to hire 3,000 people in South Africa for customer service roles
  • Burundi swears in incoming president, week after predecessor’s death
  • Nigeria’s naira opens weaker on official window for second session
  • Kenya video-conference platform elbows its way into crowded field
  • Nigerians face tough job market amid coronavirus outbreak
  • Zambia mining revenues drop 30% due to covid-19, chamber of mines says
  • South Africa’s Sasol revamp to cut jobs, focus on core businesses
  • South Africa non-performing bank loans could hit 10% on covid – association director
  • Uganda shilling trades unchanged, dollar appetite low
  • South Africa’s Amplats targets mines at 75-80% capacity by end-year
  • China will exempt some African countries from repaying certain loans
  • South Africa’s Sasol to discontinue all oil growth activities in West Africa

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

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