macroafricaintel Daily Brief | 22 Jun

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

Global Markets

  • Stocks try to shake off second wave virus fears
  • S&P 500 futures erase early gains but second wave fears persist
  • Gold near 7-1/2-year peak touched last month
  • Hong Kong in focus after China reveals details of security law

Oil Markets

  • Oil edges up on tighter supply, but demand concerns check gains
  • Brent up 9 cents at $42.28 a barrel (0009GMT)
  • WTI up 1 cent at $39.76

Precious metals

  • Gold hits 1-mth peak as rising virus fears boost demand
  • Spot gold up 0.7% at $1,754.74/oz. (0225GMT)
  • US gold futures up 1.1% at $1,771.40/oz.
  • SPDR Gold Trust holdings rose 2% on Friday
  • Specs raise gold bullish positions in week to June 16 – CFTC
  • Silver hits more than 1-wk high

Grains

  • Soybeans falls from near 3-mth high, hopes of Chinese demand cap losses
  • Soybean futures down 0.1% at $8.75-1/2 a bushel (0110GMT)
  • Corn down 0.3% at $3.31-1/2 a bushel
  • Wheat down 0.2% at $4.80-1/4 a bushel

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

  • Kenya’s Kenyatta meets ruling Jubilee MPs; cabinet reshuffle imminent
  • Ghana reopens senior high schools
  • Ghana opposition NDC press briefing
  • 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

  • Morocco to resume domestic flights starting June 25
  • Egypt high school pupils, masked and gloved, head into exams
  • Former South Africa president De Klerk withdraws from US rights talk
  • UK police arrested Libya man after knife attack in Reading – security source
  • US farming body and Zambia firm partner aim to boost crop yields
  • Ivory Coast ex-president Bedie says he will run in 2020 election
  • Blasts kill 7 people in southern and central Somalia
  • Egypt has a legitimate right to intervene in Libya, Sisi says
  • Egypt is committed to a diplomatic solution to Ethiopia’s dam crisis – Sisi
  • West Africa bloc urges Mali to re-run disputed elections amid mass protests
  • Zimbabwe health minister granted bail over $60 mln graft claims
  • Congo court sentences president’s chief of staff to 20 years in prison
  • Egypt’s Sisi orders army to be ready for missions abroad amid tensions over Libya
  • UN calls for calm, dialogue amid huge Mali protests
  • IMF approves $148 mln emergency credit for Guinea
  • New Development Bank provides South Africa with $1 bln covid-19 loan
  • Egypt calls for UN intervention in talks on Ethiopia’s GERD
  • Rwanda GDP growth slows to 3.6% in Q1 2020 from 6.1% in the same period last year
  • Swiss prosecutors launch Glencore criminal probe over Congo
  • Thousand of protesters demand Mali president step down
  • Morocco records biggest single-day rise in covid cases
  • Nigeria levies $598 mln from banks via cash ratio debit ahead of FX auction
  • Ivory Coast cocoa traders seek fairer share of fairtrade, letter shows
  • Africa Oil – Angola July supply clearing, Vitol wins tender
  • Glencore’s South Africa venture with Merafe starts job cuts process
  • Bangladesh arrests dozens after migrant workers murdered in Libya
  • Kenya shilling firm, supported by horticulture export inflows
  • South Africa unions reject SAA rescue plan over job cuts
  • Russia sovereign fund chief says no point extending OPEC+ cuts – RBC

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

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