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

Global Markets

• Stocks going nowhere as virus fears hold optimism in check
• MSCI AxJ grinds 0.5% weekly gain, Nikkei flat
• Dollar steady as investors see risks balanced

Oil Markets

• Oil prices crawl up on demand recovery, tempered by virus outbreaks
• Brent up 0.5% at $41.27 a barrel (0009GMT)
• WTI up 0.4% at $38.87

Precious metals

• Gold on track for third weekly gain as virus cases surge
• Spot gold up 0.1% at $1,763.48/oz. (0042GMT)
• US gold futures up 0.2% at $1,773.60/oz.

Grains

• Corn firms; set for weekly losses of more than 4% on supply glut, low demand
• Corn futures down more than 4% for the week
• Soybeans down nearly 1% for the week
• Wheat up more than 1% for the week

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

• Ghana’s ruling NPP declares Nana Akufo-Addo as presidential flagbearer (27 Jun)
• Kenya senate decides fate of impeached Kirinyaga county governor Waiguru
• Corporate Council on Africa leaders forum; Kagame, Kenyatta, Nyusi & Akufo-Addo key speakers; 23-26 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

• In China’s ‘Little Africa’, a struggle to get back to business after lockdown
• Malawi’s opposition appears to win presidential election re-run
• Congo aims to launch state cobalt monopoly in two months, mines minister
• Commander in Somalia militant group killed – state media
• Morocco’s OCP to commission Nigeria, Ghana plants in 2024
• Ivory Coast to allow international flights from July 1
• Donors pledge $1.8 bln for Sudan’s troubled transition
• Egypt’s Eva Pharma begins producing covid-19 drug Remdesivir
• Egypt central bank keeps benchmark rates on hold
• Ivory Coast says Burkina Faso national led deadly attack against army
• At least 10 aid workers kidnapped in southwest Niger
• South Africa Airways restructuring vote delayed until next month
• Africa Oil – European gasoline margins boost hope for Nigeria exports
• South Africa rand recovers after gloomy budget; stocks fall
• Malawi opposition’s Chakwera leads re-run with 60% – state broadcaster mbc
• Djibouti sets up sovereign wealth fund, targets $1.5 bln in 10 yrs
• Nigeria banks to restructure over a third of loans – MPC member
• Kenya central bank holds key rate at 7.0% for the second time
• Egypt national carrier to resume flights from July
• Western donors pledge some $900 mln for Sudan’s transition
• Ghana bank governor fears ballooning deficit not sustainable
• Turkey says Libya’s GNA demands Haftar withdraw from Sirte, Jufra
• Congo announces end of ebola outbreak in east, second deadliest on record
• Zambia sees 2020 expenditure up $1.1 bln as kwacha falls
• South Africa retailer Mr Price pulls plug on Nigeria
• South Africa mines record six covid-19 deaths, 1,796 cases
• Botswana issues maiden power generation licences to private producers
• Nigeria’s covid-19 outbreak could impoverish 5 mln people, World Bank says
• Uganda shilling trades unchanged supported by month-end flows
• Nigeria’s cenbank aims to boost foreign reserves to support naira
• Algeria’s Sonatrach, Total extend LNG supply deal – Sonatrach statement
• Egypt’s Rameda gets requests to export covid-19 drug – CEO
• Civil society groups tell Congo to reject AJN Resources deal
• Senegal president self-quarantines after contact with covid-19 case
• South Africa’s Harmony raises $200 mln in share sale
• South Africa’s Exxaro Resources expects dip in coal production, sales volumes
• South Africa’s Mr Price full-year earnings fall, scraps dividend

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