By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

• Asia stocks flat, euro holds firm after fragmented Europe vote
• Pro-Europe vote limits nationalist gains in EU election
• Volumes thin with UK, US markets closed for market holidays

Oil Markets

• Oil under pressure as US-China trade war weighs, but OPEC cuts still support
• Speculators cut long positions in crude
• But OPEC’s supply cuts still provide crude with support
• Brent up 4 cents at $68.73 per barrel (0412GMT)
• WTI down 21 cents at $58.42 per barrel

Precious metals

• Gold gains on simmering US-China trade spat
• Money managers cut net longs in gold in week to May 21 – CFTC
• Gold may retest resistance at $1,290 – analyst
• Spot gold up 0.2 pct at $1,287.03 per ounce (0455GMT)
• US gold futures up 0.2 pct at $1,286.50 an ounce

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

• Ghana central bank MPC to decide interest rates [fcst. 16.0%, prev. 16.0%]
• Kenya central bank MPC to decide interest rates [fcst. 9.0%, prev. 9.0%]
• Nigeria’s Buhari to sign 2019 budget into law
• South Africa state capture inquiry resumes
• South Africa PIC inquiry resumes
• South Africa’s Mpumalanga & Northwest provinces to inaugurate premiers
• Kenya court to rule on housing levy case

Key African events or data releases over the weekend & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

• South Africa’s rand steady, focus on cabinet appointments
• South Africa’s Telkom cuts 13% jobs despite FY profit surge
• Algeria to block Total from buying Anadarko’s Algerian assets – minister
• Head of Sudan’s military council meets Abu Dhabi crown prince
• South African carbon tax finally becomes law
• Algeria prosecutor refers former PMs to supreme court over alleged corruption – state TV
• Libya’s Haftar rules out Tripoli ceasefire, dismisses UN-led talks – newspaper
• Egypt buys 2.7 mln tonnes of local wheat so far this season – state newspaper
• Sudan military chief meets Egypt’s Sisi on first trip since Bashir ouster
• Botswana cancels 100MW solar power tender, plans to reissue
• Malawi election results delayed after injunction over alleged irregularities
• Uganda protests Rwanda military incursion on its territory
• Former Botswana president quits ruling party in row with ex-ally
• S&P keeps South Africa in ‘junk’ status, sees post-election reforms
• Promising jobs and justice, Ramaphosa sworn in as South Africa’s president
• MTN Nigeria listing being investigated by Nigerian financial crimes agency
• South African govt withdraws sulphur dioxide emissions changes ahead of carbon tax
• Soccer – Advantage Esperance in African chamipions league final
• Sudan protest groups calls for strike starting next Tuesday
• CEO of Kenya Airways resigns, to leave at year end – internal memo
• South Africa’s Eskom CEO resigns for health reasons
• Barrick’s offer for Acacia Mining reflects Tanzania risks – CEO
• Field for Nigeria’s Amenam oil exports slow resuming – Total
• Nigeria’s Trans Forcados oil pipeline resumes operations – source
• Africa Oil – Diffs remain firm, tenders dominate
• Thousands of Algerian protesters demand reforms, presidential vote delay
• Soccer – FIFA bans former South Sudan FA chief Alei for 10 years
• Russia to send military specialists to Congo Republic – Kremlin
• Vedanta’s Zambia liquidation case adjourned until June 4
• Mali offical gold exports increase 15% in 2018 to over 61 T
• Kenya shilling holds steady against the dollar
• Europeans and Egypt send air support as Israel battles wildfires
• Kenya’s National Cement to invest $36 mln after buying ARM assets
• Vedanta – Konkola liquidation case adjourned – lawyer
• Libya’s NOC says plans to develop North Hamada oilfield
• South Africa’s Old Mutual suspends CEO after ‘breakdown in trust’
• Rockets hit hotel in Libyan capital
• Libya coast guard rescues 290 migrants off eastern coast of Tripoli

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