By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

• Stocks decline, bonds surge on Trump’s Mexico threat
• Trump menaces Mexico with tariffs in surprise tweet
• Markets see recession risk, price in deeper Fed rate cuts
• China PMI disappoints with drop to 49.4 in May
• Europe stocks tumble, US futures in the red
• Bonds jump on safe-haven rush, US yields at fresh lows

Oil Markets

• Oil poised for biggest monthly drop in 6 mths on trade wars
• Analysts fear trade conflict will weigh on oil demand
• US crude stocks draw less than expected
• Brent down $1.15 at $65.72 per barrel (0844GMT)
• WTI down 74 cents at $55.85 per barrel

Precious metals

• Gold set for 1^st monthly gain in 4 on Trump tariff threat, Fed cut hopes
• Spot gold has risen 0.7% so far this month
• Platinum heading for biggest monthly loss since Nov. 2015
• Silver on track for fourth straight monthly loss
• Spot gold up 0.3% at $1,292.78 per ounce (0617GMT)
• US gold futures up 0.4 pct at $1,292.60 an ounce

Grains

• Corn falls on Trump Mexico tariff, but set for 6% weekly gain
• Most active CBOT wheat futures down 1.8 pct at $5.05-1/2 per bushel (0124GMT)
• Most active corn futures down 1.2 pct at $4.31-1/4 per bushel
• Most active soy futures down 0.4 pct at $8.85-3/4 per bushel
• Most active rice futures unchanged at $11.66 per hundredweight

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

• South Africa state capture inquiry continues
• South Africa M3 money supply Apr-19 [act. 8.8% yy, fcst. 7.0%, prev. 7.0%]
• South Africa PSCE Apr-19 [act. 8.0% yy, fcst. 6.2%, prev. 6.1%]
• South Africa ABSA manufacturing PMI May-19 [prev. 47.2]
• South Africa ruling ANC holds NEC meeting
• Malawi’s Mutharika inauguration
• Former prime minister Tshisekedi mourning ceremony in Kinshasa, DRC; Rwanda’s Kagame attending. [Burial tomorrow, 1 June]

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

• Zimbabwe says mines can pay for power in foreign currency to secure supply
• Vedanta say execs unable to visit KCM Zambia operation, engage with management
• South Africa’s rand weaker, stocks down in post cabinet drift
• South Africa budget retailer Mr Price expects tough first half
• South Africa credit demand growth jumps to 7.95 pct in April
• Zimbabwe’s forests fall, timber shortage tightens screws on carpenters
• Sudan’s military rulers say protest site threatens stability – TV
• Out of sight, out of mind: Zimbabwe locks up its disabled
• Sudan security orders offices of Qatar-based Al Jazeera TV close – office director
• Three men admit to the murder of two Scandinavian hikers in Morocco
• Eastern Libya forces release head of oil workers union
• Body of Etienne Tshisekedi returns to Congo two years after death
• Children under five dying at higher rate in Congo ebola epidemic – WHO
• African refugees evacuated from Libya to Italy, more help needed – UN
• South Africa’s rand backtracks, stocks ride cabinet cheer higher
• Zambia’s Konkola mines case a ‘warning’ to foreign investors
• Africa Oil – Trading muted pending tender results, backwardation weighs
• Congo forces kill 26 Islamist rebels in ebola zone shootout
• Rwanda’s Bank of Kigali in talks to buy local insurer Sonarwa
• Nigerian Senate approves $422 mln payment for fuel subsidy backlog
• Ethiopia PM presses plan to return displaced people after violence
• South Sudan reopens oilfield in the north, adds 5,000 bpd production
• South Africa’s Standard Bank shareholders vote down climate risk resolution
• Egypt’s M2 money supply growth slows to 11.33% y/y in April – c.bank
• Zimbabwe power cuts may deepen as water levels fall at Kariba Dam
• Kenya shilling forecast to ease due to oil importer demand
• Congo forces kill 26 ADF rebels while repelling attack – army
• Copper market faces larger shortages, supply issues simmer
• MTN Uganda’s deported CEO allowed to return – official
• Kenyan bank KCB wins shareholder backing for NBK takeover
• Zimbabwe says it owes foreign fuel suppliers $200 mln
• Living off trash: South Africa’s waste pickers reclaim the streets
• South African airline Comair appoints joint CEOs as part of diversification drive
• South Africa’s Amplats settles strike at Mototolo mine
• South Africa’s Life Healthcare posts 2.2% rise in first-half core profit
• Zambia turns up the nationalist heat on its copper miners: Andy Home

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