By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

• Stocks, commodities slide as Trump’s trade threats fan recession worries
• S&P 500 futures down 0.5% at 3-mth lows
• European stocks seen falling 0.4-0.7%
• Money market futures price in 50% chance of Fed rate cut by July
• Oil plunge, Shanghai copper at 2-yr low

Oil Markets

• Oil prices fall as trade wars fan fears of economic slowdown
• US petroleum demand is falling – Barclays
• May saw biggest price drop since Nov
• Surging US oil supply also weighs
• Brent down 1.1% at $61.28 per barrel (0659GMT)
• WTI down 0.8% at $53.09 per barrel

Precious metals

• Gold hits 2-mth high as recession concerns burnish safe-haven appeal
• Speculators raise net longs in COMEX gold in week to May 28
• SPDR Gold holdings gain 0.3% on Friday to 743.21 T
• Spot gold up 0.5% at $1,312.37 per ounce (0308GMT)
• US gold futures up 0.5% at $1,317.50 an ounce

Grains

• Wheat rises 1% as heavy rains stoke fears of crop damage
• Most active CBOT wheat futures up 1.0% at $5.08-1/4 per bushel (0207GMT)
• Most active corn futures up 0.2% at $4.27-3/4 per bushel
• Most active soy futures up 0.7% at $8.84 per bushel
• Most active rice futures down 0.5% at $11.40 per hundredweight

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

• Kenya’s Kenyatta attending gender equality conference in Canada; Ethiopia’s Zewde also
• Nigeria high court to hear suit challenging appointment of acting chief justice
• South Africa ABSA manufacturing PMI May-19 [prev. 47.2]
• South Africa state capture inquiry resumes
• South Africa total new vehicle sales May-19 [prev. 36.8K]
• Final day of South Africa’s ruling ANC 3-day lekgotla

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

• Sudan protest leader says to step up civil disobedience after “coup”
• South African rand starts week flat amid trade tumult
• Sudan forces storm protest camp, three people dead – medics
• South Africa’s Sasol says 2^nd unit at LCCP starts production
• Seperatist conflict in Cameroon traps girls in sex and servitude
• Grave problem: No space for the dead in Zimbabwe’s growing cities
• Nigeria financial watchdog sets up interim management team at oil firm Oando – statement
• Sisi says Egypt will not accept anything against Palestinian wishes
• South Africa Airways CEO quits over lack of state support
• At least 2 migrants die, 25 missing in boat accident off Libyan coast
• Algeria council scraps July 4 presidential election
• Israel’s Delek hopes gas exports to Egypt start in June
• Donors pledge $1.2 bln to rebuild Mozambique after cyclones – UN
• 18 hurt as 2 car blasts target Libya military unit – sources
• Tunisia PM Chahed elected as leader of new secular party
• 11 wounded in Sudan by gunfire near sit-in – opposition committee
• Cameroon state oil refinery declares force majeure after blast
• Kenya to retire old 1,000 shilling banknote to stem illicit flows
• CEO of Nigeria’s Oando gets 5-yr director ban – watchdog
• Morocco to sell up to 8% of Maroc Telecom
• Mozambique says agrees restructuring deal with bondholders
• CEO of Nigeria’s Oando rejects ban imposed by watchdog
• Africa Oil – Offer prices slide on freight cost spike
• Zambia – Production stalled at Vedanta Resources’ Konkola copper mines
• Emerging market stocks see biggest outflows since ‘Taper Tantrum’ – IIF
• Malawi president, at inauguration, pledges to root out corruption
• Kenya court stops abuse of office charge against top judge
• Vedanta seeks international arbitration to settle Zambia dispute
• Zimbabwe says mines can pay for power in foreign currency to secure supply
• Tunisia central bank holds key interest rate unchanged at 7.75 pct
• Young Uganda climate activists join ‘ school strike’ push
• Bravura to spend over $50 mln to explore for platinum in Zimbabwe
• Zimbabwe abstains from external borrowing to build fiscal discipline – IMF
• Zambia’s moves on Vedanta, KCM alarm mining industry
• South Africa posts trade balance deficit in April
• Uganda shilling steady, expected to weaken due to importer demand
• Cape Town targets new air routes to lift South African tourism
• Kenya inflation falls to 5.49% in May
• South Africa budget retailer Mr Price leaves Australia
• Zimbabwe says mines can pay for power in foreign currency to secure supply
• India’s Vedanta says execs unable to visit KCM Zambia operation, engage with management
• South Africa credit demand growth jumps to 7.95 pct in April
• As Zimbabwe’s forests fall, timber shortage tightens screws on carpenters
• South Africa’s budget retailer Mr Price FY earnings rise
• Sudan’s military rulers say protest site threatens stability – TV

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