macroafricaintel Daily Brief | 27 Apr

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

Global Markets

  • Asia shares gain as BoJ eases further; US crude slips
  • Nikkei rises on BoJ pledge to buy unlimited bonds
  • Fed & ECB to meet later in week
  • Raft of major US corporate earnings due this week
  • Oil prices fall anew as world runs short of storage space

Oil Markets

  • Oil falls as crude in US storage nears all-time high
  • Brent ended last week down 24%; WTI off around 7%
  • Crude in US storage near all-time high
  • America rig counts fall; Russia halves western sea exports
  • Algeria, Kuwait cut output in line with OPEC+ pact
  • Brent down 1.5% at $21.11 a barrel (0122GMT)
  • WTI down 7.2% at $15.72

Precious metals

  • Gold slips as risk sentiment improves, losses trimmed on recession worries
  • Spot gold down 0.3% at $1,722.61/oz. (0259GMT)
  • US gold futures up 0.3% at $1,740.90/oz.

Grains

  • Wheat drops for 2nd session on upbeat European crop prospects
  • Wheat down 0.3% at $5.28-1/2 a bushel (0121GMT)
  • Corn down 0.5% at $3.21-1/4 a bushel
  • Soybeans down 0.2% at $8.38 a bushel

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

  • South Africa Freedom Day; speeches by president & leaders of parties
  • Nigeria’s Buhari speech on covid-19 expected, chief of staff pick awaited
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today

  • Algeria says proven oil reserves at 10 bln barrels
  • Algeria scraps customs duties, VAT on pharma products
  • Nigeria Kano state rise in deaths not due to coronavirus – govt
  • US should avoid phased approach in trade talks with Kenya – Chamber of Commerce
  • Egypt asking IMF for support during coronavirus crisis – PM
  • Egypt’s Nile Air urges govt to take stakes in private airlines
  • Total confirms 14 coronavirus cases at its Congo oil operations
  • Algeria trade deficit widens sharply on energy revenue collapse
  • Egypt state banks collect over $6 bln from high yield certificates
  • Rwanda RwandAir cuts salaries by 8-65% due to coronavirus – internal memo
  • South Africa seeking $5 bln from multilateral lenders to fight virus – Treasury official
  • G20 launches initiative for health tools needed to combat the coronavirus
  • Algeria allows businesses to reopen to ease coronavirus impact
  • Nigeria governors seek to make face masks compulsory in public
  • South Africa govt extends deadline for SAA severance deal to May 1
  • Global coronavirus death toll hits 200k
  • South Africa to reopen agric sector, allow more manufacturing, retail
  • Moody’s sees South Africa GDP shrinking 6.5% in fiscal 2020
  • IMF approves $309 mln in emergency financing to Mozambique to address coronavirus hit
  • Angola Sonangol begins selling assets in firms
  • DR Congo police arrest leader of seperatist cult after deadly clashes
  • Land Bank debt default draws attention to South Africa state firms’s finances
  • Nigeria levies $3.9 bln on banks to soak up liquidity, support naira
  • South Africa rand strengthens on govt move to open economy from May
  • Africa Oil – Sonangol offers scarce, Nigeria May exports face revisions
  • Eastern Congo militia ambush kills 16, including 12 park rangers
  • Botswana’s GDP to shrink 13% as coronavirus dims diamond industry
  • OPEC member Angola says producer cuts insufficient, more action needed
  • Russia halves Western sea oil exports in May after OPEC+ deal
  • Zambia budget thrown into disarray due to coronavirus – Lungu
  • IMF to consider Nigeria $3.4 bln request on April 28 – statement
  • Egypt Commercial International Bank buys 51% of Kenya’s Mayfair
  • South Africa says over $4 bln available from IMF, W.Bank to fight Covid-19
  • Global leaders back WHO’s plan to speed Covid-19 drugs, vaccines
  • Africa faces ‘hunger pandemic’ as coronavirus destroys jobs and fuels poverty
  • South Africa Dis-Chem rejects claim it hiked prices of surgical masks
  • South Africa FirstRand bank pulls FY20 forecast
  • South Africa finmin says more than $4 bln available from IMF, World Bank
  • South Africa 3-mth t-bill average yield slips to 4.28%
  • Uganda shilling weakens against the dollar
  • Evictions, power cuts heighten South Africa housing crisis amid lockdown
  • Kenya shilling under pressure from energy sector dollar demand
  • Pompeo urges Egypt to keep American prisoners safe from coronavirus

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

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