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 2^nd 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