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

Global Markets

• Stocks rally on treatment hopes, currencies await ECB
• Gilead’s remdesivir shows promise in clinical trial
• Asian stocks hit 7-wk high, but dollar rises vs AUD & NZD
• ECB to hold press conference at 1330GMT

Oil Markets

• Oil prices surge over 10% amid early signs of US fuel demand recovery
• Brent up 10.3% at $24.87 a barrel (0350GMT)
• WTI up 14.3% at $17.21

Precious metals

• Gold eases as coronavirus treatment hopes bolster risk appetite
• Spot gold down 0.1% at $1,710.26/oz. (0327GMT)
• US gold futures up 0.7% at $1,725.70/oz.

Grains

• Soybeans rise for second straight session on demand hopes
• Soybean futures up 0.5% at $8.41-1/4 a bushel (0136GMT)
• Corn up 0.3% at $3.15-1/2 a bushel
• Wheat down 0.5% at $5.14 a bushel

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

• Central Bank of Kenya’s Njoroge post-MPC press briefing
• Nigeria crude oil loading programmes awaited
• South Africa PSCE Mar-20 [fcst. 4.3% yy, prev. 5.1%]
• South Africa M3 Mar-20 [fcst. 6.1% yy, prev. 7.7%]
• South Africa producer inflation Mar-20 [fcst. 3.6% yy, prev. 4.5%]
• South Africa balance of trade Mar-20 [prev. ZAR14.2B]
• South Africa prep for covid-19 level 4 alert level tomorrow, 1 May
• Nigeria manufacturing PMI Apr-20 [prev. 51.1]
• Nigeria’s Buhari 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 yesterday & early a.m today

• Africa Oil – Key Nigerian programme still missing
• Eastern Libya forces pause operations after military setbacks
• Tanzania silence on coronavirus draws criticism over secrecy
• Nigeria, Angola cut oil export programmes to meet OPEC deal
• South Africa rand soars as risk-buying, yield-hunt overshadows WGBI exit
• WHO declines comment on remdesivir in covid-19, hopes for best
• Sudan postpones key economic meeting due to coronavirus
• Nigeria to ease lockdowns in 3 states over 6-week period
• ‘Test and trace’ has worked for us, Ghana’s president says
• Kenya central bank cuts benchmark lending rate again 7.0% from 7.25%
• Zimbabwe central bank to cut main lending rate to 15% from May 1
• WHO says it acted “quickly and decisively” on new coronavirus
• Madagascar prehistoric ‘crazy beast’ sheds light on mammalian evolution
• Nigeria central bank to resume FX sales as lockdown eases
• Most Kenya regions ill-prepared to tackle covid-19 pandemic, senate warns
• South Africa retailer Edcon to file for bankruptcy protection
• Guinea-Bissau PM and 3 ministers test positive for covid-19
• Tunisia to partially reopen economy from next week
• Emerging sovereigns set for borrowing binge but weaker names struggle
• Riot erupts at coronavirus-hit prison in Sierra Leone
• City demolitions expose Ethiopia families to coronavirus
• OPEC+ should focus on market share as oil demand recover – Moscow
• Cameroon sanctuary for rescued apes threatened by covid-19
• Tunisia says food, construction sectors to reopen next week
• Nearly half of global workforce risk losing livelihoods in pandemic – ILO
• Zimbabwe reopens tobacco auctions after coronavirus delay
• TikTok, Gates pledge $20 mln to help Africa tackle covid-19
• Kenya Safaricom dials up Google for million smart phone offer
• Kenya shilling flat as demand from importers thins out
• Uganda restricts truckers on busy trade route to curb coronavirus
• South Africa PSG Group mulls unbundling stake in Capitec Bank
• South Africa Vilage Main Reef postpones potential job cuts until lockdown ends
• Kenya Safaricom unable to offer FY21 guidance due to coronavirus
• Kenya Safaricom posts 13% rise in annual profit

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