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