macroafricaintel Daily Brief | 30 Apr

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

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