By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Australia drops more than 3%, with major markets in Asia closed for holidays
- Shares in Japan & Australia down Friday morning
- China, Hong Kong, South Korea, India & Singapore closed
(Source: CNBC & Reuters)
Oil Markets
- Oil prices surge again as US stockpiles grow less than feared, output cuts kick in
- Brent up 4.2% at $27.58 a barrel (0013GMT)
- WTI up 7.3% at $20.21
Precious metals
- Gold gains on dismal US data, but on track for weekly loss
- Spot gold up about 0.3% at $1,684.35/oz. (0038GMT)
- US gold futures down 0.1% at $1,691.90/oz.
Grains
- Soybeans set for biggest weekly gain in 5 on strong China demand
- Soybean futures gained 1.5% so far this week
- Corn down 1.5% for the week
- Wheat lost nearly 2% week thus far
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- Labour day; most Africa markets on holiday
- South Africa eases covid-19 measures to “level 4”
- Nigeria Bonny Light & Bonga crude oil loading programmes awaited; Forcados & Escravos released
- South Africa ABSA manufacturing PMI Apr-20 [prev. 48.1]
- 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
- ‘Emergency’ for millions as coronavirus severs remittance lifeline
- IMF approves $411 mln in coronavirus aid for Ethiopia
- Algeria energy minister urges oil producers to comply with output cut deal
- UAE calls on all Libya parties to commit to political process, renews support for Haftar
- West Africa countries on alert for child labour spike due to coronavirus
- Congo’s economy expected to contract due to coronavirus – central bank
- 10 Egypt army members killed or wounded in a bomb attack – spokesman
- South Africa fuel prices to drop sharply in May
- South Africa coronavirus cases jump by 297
- Egypt bank net foreign assets plunge in March
- Africa Oil – Key Nigeria programmes yet to emerge
- Zambia gets $145 mln from lenders for coronavirus fight
- Virus-hit rich nations urged to keep climate-finance promises to poor
- Morocco suspends foreign debt ceiling
- South Africa rand weaker on rising coronavirus fears
- South Africa economy to contract 5.8% this year
- Namibia re-opens businesses, borders to remain close
- Sudan makes FGM a crime in ‘new era’ for women’s rights
- Libya GNA says it will keep fighting after LNA calls truce
- Local investors cushion impact of South Africa bond index exit – for now
- Nigeria could have to ‘replace’ $300 mln Abach loot if mis-used – US
- Botswana cuts rates, banks’ capital rations in coronavirus response
- OPEC April oil output surges to 13-mth high before new cut deal
- South Africa tax revenue down $711 mln, to worsen once covid-19 relief measures commence
- Unfazed by coronavirus, Egypt farmers harvest their wheat
- South Africa willing to sell ‘poorly functioning’ state-owned firms – finmin
- 7 killed in Sierra Leone prison riot on Wednesday
- Africa FX – Nigeria naira to weaken while Kenya shilling seen on even keel
- WHO says very concerned at community spread of coronavirus in West Africa
- Kenya economy to rebound in 2021 – central bank gov
- South Africa trade surplus widens in March
- South Africa anti-apartheid activist Denis Goldberg, who spent 22 years in prison, dies aged 87
- Kenya inflation at 5.62% y/y in April – stats office
- South Africa MTN asks US court to dismiss anti-terrorism case in Afghanistan
- Aerial footage shows miles-long queue for food aid in South Africa
- Kenya shilling a notch weaker on demand from oil and merchandise importers
- Nigeria funds switch to stocks, hoping for rebound as foreigners exit
- Kenya – Nairobi salon defies pandemic with ‘coronavirus’ style
- Nigeria tech experts step in to help those losing livelihoods under lockdown
- Visa gives Kenya Safaricom ‘missing link’ for global payments
- Egypt M2 money supply accelerates to 14.82% y/y in March
- Eastern Libya forces pause operations after military setbacks
- China Moly shrugs off South Africa port disruption as DRC cobalt sales rise
- South Africa PPC names CFO, domestic April sales volumes seen 95% lower
- Uganda shilling weakens as foreign firms exert demand to pay dividends
- Kenya central bank has no target for shilling exchange rate – gov
- Egypt to auction $800 mln in dollar-denominated t-bills
- Kenya economy to grow by an estimated 6.4% in 2021 – central bank gov
- South Africa Implats cuts output guidance & capex spend as coronavirus weighs
- South Africa rand holds firmer on improved risk appetite
- South Africa credit growth rises to 7.84% y/y in March
N.B. Full stories of above headlines are available on Reuters