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