macroafricaintel Daily Brief | 4 May

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

Global Markets

  • Dollar firm but stocks, oil under pressure as US-China tensions rise
  • Pompeo says ‘significant evidence’ virus emerged from lab
  • AUD, NZD hit 1-wk lows; stocks poised to slip
  • China, Japan on holidays

Oil Markets

  • Oil prices open down on persistent oversupply worries
  • US-China trade tension could hold back global economic recovery
  • Brent down 3.4% at $25.54 a barrel (0008GMT)
  • WTI down 7.6% at $18.27

Precious metals

  • Gold gains as rising US-China tensions dent risk sentiment
  • Spot gold up 0.7% at $1,696.88/oz. (0109GMT)
  • US gold futures up $1,703.20/oz.


  • Chicago soybeans fall on demand concerns, wheat drops 1.3%
  • Soybeans down 0.4% at $8.45-3/4 a bushel (0023GMT)
  • Wheat down 1.3% at $5.09-3/4 a bushel
  • Corn down 0.6% at $3.16-3/4 a bushel

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

  • Nigeria, South Africa, Rwanda ease covid-19 lockdown
  • South Africa ABSA manufacturing PMI Apr-20 [prev. 48.1]
  • Nigeria manufacturing PMI Apr-20 [prev. 51.1]
  • Nigeria planned infectious disease law in focus [reportedly contains draconian provisions; negative]
  • Nigeria releases overview of 2019 poverty & inequality report
  • Egypt auctions $800 mln in dollar t-bills
  • 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 over the weekend & early a.m today

  • Algeria announces new cut in 2020 public spending
  • Egypt reopens hotels for local tourists with strict conditions
  • South Africa union wins case on covid-19 safety for miners
  • South Africa Airways could shed staff from May 12 – rescue specialists
  • President queries Tanzania coronavirus kits after goat test
  • Glencore Zambia subsidiary to resume mining temporarily
  • Algeria cuts energy revenue, forex forecasts for 2020
  • Few masks in packed Burkina Faso mosques as coronavirus ban lifted
  • Egypt reports 15 military casaulties in Sinai recently
  • Egypt sees growth slowing to 2% in 2020-21 if coronavirus continues to December – minister
  • South Africa deputy finmin urges central bank to print money to fund govt – report
  • Ivory Coast PM flies to France for medical checks
  • Lesotho parliament moves closer to forcing PM Thabane out of office
  • Libya central bank reserves to fall 20% as oil revenues sink – audit bureau
  • IMF approves $91 mln loan to Malawi for covid-19 trade balance woes
  • French foreign legion soldier dies after being wounded in Mali
  • Algeria leader vows to develop new resources beyond energy to ease economic crisis
  • Thousands of Ethiopia migrants quarantined in universities wait to go home
  • [Militant group] claims responsibility for Egypt’s Sinai attack
  • South Africa trade unions seek court action over job cuts at SAA
  • Africa Oil – Nigeria export programmes shrink in June, May
  • Zimbabwe extends coronavirus lockdown again, announces $720 mln stimulus
  • Lake Victoria’s surging water levels threaten hydro dams – Uganda
  • Africa free trade deal launch unlikely this year – AfCFTA Sec Gen
  • Exxon posts first loss in 30 years on writedown, oil price plunge
  • European Investment Bank joins WHO in pandemic help for Africa
  • South Africa eases lockdown of battered economy
  • Rwanda will start to ease coronavirus lockdown from Monday
  • WHO ministerial to open on May 18; UNICEF seeks flights for vaccines
  • Nigeria Afrobeat pioneer Tony Allen dies aged 79

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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.