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.

Grains

• 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