macroafricaintel Daily Brief | 5 May

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

Global Markets

  • Asian stocks, oil higher as economies emerge from lockdown
  • Asian stocks track late US rally
  • Optimism about reopening of economies returns
  • Oil maintains momentum
  • Mainland China, Japan markets closed for holidays

Oil Markets

  • Oil prices rise on demand prospects as lockdowns start to ease
  • Brent up 4.1% at $28.32 a barrel (0108GMT)
  • WTI up 7.6% at $21.94

Precious metals

  • Gold slips as some economies ease virus-led restrictions
  • Spot gold down 0.2% at $1,698.39/oz. (0330GMT)
  • US gold futures down 0.5% at $1,704.80/oz.


  • Corn ticks up after 2 sessions of losses, US planting progress caps gains
  • Corn futures up 0.2% at $3.16 a bushel (0058GMT)
  • Wheat down 0.5% at $5.17 a bushel
  • Soybeans up 0.1% at $8.37-1/4 a bushel

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

  • Nigeria legislature debates contentious infectious disease bill [reportedly contains draconian provisions; negative]
  • 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

  • Armed group in northeast Congo says to lay down weapons
  • WHO cautions against untested covid-19 traditional remedies
  • French soldier dies in operation in Mali
  • Sudan appoints first ambassador to US for decades
  • Six dead as plane carrying coronavirus aid crashes in Somalia
  • IMF approves $226 mln for Cameroon to help with covid-19 impact
  • WHO chief urges unity in long fight against virus
  • Tanzania suspends laboratory head after president questions coronavirus tests
  • Egypt raises new tax on fuel as it confronts coronavirus crisis
  • Africa Oil – Differentials rise on reduced freight rates
  • Nigeria reopens main cities Lagos and Abuja as lockdowns phased out
  • South Africa rand recovers after selloff, stocks fall
  • Sudan sets up bourse for gold as opens up market
  • Equatorial Guinea grants 2-yr extensions on oil & gas exploration
  • Nigeria receives $311 mln of Abacha assets from United States, Jersey – attorney general
  • Nigeria bank layoffs barred as crisis hits economy
  • Algeria Sonatrach signs MOU with Russia’s Lukoil
  • Egypt sells $975.4 mln in 1-yr t-bills at average yield of 3.495%
  • Vodacome launches commercial 5G mobile network in South Africa
  • Zimbabwe pleads with foreign lenders to prevent coronavirus “catastrophe”
  • South Africa Absa PMI falls, business activity crashes to all-time low
  • Forty percent of Nigerians live in poverty – stats office
  • Kenya to sell five-year 50 bln shillings treasury bond in May – cenbank
  • Nigeria taps the power of music to try to beat coronavirus
  • South Africa banks’ relief for virus-hit borrowers nears $800 mln
  • Uganda shilling unchanged on slumped demand
  • Egypt’s Suez canal revenues rise to $1.907 bln in first four months
  • South Africa deputy finance minister urges central bank to print money to fund govt – report
  • South Africa GDP could shrink as much as 12% due to coronavirus – treasury head
  • South Africa Famous Brands reports marginal revenue due to lockdowns
  • South Africa Imperial Logistics to sell European shipping business for $246 mln
  • Kuwait says breaks up Egypt worker riot over repatriation

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

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