macroafricaintel Daily Brief | 6 May

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

Global Markets

  • US stock futures, Chinese shares slip amid Sino-US tensions, oil falters
  • China shares fall after reopening from long break
  • Japanese markets closed for public holiday
  • Oil ends multi-day winning streak

Oil Markets

  • Oil prices fall as rising US inventories reassert supply concerns
  • Brent flat at $30.97 a barrel (0201GMT)
  • WTI down 14 cents at $24.41

Precious metals

  • Gold inches down as easing virus-led curbs buoy equities
  • Spot gold down 0.1% at $1,704.88/oz. (0119GMT)
  • US gold futures up 0.2% at $1,713/oz.

Grains

  • Soybeans climb for 2nd day on China buys; corn gains
  • Soybean futures up 0.1% at $8.40-1/4 a bushel (0015GMT)
  • Corn up 0.2% at $3.17-1/2 a bushel
  • Wheat down 0.4% at $5.18-3/4 a bushel

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

  • Kenya Finance Bill 2020 to be read in parliament for the first time
  • South Africa Standard Bank PMI Apr-20 [prev. 44.5]
  • Nigeria Stanbic IBTC PMI apr-20 [prev. 53.8]
  • Kenya, Ghana & other Africa PMIs expected
  • Nigeria’s Buhari chief of staff pick awaited
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent
  • [South Africa’s Zuma trial scheduled for today postponed to 23 June]

Key African events or data releases yesterday & early a.m today

  • Two killed in Liberia gold mine collapse
  • Ethiopia Tigray region eyes election in challenge to national unity
  • Tunisia banks lend govt foreign currency to tackle coronavirus
  • South Africa rand recovers in global emerging market bounce
  • Nigeria’s FCMB targets loan growth of 10-14% this year
  • Nigeria to use $311 mln of Abacha assets to fund infrastructure
  • Ivory Coast PM to spend weeks in France on medical rest after heart exam
  • South Africa airline Comair files for business rescue
  • Africa Oil – Nigeria differentials edge up from historic low
  • Nigeria’s FCMB sees coronavirus driving credit growth for healthy companies
  • Total told it cannot acquire Anadarko Algeria assets
  • Nigeria oil bid rounds, upstream projects delayed due to price crash – officials
  • WHO urges countries to investigate early covid-19 cases
  • Nigeria govt expects economy to contract by 3.4% in 2020
  • Nigeria stocks post biggest rise in 3-mths after lockdown is phased out
  • No “substantive” Nigeria oilfield bid rounds until prices recover – NNPC
  • Egypt TV show aired during Ramadan under fire for insulting women
  • Nigeria stocks rise to 8-wk high after lockdown is phased out
  • Nigeria in talks to defer debt service obligations to “2021 and beyond” – finmin
  • Liberia ministry says two killed in mine collapse, local mayor fears scores more dead
  • Morocco medics isolated from families have lonely Ramadan
  • Nigeria amending 2020 budget assuming oil at $20 per barrel – finmin
  • Egypt 2020/21 budget deficit could widen to 7.8% of GDP due to coronavirus
  • Kenya urges Somalia to speedily investigate fatal plane crash
  • Nigeria naira firms on black market after central bank resumes FX sales
  • South Africa revenue shortfall to reach $15 bln due to coronavirus – tax commissioner
  • Kenya shilling strengthens against the dollar
  • Uganda starts easing one of Africa’s strictest lockdowns
  • South Africa’s Amplats completes repair to processing plant unit after blast
  • Egypt non-oil business collapses as coronavirus hits activity – PMI

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

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