macroafricaintel Daily Brief | 7 May

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

Global Markets

  • Asia stocks set to track soft Wall Street lead amid pandemic worries
  • E-mini S&P 500 futures down 0.28%
  • Japan’s Nikkei down 0.23%
  • Hang Seng down 0.76%

Oil Markets

  • OIl gains as US inventories grow less than feared while coronavirus slashes demand
  • Brent up 0.4% at $29.84 a barrel (0044GMT)
  • WTI up 0.8% at $24.18

Precious metals

  • Gold rises on poor economic data, US jobless claims report in focus
  • Spot gold up 0.4% at $1,691.98/oz. (0043GMT)
  • US gold futures up 0.4% at $1,695.60/oz.


  • Soybeans edge higher on Chinese cargo purchases
  • Soybean futures up 0.3% at $8.34-3/4 a bushel (0147GMT)
  • Corn up 0.2% at $3.14-3/4 a bushel
  • Wheat up 0.3% at $5.19 a bushel

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

  • Kenya locks down Nairobi’s Eastleigh & Mombasa’s Old Town for 15 days (from 6 May)
  • South Africa SACCI business confidence Apr-20 [prev. 89.9]
  • Nigeria’s Buhari chief of staff pick awaited
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Uber lays off hundreds in Egypt amid global cuts, staff says
  • IMF approves $739 mln in emergency pandemic relief funds for Kenya
  • IMF approves $491.5 mln loan for Uganda to limit coronavirus impact
  • Up to 1,200 deployed in Libya by Russian military group – UN report
  • World Bank debars China electrical equipment firm over fraud in Zambia
  • South Africa opposed to liquidation of national airline SAA – minister
  • Africa Oil – Nigeria, Angola diffs jump on cheap freight
  • South Africa Eskom says covid-19 has hit demand in key sectors
  • Occidental Petroleum to continue Anadarko’s investment in Algeria
  • IMF to consider Egypt’s request for loan on May 11
  • Nigeria to extend ban on all flights by four weeks from Thursday
  • Zimbabwe gets $7 mln World Bank grant to fight coronavirus
  • South Africa Investec Property Fund sees limited impact from Edcon’s bankruptcy protection
  • Forced evictions leave 5,000 Kenya slum dwellers at risk of coronavirus
  • Ethiopia Tigray region eyes election in challenge to national unity
  • Nigeria stocks rise for 8th session after oil price climbs
  • Some Egyptians pack streets for Ramadan shopping despite coronavirus threat
  • South Africa Harmony Gold withdraws annual production guidance
  • Kenya floods kill 194, people evacuated from risk areas near dams
  • Uganda shilling unchanged amid low importer dollar demand
  • Assore chrome mine in South Africa shuts after worker diagnosed with covid-19
  • Cameroon doctor faces influx of covid-19 patients
  • South Africa ‘virtual safaris’ liven up lockdown with jackals and leopard curbs
  • Kenya shilling firm on reduced dollar demand
  • Kenya business conditions worsen in April due to covid-19 – PMI
  • StanChart Kenya restructures 6% of loan book due to coronavirus
  • Coronavirus lockdown pushes South Africa PMI to record low in April
  • Uganda calls on creditors to cancel Africa debts as coronavirus wrecks economies

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

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