macroafricaintel Daily Brief | 8 May

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

Global Markets

  • Asian shares up as US, China trade negotiators talk
  • US, China trade negotiators hold call
  • MSCI Asia ex-Japan adds 1.1%
  • Earnings, lockdown easing hopes boost shares

Oil Markets

  • Oil gains on hopes that easing of coronaviru curbs will trigger demand boost
  • Brent up 1.5% at $29.33 a barrel (0121GMT)
  • WTI up 1.5% at $24.03

Precious metals

  • Gold hovers near 2-wk high ahead of US jobs data
  • Spot gold steady at $1,715.23/oz. (0315GMT)
  • US gold futures up 0.1% at $1,727/oz.

Grains

  • Soybeans hit 1-wk high, but set to post weekly loss
  • Soybeans down nearly 0.5% for the week
  • Corn up nearly 0.5% for the week
  • Wheat up 1% for the week

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

  • Nigeria releases 2019 consumption expenditure report
  • South Africa FX reserves Apr-20 [prev. $52.4B]
  • South Africa & Nigeria reduce fuel prices [SA from 6 May, Nigeria marketers’ compliance awaited]
  • 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

  • Tunisia allows Turkish medical aid plane to land for Libyans
  • Sudan corruption committee confiscates Bashir family properties
  • Sudan coronavirus committee recommends lockdown extension in Khartoum state
  • US says Russia is working with Syria’s Assad to move militia to Libya
  • Zimbabwe opposition boycotts parliament after members dismissed
  • Egypt foreign reserves fall to $37.037 bln end-April – central bank
  • Coronavirus could kill up to 190,000 in Africa in first year if not contained – WHO
  • US says does not support Haftar’s military action against Libya’s Tripoli
  • Foreign holdings of Egypt pound t-bills fell by half in March
  • Lesotho’s king assents to bill limiting PM Thabane’s powers
  • South Africa rand jumps as Chinese data fuels recovery hopes, Anglo leads
  • Africa Oil – Qua offered at premium as market rebounds from record low
  • Nigeria’s UAC to spin off loss-making real estate unit by July
  • IMF approved $18 bln in 50 requests for emergency pandemic aid – spokesman
  • Egypt foreign reserves at $37.037 bln at end-April – central bank
  • Africa disease centre rejects Tanzania allegation that its coronavirus tests faulty
  • Kenya, Uganda currencies seen firmer, Nigeria’s weaker; in week ahead
  • Egypt extends nationwide nighttime curfew until end of Ramadan
  • Nigeria 5-year naira futures slide past 550 after cenbank weakens contract – traders
  • Africa startup Helium Health closes $10 mln funding round
  • Tunisia annual inflation rate rises to 6.3% in April
  • Uganda shilling unchanged, banks keep eye on impact from IMF loan
  • Virus exposes gaping holes in Africa health systems
  • Kenya floods uproot families, complicating coronavirus fight
  • South Africa business confidence sinks to 35-yr low in April – SACCI
  • Anglo American considers spinning off South Africa coal operations
  • Africa disease control body rejects Tanzania assertion that coronavirus tests are faulty
  • World food prices fall sharply in April because of coronavirus – UN
  • South Africa children face hunger as school closure halts free meals
  • South Africa rand dips as risk sentiment dampened by China troubles

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

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