macroafricaintel Daily Brief | 11 May

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

Global Markets

  • Asia shares push higher as more countries ease lockdowns
  • Nikkei up 1.6% after Wall Street rally
  • More countries ease lockdowns despite new infections
  • Treasury yields edge up ahead of Fed chair speech

Oil Markets

  • Oil prices drop amid supply glut, fears of 2nd coronavirus wave
  • US rig count falls to record low – Baker Hughes
  • Brent down 2.4% at $30.24 a barrel (0114GMT)
  • WTI down 3.3% at $23.93

Precious metals

  • Gold gains as new wave of infections raises further stimulus hopes
  • Specs cut bullish positions in gold in week to May 5 – CFTC
  • Spot gold up 0.5% at $1,708.75/oz. (0325GMT)
  • US gold futures down 0.1% at $1,711.70/oz.


  • Soybeans hit near 1-mth high on Chinese buying
  • Soybean futures up 0.6% at $8.55-3/4 a bushel (0132GMT)
  • Corn up 0.9% at $3.22 a bushel
  • Wheat up 0.5% at $5.24-1/2 a bushel

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

  • Kenya’s Kenyatta meets factionalised ruling Jubilee party senators
  • Zambia closes border with Tanzania on covid
  • IMF decides $2.7 bln Egypt loan
  • 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 over the weekend & early a.m today

  • Tunisia reports no new coronavirus cases for first time since early March
  • President says one person infected 533 with coronavirus at Ghana fish factory
  • Morocco central bank asks banks to halt dividends during coronavirus pandemic
  • Libya – Massive bombardment hits Tripoli as water supplies threatened
  • Three killed and 79 wounded in tribal clashes in eastern Sudan
  • Twenty killed in attacks on villages in western Niger
  • Algeria to lift ban on car imports
  • Turkey threatens to target Haftar’s forces in Libya if attacks persist
  • Three UN peacekeepers killed in roadside bomb in northern Mali – statement
  • Italy aid worker kidnapped in Kenya has been freed – PM Conte
  • Egypt headline inflation rises to 5.9% in April – CAPMAS
  • Mayor killed in ambush in Cameroon’s restive region
  • Egypt state banks collect over $7 bln from high-yield certificates
  • Egypt fuel subsidy bill drops 65% in 9 months through March – official
  • Tunisia cereal imports to rise by 20% in 2020/21 season – FAO
  • Sierra Leone president accuses main opposition party of inciting violence
  • Algeria approves 2-7% increase in retirment pensions
  • South Africa suspends use of Land Bank debt as collateral after default
  • Kenya & Uganda hit by power blackout, electricity back in most of Kenya
  • Jet fuel tank farm at Tripoli’s Mitiga airport attacked, causing fires – Libya’s NOC
  • Kenya power blackout due to glitch in transmission grid – Kenya Power
  • Morocco Attijariwafa Bank Q1 profit falls 23.8%
  • Turkey & Italy say shells hit near their Libya embassies
  • Ghana records over 500 coronavirus cases at industrial facility
  • Reported coronavirus cases in Egypt jump by nearly 500
  • Ghana instructs Eni and local producer to combine oil fields
  • South Africa court halts layoffs at ailing airline SAA
  • South Africa rand gains on improved risk demand, markets end stronger
  • South Africa defence firm Denel fails to pay pension contribution, taxes
  • South Sudan Kiir, Machar differ over states, jeopardising unity govt
  • South Africa central bank switches back to one daily repo auction
  • South Africa Ramaphosa says Africa needs 2-yr debt standstill
  • Ethiopia jails former minister for corruption
  • Malawi court upholds ruling annuling Mutharika’s election win
  • South Africa to parole 19,000 prisoners to curb coronavirus
  • Uganda hospital, Somali town washed away by East Africa floods
  • Nigeria comics fight covid-19 with gags and slapstick slaps
  • Madagascar coronavirus herbal mix draws demand from across Africa despite WHO misgivings
  • South Africa fx reserves rise in April as gold price rally cushions outflow shock
  • Kenya shilling firms, lifted by horticulture & remittances
  • South Africans mourn a metre apart as covid-19 curbs funerals
  • South Africa net foreign reserves rise to $45.5 bln in April
  • Tunisia allows Turkish medical aid plane to land for Libyans

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

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