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

Global Markets

• Stocks falter as anxiety grows over second coronavirus wave
• European markets set to open lower
• EUROSTOXX 50 futures off 0.52%
• FTSE futures down 0.22%
• E-mini futures for S&P 500 down 0.68%

Oil Markets

• Oil prices boosted by Saudi Arabia pledge to deepen output cut
• Saudis to cut an extra 1 mln bpd in June
• Stock build key to sustained rally – analysts
• Brent up 0.5% at $29.78 a barrel (0500GMT)
• WTI up 1% at $24.40

Precious metals

• Gold ticks up on fears about second wave of infections
• Spot gold up 0.1% at $1,697.67/oz. (0304GMT)
• US gold futures up 0.2% at $1,701.80/oz.

Grains

• Soybeans inch lower ahead of USDA supply/demand report
• Soybean futures down 0.3% at $8.53-3/4 a bushel (0142GMT)
• Corn up 0.1% at $3.18-3/4 a bushel
• Wheat down 0.6% at $5.16-1/4 a bushel

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

• South Africa releases latest employment statistics
• 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

• Senegal to re-open mosques, ease restrictions as coronavirus cases jump
• Morocco clears disposable face masks for export
• Algeria starts coronavirus test kits production
• Congo president chief of staff denies graft charges as trial begins
• South Africa Airways rescue team to appeal court ruling on layoffs
• More countries likely to have credit ratings cut – S&P Global
• IMF approves $2.77 bln in emergency pandemic aid for Egypt
• WHO says “extreme vigilance” needed in exit from lockdowns
• Ghana president says one person infected 533 with coronavirus at fish factory
• Subdued EU wheat market awaits Algeria tender, USDA data
• Kenya president purges Senate of deputy’s allies as rift widens
• Grenade blast in Burundi capital injures 12
• Africa Oil – Nigeria offers scarce amid sudden price bounce
• South Africa rand weaker as investors turn gloomy on coronavirus bounce-back
• WHO chief says “slow, steady lifting” of coronavirus lockdowns key
• Lesotho PM Thabane coalition folds, he leaves on May 22
• Immunity from prosecution for Lesotho PM not part of exit deal – party
• South Africa – Johannesburg Stock Exchange offers virus crisis relief
• Mozambique seeks to close state companies behind debt scandal
• Lesotho PM Thabane’s signature is on deal to dissolve govt – Reuters witness
• Emerging economies burn through $240 bln in reserves, drain seen continuing – BofA
• South Africa’s Eskom to fix design flaws at Medupi, Kusile coal plants
• Nigeria to ensure orderly foreign investor exits after oil price clash
• South Africa’s Vodacom reports 8.9% jump in full-year earnings, postpones outlook
• South Africa suspends use of Land Bank debt as collateral after default
• Kenya shilling holds steady against the dollar
• South Africa’s AngloGold Ashanti boosts cash flow despite production loss
• South Africa Life Healthcare scraps dividend, sees earnings hit from covid-19
• Tunisia reports no new coronavirus cases for first time since early March
• South Africa up weekly debt auctions by $109 mln to cover covid-19 stimulus

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