macroafricaintel Daily Brief | 12 May

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

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