macroafricaintel Daily Brief | 13 May

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

Global Markets

  • Asia stocks set to slip on coronavirus fears, vaccine timing
  • Hong Kong Hang Seng up 0.37%
  • Australia S&P/ASX down 1.26%
  • Japan Nikkei down 0.05%

Oil Markets

  • Oil falls amid concerns about new viral outbreaks, rise in inventories
  • Brent down 1.6% at $29.49 a barrel (0034GMT)
  • WTI down 1.6% at $25.37

Precious metals

  • Gold gains as virus resurgence fears dampen risk
  • Spot gold up 0.1% at $1,704.23/oz. (0030GMT)
  • US gold futures up 0.1% at $1,708.10/oz.

Grains

  • Soybeans fall to 5-day low, strong Chinese demand cuts losses
  • Soybean futures down 0.2% at $8.50-3/4 a bushel (0111GMT)
  • Corn down 0.5% at $3.20-3/4 a bushel
  • Wheat down 0.7% at $5.11 a bushel

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

  • Nigeria’s Buhari chief of staff pick awaited [Former UN scribe Gambari touted but yet to be officially confirmed]
  • Nigeria’s Buhari cabinet holds first virtual meeting
  • Lesotho PM Thabane expected to resign today
  • 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

  • Saudi cabinet urges OPEC+ countries to further reduce production – SPA
  • Lesotho PM Thabane says he will resign on Wednesday – report
  • Angola dos Santos wants graft case dropped, cites documents she calls forged
  • Mozambique court declares void two loans in ‘hidden debt’ scandal
  • Bank of Central African States denies CFA franc devaluation rumours
  • Tunisia to double external funding to 5 bln euros this year – PM
  • Africa Oil – India refiners set to mop up some cargoes
  • South Africa rand rises on US-China trade truce hopes
  • Ghana fish factory partially reopens after swell of coronavirus cases
  • Egypt receives $2.77 bln in IMF emergency financing – state news agency
  • IMF chief says growth forecast cuts ‘very likely’ as coronavirus hits economies
  • Violence in northwest Nigeria drives 23,000 into Niger – UNHCR
  • South Africa firms get 5 years to repay coronavirus support loans
  • “Madness” to hold Uganda vote if virus persists – Museveni
  • Algeria extends coronavirus restrictions by 15 days
  • South Africa Shoprite sees surging demand for DIY hair and beauty products
  • South Africa publishes proposed mine safety rules for covid-19
  • Ethiopia only ventilator expert races to train others as virus spreads
  • Zambia shuts Tanzania border to fight covid-19, delaying copper exports
  • IMF raises Kenya risk of debt distress to high from moderate
  • South Africa strips Land Bank debt of high quality asset status
  • Tanzania central bank lowers reserve requirements due to coroanvirus
  • Uganda shilling holds steady against the dollar
  • South Africa Sibanye Stillwater first-quarter earnings surge on strong metal prices
  • South Africa Tongaat, Barloworld in deadlock over starch business deal

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

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