macroafricaintel Daily Brief | 14 May

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

Global Markets

  • Asia stocks drop as virus recovery begins to look distant
  • The path ahead is uncertain – Fed Chair Powell
  • The virus may never go away – WHO
  • Hang Seng -1%, dollar up, gold hits 1-wk peak

Oil Markets

  • Oil prices edge higher on surprise US stock drawdown, but demand concerns linger
  • Brent up 0.2% at $29.25 a barrel (0045GMT)
  • WTI up 0.3% at $25.37

Precious metals

  • Gold inches higher on US stimulus talks; jobs data awaited
  • Spot gold up 0.1% at $1,716.66/oz. (0037GMT)
  • US gold futures up 0.6% at $1,726.20/oz.

Grains

  • Wheat hits near 2-mth low on ample global stockpiles
  • Wheat futures down 0.1% at $5.01-3/4 a bushel (0143GMT)
  • Soybeans down 0.3% at $8.37-1/4 a bushel
  • Corn up 0.36% at $7.53-3/4 a bushel

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

  • South Africa’s Ramaphosa visits Eastern Cape to assess covid-19 response
  • 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

  • Burkina Faso prosecutor launches probe after 12 detainees die in custody
  • South Africa SAA adminstrators will not sell assets without involving govt – memorandum
  • South Africa to ease coronavirus restrictions cautiously – Ramaphosa
  • Nigeria set to keep record 2020 budget to fight coronavirus despite earlier cut
  • South Africa’s Ramaphosa to discuss easing covid-19 restrictions further by end-May
  • Congo citizens bring civil action in Belgium against passport maker
  • Eritrea activists sue EU for funding roads built with ‘forced labour’
  • Tunisia relaxes curfew with virus outbreak slowing
  • Africa e-commerce giant Jumia cuts costs, hopes for lockdown boost
  • Nigeria LNG signs EPC contract for Train 7 – oil minister
  • Nigeria to borrow at home and abroad to finance 5.36 trln naira budget deficit – finmin
  • South Africa rand inches firmer in cautious trade, stock market down
  • Africa Oil – Nigeria offers provide little clarity as glut remains
  • South Africa treasury targets June 24 to finalise coronavirus budget
  • OPEC slashes oil demand forecast again, sees biggest hit this quarter
  • Tunisia relaxes coronavirus curfew hours
  • South Africa Shoprite joins Pick n Pay in dropping exclusivity clauses in mall leases
  • Egypt presses on with new capital in the desert amid virus outbreak
  • Remote Lesotho becomes last country in Africa to record covid-19 case
  • Egypt in talks with IMF for second tranche of financial support – official
  • Alphabet’s Loon and South Africa’s Vodacom to expand rural internet in Mozambique
  • Niger says 75 insurgents killed in border-region security operations
  • Morocco hopes to boost domestic tourism to save key sector
  • South Africa lists clothing allowed for sale as lockdown eases
  • Ghana inflation jumps in April due to coronavirus lockdowns
  • Nigeria president appoints ex-UN diplomat chief of staff
  • South Africa’s Spur talking to financial institutions as precautionary measure
  • South Africa amends arms export document after inspection row
  • Uganda shilling holds steady against the dollar
  • Kenya shilling under pressure from the dollar
  • Airtel Africa sales rise as more customers sign up for phone services
  • South Africa rand firms on optimism over relaxing coronavirus restrictions
  • Lesotho PM Thabane will resign by May 22nd – spokesman
  • Kenya KCB Group restructures 15% of loans due to coronavirus

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

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