macroafricaintel Daily Brief | 15 May

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

Global Markets

  • Asian stocks set to rise on optimism of post-lockdown recovery, stimulus
  • Hang Seng up 0.16%
  • S&P/ASX up 0.85%, Nikkei down 0.15%
  • DJIA closed up 1.62%, S&P 500 up 1.15%

Oil Markets

  • Oil mixed as coronavirus risks offset hopes that crude stockpiles will shrink
  • Brent up 1 cent at $31.13 a barrel (0115GMT)
  • WTI down 13 cents at $27.43

Precious metals

  • Gold rises on stimulus optimism, renewed US-China tensions
  • Spot gold up 0.1% at $1,730.56/oz. (0142GMT)
  • US gold futures up 0.1% at $1,742.30/oz.

Grains

  • Soybeans set to see biggest weekly slide in a month
  • Soybean futures up 0.2% at $8.38-1/2 a bushel (0106GMT)
  • Soybeans down nearly 1.5% for the week
  • Corn down 0.5% for the week
  • Wheat down nearly 4% for the week

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

  • Bank of Ghana decides on interest rates [fcst. 14.0%, prev. 14.5%]
  • South Africa’s Ramaphosa chairs consultation meeting on potential easing to covid-19 alert level 3
  • South Africa’s opposition DA files court papers to challenge lockdown
  • South Africa’s Mabuza chairs virtual Eskom task team meeting
  • 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

  • Mozambique govt kill 50 insurgents in recent days – minister
  • Sudan plans cash transfer to poor after removal of fuel subsidies
  • Zimbabwe to circulate higher bank notes as inflation soars
  • Morocco’s Royal Air Maroc mulls state loan guarantees to withstand coronavirus losses – CEO
  • Hundreds of child weddings thwarted in Ethiopia as coronavirus locks girls out of schools
  • Debt relief for poorest countries will not penalise MDB’s ‘preferred creditor’ status – Moody’s
  • Zimbabwe opposition says activists missing, police deny holding them
  • Walk-through sanitising booth sprays South Africa commuters
  • South Africa to assign coronavirus restrictions by district
  • South Africa rand weaker as global economic worries weigh
  • South Africa food aid draws thousands for second time in 2 weeks
  • First war, now covid-19 threatens South Sudanese in crowded camp
  • South Sudan says records its first coronavirus death – statement
  • Sasol aims to procure 600MW of renewable energy to cut emission at South Africa operations
  • Egypt central bank keeps interest rates steady
  • Facebook, telcos plan subsea cable to connect Africa, Middle East and Europe
  • Burundi expels WHO team as it prepares for presidential election
  • Egypt unemployment falls in 1st quarter – agency
  • Nigeria naira to weaken, Kenya shilling seen steady; in week ahead
  • Uganda plans to open power transmission to private investment – regulator
  • South Africa MTN sticks to medium term forecast as earnings rise
  • Congo citizens bring civil action in Belgium against passport maker
  • Kenya shilling inches down against the dollar
  • Sierra Leone mining revenue sinks as pandemic hits production and prices

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

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