macroafricaintel Daily Brief | 21 May

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

Global Markets

  • Asia shares temper rally, await China policy meeting
  • Investors question speed of stock rally
  • China shares eye chance of stimulus
  • Oil prices extend gains in Asia

Oil Markets

  • Oil prices climb as US stock drawdown eases supply glut fears
  • US crude stocks fall by 5 mln bbls last week – EIA
  • OPEC chief says market responding well to record supply cut
  • Brent up 0.5% at $35.92 a barrel (0024GMT)
  • WTI up 0.1% at $33.53

Precious metals

  • Gold slides as economic recovery hopes dent safe-haven bids
  • Spot gold down 0.6% at $1,738.97/oz. (0250GMT)
  • US gold futures down 0.6% at $1,740.80/oz.

Grains

  • Wheat extends gains as worries about global crops persist
  • Wheat futures up 0.5% at $5.16-1/4 a bushel (0113GMT)
  • Soybeans unchanged at $8.46-3/4 a bushel
  • Corn up 0.1% at $3.19-3/4 a bushel

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

  • South Africa’s SARB decides interest rates [fcst. 4.25%, prev. 4.25%]
  • Botswana ends 48-day lockdown
  • Kenya politics in focus ahead of Friday senate deputy speaker Kindiki impeachment vote
  • Guinea Bissau Embalo expected to form govt ahead of Friday deadline
  • Nigeria inflation Apr-20 [fcst. 12.5% yy, prev. 12.3%]
  • Kenya extends Nairobi’s Eastleigh lockdown amid protests & mass testing boycott threat
  • 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

  • Total secures $14.4 bln funding for Mozambique LNG – sources
  • South Africa records first neonatal coronavirus death, toll jumps to 339
  • Libya frontline pullback puts eastern offensive in question
  • Botswana to end 48-day lockdown at midnight
  • Algeria activists jailed for criticising authorities, rights group says
  • Burundi voting ends in calm despite fraud allegation
  • Namibia suspends maize and pearl millet imports to protect local farmers
  • Egypt to offr coronavirus testing in all general hospitals
  • Poor countries need more debt relief during pandemic, Germany’s Merkel says
  • Trump, Macron agree on urgent need for de-escalation in Libya – White House
  • Africa Oil – Differentials rise broadly but demand still uncertain
  • Rwanda most-wanted genocide suspect appears before French court
  • Egypt to take 1% from salaries due to coronavirus
  • South Africa rand firms to 5-wk highs, stocks continue to move up
  • Nigeria doctors to strike over treatment by police during lockdown
  • Kenya lender KCB Group Q1 profit after tax misses expectations
  • Migrants and those without ID face hunger in South Africa
  • IIF: Frontier markets face rising funding gaps
  • South Africa retailer Edcon can be saved, administrators say
  • Congo chamber of mines head sees more M&A due to covid-19
  • Egypt GDP growth was 5% in Jan-March quarter – cabinet
  • Prosecutor seeks transfer of Rwanda genocide suspect Kabuga to UN custody
  • South Africa central bank to cut rates again, resist QE pressure for now
  • South Africa mobile operator Cell C finalises recapitalisation plan
  • Zambia cuts lending rate by 225 bps to 9.25% as coronavirus hits economy
  • Egypt stocks dip on coronavirus restrictions, FAB boosts Abu Dhabi
  • Kenya new car sales plunge 47% in April due to coronavirus
  • Kenya floods uproot families, disrupt fishing, farming communities
  • South Africa Tiger Brands books $30 mln impairment on export businesses
  • South Africa Harmony Gold confirms two covid-19 cases at Kalgold
  • South Africa retail sales up 2% y/y in February
  • Outlook bright as solar energy keeps Nigeria homeworkers powered up
  • Every day’s a Sunday as Kenya power demand drops
  • World Bank approves $1 bln funding for Kenya budget support
  • Lesotho new PM Majoro sworn in but faces task of uniting fractious elite
  • Kenya shilling steady, tight liquidity helps
  • South Africa Land Bank in talks with lenders after debt default
  • South Africa Dis-Chem Pharmacies posts 12% jump in annual revenue
  • Angola oil exploration evaporates as covid-19 overshadows historic reforms
  • Burundi heads to poll amidst health and violence concerns

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

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