macroafricaintel Daily Brief | 25 May

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

Global Markets

  • Asia shares reverse early gains, eyes on China-US trade relations
  • MSCI Asia-Pacific ex-Japan down 0.1%
  • Hang Seng down 1.4%
  • South Korea, Australia & NZ shares up

Oil Markets

  • Oil falls as US-China tensions take toll
  • Brent down 0.5% at $34.94 a barrel (0152GMT)
  • WTI down 0.2% at $33.19

Precious metals

  • Gold down as potential Japanese stimulus boosts risk appetite
  • Spot gold down 0.4% at $1,728.06/oz. (0252GMT)
  • US gold futures down 0.4% at $1,728.50/oz.

Grains (22 May)

  • US wheat, soybean futures fall with export prospects; corn edges up
  • Soybeans slump on US-China tensions
  • Wheat slips back after three successive daily gains
  • Soybeans ends down 1-3/4 cents at $8.33-1/4 a bushel
  • Wheat down 7-1/4 cents at $5.08-3/4 a bushel
  • Corn slightly up ¼ cent at $3.18 a bushel

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

  • Africa Day; activities across continent
  • Nigeria GDP Q1-2020 [fcst. 1.0% yy, prev. 2.6%]
  • South Africa govt briefings on planned 1 June covid level 3 alert move
  • Muslim Eid celebrations; some markets on holiday
  • Key African countries on lockdown or restricted; subdued economic activity
  • Covid-19 updates by authorities across the continent

Key African events or data releases over the weekend & early a.m today

  • Ivory Coast army joins Burkina Faso in anti-insurgent operation
  • Workers at China Moly’s Congo mine end 1-day strike over covid-19
  • South Africa president says lockdown to ease from June 1
  • AngloGold Ashanti shuts South Africa mine after finding 164 coronavirus cases
  • Libya Haftar seeks to rouse forces against Turkey
  • Zambia information minister tests positive for coronavirus
  • Trump urges Libya de-escalation on call with Erdogan – White House
  • eSwatini cuts rates further in response to virus
  • South Africa, Mozambique discuss aid to fight insurgency
  • Africa’s Muslims celebrate Eid in the shadow of covid-19
  • Namibia culls ten ‘dangerous’ elephants to protect farmers, crops
  • Egypt forces kill 21 militants in North Sinai – state TV
  • Burundi police detain more than 200 opposition election observers
  • UK court throws out Nigeria oil corruption case against Shell, Eni
  • South America is a new covid ‘epicentre’, Africa deaths still low – WHO
  • Anglo American explores sale of South Africa coal alongside spin-off – sources
  • Africa Oil – India’s IOC takes four cargoes
  • South Africa rand retreats as US-China tensions dim risk appetite
  • Libya Tripoli govt retakes more areas of capital
  • Africa music legend Mory Kante dies aged 70 in Guinea
  • World Bank sees Nigeria $1.5 bln loan decision in late July – Bank official
  • UN prosecutor: remains of Rwanda war crimes suspect found in Congo
  • Angola oil exploration evaporates as covid-19 overshadows historic reforms
  • UK’s Blair: Patchy data means Africa could use antibody tests to track covid-19
  • South Africa scientists say up to 50,000 covid-19 deaths possible
  • Uganda shilling unchanged as banks’ appetite flat
  • Egypt strategic rice reserves sufficient until October – supply ministry
  • South Africa’s Sasol full-year earnings drop of at least 20%
  • South Africa’s Nedbank warns on profit amid covid-19 crisis

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

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