macroafricaintel Daily Brief | 26 May

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

Global Markets

  • Japan shares hit 10-wk peak, S&P 500 tests 3,000
  • Nikkei rises 2% to highest since early March
  • S&P 500 futures climb 1.4% to test 3,000 barrier
  • China central bank says to strenghten economic policy
  • Oil up as supply falls, US rigs hit all-time low

Oil Markets

  • Oil climbs as suppliers stick to output cuts, coronavirus lockdowns ease
  • Brent up 0.7% at $35.76 a barrel (0057GMT)
  • WTI up 2.3% at $34.00

Precious metals

  • Gold ticks up on Sino-US tensions over Hong Kong
  • Spot gold up 0.2% at $1,732.38/oz. (0241GMT)
  • US gold futures down 0.1% at $1,733.50/oz.


  • Weak dollar lifts soybeans out of losing streak
  • Soybean futures up 0.5% at $8.37-3/4 a bushel (0115GMT)
  • Corn unchanged at $3.18 a bushel
  • Wheat unchanged at $5.08-3/4 a bushel

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

  • Nigeria releases Q1 capital importation stats
  • South Africa briefings on 1 June covid level 3 alert move expected
  • 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 yesterday & early a.m today

  • Ivory Coast rejects report showing rising child labour in cocoa sector
  • Morocco to try opposition editor accused of sexual assault
  • WHO fears “silent” virus epidemic unless Africa prioritises testing
  • South Africa Truworths warns on profit, UK footwear options open
  • Burundi ruling party wins presidential election
  • Libya stops nearly 400 migrants attempting to cross to Europe – IOM
  • South Africa Airways administrators can appeal layoff ruling – court
  • South Africa – AngloGold Ashanti reports more covid-19 positive cases at Mponeng mine
  • Hit by coronavirus, Kenyans turn to car boot commerce
  • South Africa Truworths considering all options for UK shoe chain office
  • Mozambique records its first death from covid-19 – health ministry
  • Ivory Coast children head back to school after virus shutdown
  • South Africa Tiger Brands eyes ‘significant’ job cuts on coronavirus
  • Barrick pays Tanzania initial $100 mln after gold shipments resume
  • Barrick’s Tanzania gold concentrate containers clear for export
  • South Africa public sector wage dispute moves to arbitration
  • Nigeria economy expands 1.87% y/y in Q1 – stats office
  • South Africa Tiger Brands reports lower H1 earnings, defers dividend

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

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