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

Global Markets

• Stocks gain on economic hopes, but Hong Kong risk clouds outlook
• Shares gain in Australia and Japan
• Investors bet on economic recovery
• Hong Kong remains a risk

Oil Markets

• Oil drops as surprise US stock build douses demand recovery hopes
• Brent down 3.2% at $33.64 a barrel (0402GMT)
• WTI down 4.4% at $31.37

Precious metals

• Gold prices edge up as Hong Kong dispute riles China-US ties
• SPDR gold holdings rise 0.2% on Wednesday
• Spot gold up 0.2% at $1,712.39/oz. (0315GMT)
• US gold futures flat at $1,711.40/oz.

Grains

• Soybeans extend gains for third session, hit 2-wk high
• Soybean futures up 0.3% at $8.50-3/4 a bushel (0157GMT)
• Corn up 0.2% at $3.21 a bushel
• Wheat up 0.2% at $5.05-1/4 a bushel

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

• Central Bank of Nigeria decides interest rates [fcst. 13.0%, prev. 13.5%]
• Kenya’s Kenyatta chairs ruling Jubilee meeting with top executives
• Central Bank of Kenya’s Njoroge post-MPC press briefing
• Nigeria MPs debate revised 2020 budget
• South Africa publishes covid level 3 alert regulations, briefs press
• South Africa EFF’s Malema briefs press
• South Africa producer inflation Apr-20 [fcst. 3.6% yy, prev. 4.5%]
• 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

• Libya losses from oil blockade almost $5 billion – NOC statement
• Migrants stuck on merchant ship disembark in Liby – IOM
• US military says Russia flew 14 MiG 29s and Su-24s to Libya
• Burkina prosecutor says cause of death of 12 detainees unclear
• Zambia picks French firm Lazard Freres as debt advisers
• Sudan says 3 jailed members of ousted Bashir regime have coronavirus
• South Africa Eskom sees lower risk of power cuts during winter
• South Africa PSG Group to offload 28.11% stake in Capitec to shareholders
• South Africa Airways can still be saved with funding – adminstrators
• Zimbabwe coronavirus cases double in a day to 132 – govt
• Russia says postpones July BRICS summit due to coronavirus
• Rwanda genocide suspect Kabuga denounces charges as “lies”
• South Africa plans $20.5 bln of public works to spur economy – ANC official
• Forty villagers killed in massacre in northeast Congo
• Namibia economy expected to contract by 6.6% in 2020
• Africa Oil – European demand for new crude shipment still dormant
• South Africa Eskom lost 16 bln rand in 2019/20 – treasury
• South Africa rand falls as Sino-US friction dents risk appetite
• West Africa food trade under strain as covid-19 shuts borders
• French court rejects request to release Rwanda genocide suspect Kabuga
• South Africa appoints new CEO at state asset manager PIC
• Protesters calling for jobs halt Tunisia phosphate output
• Kenya central bank leaves rates unchanged at 7%, says past measures are being helpful
• South Africa mines record 320 covid-19, minister says
• Niger lost $120 mln in arms deals over three years – govt audit
• Rwanda genocide suspect Kabuga denounces charges as “lies”
• Zambia 2020 maize output forecast at 3.387 mln tonnes – minister
• Carlyle’s Africa dealmakers leave to start their own buyout firm
• Nigeria military unlawfully detain children at rehabiliation centre for militants – Amnesty
• Ivory Coast issues domestic bonds worth 110 bln CFA Francs
• “No masks, no gloves”: Kenya govt under fire over quarantine centres
• Electric motorbike gives women in rural Zimbabwe a path out of poverty
• Kenya rolls out testing in Nairobi slums, but some fear stigma
• South Africa Woolworths scraps dividend, reviews Australasian real estate assets
• South Africa central bank says lenders can handle coronavirus crisis
• Uganda shilling flat, to firm on month-end commodity and charity flows
• Egypt Air to pay 75% of flight crew salaries in pounds temporarily
• Cameras roll again in Nollywookd but Nigeria cinemas still dark
• Kenya shilling weakens a notch on end-mth importer demand
• Zimbabwe gold miners to keep more export earnings in dollars
• South Africa Pepkor may scrap dividend as pandemic squeezes retail spending
• Administrators for South Africa airline not aiming to resume domestic flights mid-June

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