macroafricaintel Daily Brief | 29 May

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

Global Markets

  • Stocks slip as market await Trump’s HK response
  • Sino-US tensions outweigh optimism over re-opening
  • Nikkei, ASX retreat from multi-month highs, MSCI AxJ -0.3%
  • Currencies steady; Trump press conference awaited

Oil Markets

  • Oil prices fall as US fuel demand remains weak
  • Crude, distillates stocks rise last week – EIA
  • OPEC+ considers extending 9.7 mln bpd output cuts beyond June
  • Brent down 1% at $34.93 a barrel (0106GMT)
  • WTI down 1.5% at $33.20

Precious metals

  • Gold clocks up as US-China tensions sour risk appetite
  • Spot gold up 0.1% at $1,719.63/oz. (0049GMT)
  • US gold futures up 0.4% at $1,734.60/oz.

Grains

  • Corn extends gains, set for biggest weekly jump in 7 months
  • Corn up 0.5% at $3.29 a bushel; up more than 3% for the week
  • Wheat little changed at $5.14-3/4 a bushel, up 1% for the week
  • Soybeans down 0.4% at $8.44; up 13% for the week

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

  • South Africa PSCE Apr-20 [fcst. 8.1% yy, prev. 7.8%]
  • South Africa M3 Apr-20 [fcst. 8.9% yy, prev. 9.5%]
  • South Africa consumer confidence Q2-20 [prev. -9]
  • South Africa trade balance Apr-20 [prev. ZAR24.25B]
  • Nigeria foreign exchange reserves May-20 [prev. $33.4B]
  • South Africa ministers brief press on covid level 3 alert regulations
  • 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

  • Sudan army officer dies, soldiers hurt in attack by Ethiopia militia – SUNA
  • Debt relief plans for world’s poor countries inch forward
  • G20 says 36 of poorest countries have applied for debt relief
  • Seven health workers, civilian killed in Somali village – aid group
  • Nigeria president submits revised 2020 budget to parliament
  • Burundi opposition leader files case contesting presidential vote
  • Egypt registers 1,127 new coronavirus cases, 29 deaths
  • With no deaths, Namibia to further ease coronavirus lockdown
  • Libya Tripoli govt says 30 migrants killed in revenge attack
  • Tunisia protest over jobs amid economic downturn
  • Tunisia central bank keeps key interest rate unchanged at 6.75%
  • Africa Oil – India continues to provide silver lining for Nigeria crude
  • South Africa stocks push higher despite rising US-China tensions
  • South Africa to open up economy from June under eased lockdown regulations
  • South Africa state asset manager proposes Eskom debt-to-equity swap
  • Nigeria central bank unexpectedly cuts benchmark lending rate to 12.5%
  • Rwanda ex-politician handed life jail term for genocide role
  • 27 killed in central Mali ethnic attacks, local officials say
  • South Africa retailer Mr Price has no plans to buy Jet
  • Kenya shilling to weaken, Uganda’s to strengthen; in week ahead
  • South Africa Sibanye-Stillwater detects 51 covid-19 cases at Rustenburg operations
  • Africa hit by sustained community spread of coronavirus – disease centre
  • Kenya shilling steady, expected to ease due to energy sector demand
  • Amid lockdown, Kenya medical startup brings clinic to your home
  • Uganda shilling firms on weak importer demand
  • Some medics say they are muzzled in Egypt’s coronavirus response
  • South Africa Old Mutual warns of 20% drop in first-half profit
  • South Africa rand climbs to 9-wk high vs dollar

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

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