macroafricaintel Daily Brief | 1 Jun

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

Global Markets

  • Asia stocks reach 3-mth peaks, resilient to US riots
  • Asia markets swing higher, Nikkei at 3-mth peak
  • China surveys show growth at home, subdued exports
  • S&P 500 futures bounce, though riots add to economic woe
  • Busy week sees ECB meet, US payrolls report

Oil Markets

  • Oil prices edge down as wary traders eye upcoming OPEC+ meeting
  • Algeria suggest bringing forward OPEC+ meeting to June 4
  • Saudi Arabia proposes extending cuts until year-end – sources
  • Brent down 0.4% at $37.69 a barrel (0419GMT)
  • WTI down 0.4% at $35.36

Precious metals

  • Gold climbs as US riots spark safe-haven rush
  • Spot gold up 0.8% at $1,739.75/oz. (0242GMT)
  • US gold futures up 0.1% at $1,752.60/oz.

Grains

  • Corn falls on concerns China could reduce US purchases
  • Corn futures down 0.2% at $3.25-1/4 a bushel (0116GMT)
  • Soybeans up 0.3% at $8.43-1/4 a bushel
  • Wheat down 0.8% at $5.16-1/4 a bushel

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

  • Madaraka Day in Kenya; public holiday
  • South Africa allows domestic air travel for business
  • South Africa ministers’ briefing on covid-19 level 3 alert regulations
  • South Africa ABSA manufacturing PMI May-20 [prev. 46.1]
  • South Africa consumer confidence Q2-20 [prev. -9]
  • 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

  • Egypt tweaks curfew hours as coronavirus cases surge
  • Armed bandits kill at least 18 in Nigeria’s Katsina state
  • Civilians killed as park hit by shelling in Libya capital
  • Algeria suggests bringing forward OPEC+ meeting to June 4 – letter
  • Botswana to help repatriate citizens stranded abroad
  • Coronavirus cases in South Africa pass 30,000, says minister
  • South Africa to allow domestic air travel for business from June 1
  • Algeria’s Sonatrach becomes majority shareholder in Medgaz pipeline
  • Congo suspends board and management of state diamond miner MIBA
  • Russia denies US claim that Libya banknotes seized in Malta are counterfeit
  • Sudan summons Ethiopia envoy over suspected cross-border attack
  • Attack in northern Burkina Faso kills at least 15
  • Morocco’s BCP Bank posts 39% decline in first-quarter net profit
  • US considers sending ‘training’ unit to Tunisia amid North Africa tensions
  • Rwanda medical workers deploy robots to minimise coroanvirus risk
  • US warns of Russia bid for Libya stronghold after warplane delivery
  • Egypt confirms new daily record of 1,289 new coronavirus cases
  • Ethiopia security forces accused of 39 extrajudicial killings
  • Tullow Oil says 58 workers test positive for covid-19 offshore Ghana
  • Coronavirus-induced border bottlenecks slow food deliveries in East Africa
  • Lesotho appeal courts revokes bail granted to former leader’s wife
  • Bangladeshis killed in Libya were abducted and tortured, Foreign Ministry says
  • South Africa tobacco firms, associations seek court action over cigarette sales
  • eSwatini’s economy forecast to shrink 6.7% due to coronavirus
  • Children of Rwanda genocide suspect Kabuga fear for father’s life
  • Africa Oil – Heavier oils stay strong on Chinese demand
  • South Africa has backlog of over 96,000 coroanvirus tests
  • Turkey says may begin oil exploration under Libya deal in 3-4 months
  • Mauritius economy to contract sharply by 7.5% – 15% in 2020 due to virus, says bank governor
  • South Africa unions tell teachers to defy govt, stay away form school
  • Nigeria 5-yr bond yield sheds 200 bps after surprise rate cut – traders
  • South Africa Capitec Bank flags 20% fall in half-year profit, shares down 6%
  • Ghana’s industrial gold output rose 6% in 2019
  • Somalia commission to probe killin of seven health workers
  • South Africa trade balance swings to 35 bln rand deficit in April
  • Tanzania court finds opposition leader guilty of sedition, sets him free
  • Russia says Libya ceasefire in tatters, situation deteriorating – agencies
  • Kenya inflation at 5.47% in May
  • Ethiopia passes supplementary budget to help absorb virus impact
  • South Africa Airways adminstrators seek more time for rescue plan
  • South Africa’s Tsogo Sun Hotels core profit hit by travel restrictions
  • Kenya shilling firms on tight liquidity conditions
  • Investment arm of South Africa retailer Steinhoff warns of soft consumer demand
  • South Africa credit growth slows to 7.37% y/y in April
  • Fears for Kenya’s urban food supply as floods drown rice

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

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