macroafricaintel Daily Brief | 2 Jun

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

Global Markets

  • Asia stocks make cautious gains as China worries slow recovery rally
  • Momentum ebbs as Sino-US worries creep back
  • MSCI AxJ at fresh 12-wk peak, but adds only 0.3%
  • Dollar nurses losses after Monday tumble
  • RBA leaves rate unchanged at 0.25%

Oil Markets

  • Oil prices hold ground ahead of OPEC+ meeting on extended output cuts
  • Brent up 0.3% at $38.44 a barrel (0011GMT)
  • WTI up 0.3% at $35.53

Precious metals

  • Gold edges lower as economies open up
  • Spot gold down 0.1% at $1,738.12/oz. (0110GMT)
  • US gold futures up 0.2% at $1,753.70/oz.

Grains

  • Soybeans fall on Chinese demand fears, slow US planting pace cap losses
  • Soybean futures down 0.1% at $8.39-3/4 a bushel (0114GMT)
  • Corn down 0.2% at $3.22-3/4 a bushel
  • Wheat down 0.2% at $5.14 a bushel

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

  • Uganda eases covid-19 lockdown
  • Nigeria eases covid-19 restrictions, gives banks carte blanche
  • Kenya ruling Jubilee parliamentary group meet Kenyatta; Ruto allies to attend
  • Nigeria launches licensing round for marginal oilfields (from 1 Jun)
  • Nigeria reduces fuel prices, South Africa’s up tomorrow (3 Jun)
  • South Africa covid-19 level 3 alert briefings expected; all week
  • 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

  • Egypt reports first decline in new coronavirus cases for a week
  • Tunisia to open sea, air and land borders on June 27
  • Zimbabwe summons US ambassador over comments on Floyd protests
  • Congo hit by a second, simultaneous ebola outbreak
  • Nigeria launches licensing round for marginal oilfields
  • Nigeria to relax coronavirus curbs on places of worship
  • Eastern Libya forces say they retook town, relieving pressure on stronghold
  • Africa Oil – Trading muted as freight steady, contango narrows
  • South Africa rand advances on easing coronavirus fears
  • South Africa Airways rescue plan features more bailouts
  • Egyptians largely follow law on wearing masks, some worry about cost
  • EU gives Uganda 178 mln euros to fund coronavirus response
  • South Africa fuel prices to rise in June
  • Zimbabwe film industry makes Netflix debut with “Cook Off”
  • Lagos court rulings complicate Nigeria plan for oilfield licensing round
  • Congo confirms new ebola case, 1,000 km from eastern outbreak
  • South Africa ministry says hasn’t yet discussed SAA rescue plan
  • South Africa loosens lockdown to revive battered economy
  • Tanzania recycling plant starts making face shields from plastic bottles
  • South Africa Bidvest warns of 20% drop in 2020 earnings
  • South Africa Absa PMI rises in May as economic activity edges up
  • OPEC, Russia discuss extending oil cuts for 1-2 mths – sources
  • Russia close to hitting OPEC+ oil output target in May – sources
  • Uganda shilling strengthens, helped by tea, gold dollar inflows
  • South Africa govt agrees to fund SAA rescue, draft plan says
  • South Africa Standard Bank flags more than 20% fall in H1 earnings

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

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