macroafricaintel Daily Brief | 3 Jun

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

Global Markets

  • Asia stocks jump to 3-mth high as recovery hopes outweigh looming risks
  • Ex-Japan Asia-Pacific index hits 3-mth high
  • Hopes of recovery from epidemic leads short-covering in stocks
  • US yield curve steepens

Oil Markets

  • Oil hits 3-mth high over hopes for output cuts
  • Brent up 0.6% at $39.79 per barrel (0003GMT)
  • WTI up 0.9% at $37.14

Precious metals

  • Gold steady as equity rally offsets softer dollar
  • Spot gold unchanged at $1,727.65/oz. (0259GMT)
  • US gold futures down 0.1% at $1,732.20/oz.


  • Soybeans up for 2nd session on Chinese demand, corn eases
  • Soybean futures up 0.2% at $8.52-1/4 a bushel (0032GMT)
  • Wheat up 0.2% at $5.09 a bushel
  • Corn down 0.2% at $3.23-1/2 a bushel

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

  • Electoral Commission of Ghana pilot voter registration
  • South Africa State Capture Commission’s Zondo briefs press
  • 1st extraordinary virtual Organisation of African, Carribean & Pacific States (OACPS) heads of state summit
  • South Africa Standard Bank PMI May-20 [prev. 35.1]
  • Nigeria Stanbic IBTC PMI May-20 [prev. 37.1]
  • Kenya, Ghana & Other Africa PMIs due
  • South Africa raises fuel prices
  • South Africa covid-19 level 3 alert & related court decision briefings expected
  • 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 non-oil private activity contracts by less in May – PMI
  • Gambia calls for transparent probe of US police shooting of diplomat’s son
  • Nigeria’s president backs embattled African Development Bank chief
  • Zambia Copperbelt Energy Corporation says govt. declares infrastructure “common carrier”
  • Africa Oil – IOC issues new tenders, teapots demand shrinking
  • South Africa rand, stocks jump as lockdowns eased
  • South Africa watchdog expands rand-rigging case, adds new banks
  • South Africa High Court says some lockdown restrictions invalid, govt says
  • Nigeria Senate approves president’s request for $5.5 bln in external borrowing
  • South Africa Comair unlikely to restart operations before November
  • South Africa watchdog expands rand-rigging case, adds new banks
  • Uganda to lose $1.6 bln in tourism earnings as a result of covid-19
  • Egypt wealth fund to develop Cairo Citadel district into tourist destination
  • Mauritania will also get Paris Club debt relief under G20 deal
  • Angola seeking G20 debt relief, debt talks with oil importers “advanced”
  • Zimbabwe tightens coronavirus lockdown in capital Harare
  • South Africa Sanlam buys out Nigeria insurance business from First Bank
  • Senegal postpones school restart after teachers test positive from coroanvirus
  • Uganda shilling unchanged as some players pare positions
  • Choking on diesel costs, Somali firm turns to solar for cheaper power
  • Kenya shilling firms, horticulture dollar inflows help
  • UN says Libya sides agree to truce talks

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

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