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.

Grains

• Soybeans up for 2^nd 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
• 1^st 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