By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Asia stocks extend rally as economic recovery hopes boost confidence
- MSCI ex-Japan up for ninth straight session
- Longest winning streak for the index since early 2018
- Oil prices jump hopes for higher fuel demand as lockdowns ease
- Analysts say the road to recovery is still long
Oil Markets
- Oil prices rise on optimism easing of lockdowns to spur fuel demand
- Brent up 1.4% at $41.36 a barrel (0134GMT)
- WTI up 1.3% at $38.69
Precious metals
- Gold inches higher, moves in tight range ahead of US Fed meeting
- Spot gold up 0.1% at $1,695.48/oz. (0251GMT)
- US gold futures down 0.2% at $1,701/oz.
Grains
- Soybeans edge higher on China demand, upbeat USDA crop report check gains
- Soybean futures up 0.1% at $8.65-1/4 a bushel (0100GMT)
- Corn unchanged at $3.33-3/4 a bushel
- Wheat up 0.3% at $5.13-1/4 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- AU-UNECA virtual youth policy dialogue on covid-19
- CSIS-CDD discussion on elections, democracy & covid-19 in West Africa
- South Africa SACCI business confidence May-20 [prev. 77.8]
- 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
- Adminstrators propose sales plan for South Africa’s Edcon, see potential job cuts
- Libya’s NOC says “armed force” entered El Sharara oilfield, told employees to stop work
- WHO says pandemic ‘far from over’ as daily cases hit record high
- Iraq is fully committed to the OPEC+ cut deal – oil minister
- Erdogan says he and Trump agreed ‘some issues’ on Libya
- Oil falls 3% despite OPEC+ cuts as Gulf ends voluntary curbs
- Erdogan says he and Trump agree ‘some issues’ on Libya
- Germany’s Merkel urges UN-backed Libya talks in phone call with Egypt’s Sisi
- Arrest of military pilot sparks protests in Djibouti – lawyer, social media
- Speaker of Ethiopia’s upper House resigns after polls postponed
- Sudan calls for renewed talks on Blue Nile dam
- At least half of mystery deaths in Nigeria’s Kano due to covid-19 – minister
- Rivals Russia & Turkey both support a Libya peace process, Moscow says
- South Africa’s rand creeps up as risk sentiment holds, stocks slip
- South Africa SAA rescue plan delayed again after unions object
- Africa Oil – India’s IOC mops up 6 cargoes
- Schools reopen in South Africa as parents worry about safeguards
- Tunisia ends coronavirus curfew
- Libya’s NOC confirms El Feel production restart
- Ghana to reduce MTN’s telecoms market share
- World Bank expects Tanzania’s economic growth to fall to 2.5% in 2020
- Uganda’s economic growth slumps to 3.1%
- “Hunger is worse than corona”: Sudanese demand end to lockdown amid economic woes
- “Enough is enough”: South Africa opposition leads protests outside US missions
- Felling of slave trader prompts fresh look at British history
- Uganda economic growth slumps to 3.1%
- Norway to keep oil output cut unchanged after OPEC+ deal extension
- Saudi Arabia says strong OSP is indication of oil demand returning
- Russia backs Egypt peace initiative for warring factions in Libya conflict
- Mali orders investigation into killings of 43 villagers
- Uganda shilling inches on emerging markets optimism
- Uganda central bank cuts policy rate to 7%
- Oil prices expected to stay above $40 – PAJ boss Sugimori
- Kenya shilling holds steady against the dollar
- UAE says Egypt initiative for Libya boost peace track
- Ninety One launches $600 mln fund targeting South Africa firms hit by covid-19
N.B. Full stories of above headlines are available on Reuters