macroafricaintel Daily Brief | 9 Jun

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.


  • 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

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