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