macroafricaintel Daily Brief | 10 Jun

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

Global Markets

  • Asia shares creep higher as markets wait for Fed
  • MSCI AxJ index up 0.3%, Nikkei +0.1%
  • Currencies becalmed, yen firm
  • Fed statement due 1800GMT

Oil Markets

  • Oil drops after US inventory build renews oversupply concerns
  • Brent down 1.4% at $40.61 a barrel (0055GMT)
  • WTI down 1.8% at $38.26

Precious metals

  • Gold gains as equity rally pauses ahead of Fed verdict
  • Gold up for third straight session
  • Spot up gold 0.1% at $1,715.43/oz. (0248GMT)
  • US gold futures up 0.1% at $1,723.60/oz.

Grains

  • Soybeans rise on China demand, wheat snaps 3 day of losses
  • Soybean futures up 0.2% at $8.64-3/4 a bushel (0007GMT)
  • Wheat up 0.2% at $5.05-1/4 a bushel
  • Corn unchanged at $3.27-1/2 a bushel

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

  • Kenya’s Kenyatta meets county governors on covid preparedness
  • Burundi presidential transition after Nkurunziza death; Assembly president Nyabenda yet to be sworn in
  • 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

  • [Terrorist group] kills 69, razes village in northern Nigeria – sources
  • Libya’s NOC confirms continuation of force majeure at Sharara field
  • EU calls on conflict parties in Libya to withdraw foreign forces
  • Sudan committee seizes Bashir’s bank account, closes FX bureaus
  • Morocco to ease coronavirus lockdown measures
  • EU call on conflict parties in Libya to agree on ceasefire, withdraw foreign forces
  • Egypt, Ethiopia, Sudan resume talks on Blue Nile dam
  • Guinea signs Simandou iron deal with SMB-Winning consortium
  • Sudan – Darfur militia leader in ICC custody, face allegations of crimes against humanity
  • South Africans protest police brutality against poor under lockdown
  • Ivory Coast to reduce fees paid by domestic cocoa exporters
  • Outgoing Burundi president Nkurunziza, famed for soccer and violence, dies
  • Africa Oil – Spot activity muted after large tender
  • South Africa rand flat, stocks slip as risk bulls pause for Fed meeting
  • Malawi presidential re-run moved forward to June 23
  • Putin & Merkel discuss Syria, Libya, Ukraine in phone call – Kremlin
  • Coronavirus threatens Kenya goal to end FGM by 2022
  • South Africa airline SA Express escapes liquidation for now
  • At least 20 die as migrant boat sinks off Tunisia
  • Administrators propose sale of South Africa’s Edcon, see potential job cuts
  • Orange subsidiary to raise $174 mln on West African debt market
  • Tanzania opposition leader attacked by unidentified people
  • South Africa solar startup SunExchange raises $3 mln
  • Kenya shilling inches down against the dollar
  • South Africa’s Steinhoff flags pandemic hit, scraps Conforama Iberia sale
  • South Africa’s Life Healthcare hit by cyber attack
  • Kenya central bank to hold its rate-setting meeting on June 30
  • Libya’s NOC says “armed force” entered El Sharara oilfield, told employees to stop work

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

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