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