macroafricaintel Daily Brief | 11 Jun

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

Global Markets

  • Asia stock rush pauses, bonds rally on sober Fed
  • Ex-Asia stocks pause after 10-session winning streak
  • Fed cautious on economy, ready to take further action
  • Bonds rally as Fed mulls yield curve control, guidance
  • Dollar near 3-mth lows on dovish outlook

Oil Markets

  • Oil prices slide on concerns about patchy demand recovery, record US stocks
  • Brent down 2.0% at $40.88 a barrel (0031GMT)
  • WTI down 2.2% at $38.74 a barrel

Precious metals

  • Gold hits over 1-wk high on gloomy US Fed outlook
  • Spot gold down 0.2% at $1,732.56/oz. (0114GMT)
  • US gold futures up 1.2% at $1,741.90/oz.

Grains

  • Chicago soybeans trade near 2-mth peak on strong China demand
  • Soybean futures down 0.1% at $8.64-1/4 a bushel (0142GMT)
  • Corn up 0.1% at $3.26-1/2 a bushel
  • Wheat up 0.2% at $5.07-1/4 a bushel

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

  • Kenya, Uganda & Tanzania finance ministers present 2020/21 budgets
  • Nigeria Senate expected to pass amended $30 billion 2020 budget
  • Burundi’s fragile presidential transition in focus
  • Statistics South Africa releases mining & manufacturing data for March & April
  • Nigeria MPs conduct public hearing on contentious health bill
  • 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

  • Ugandans melt plastic waste into coronavirus face shields
  • Pompeo welcomes agreement for UN Libya talks, urges speedy ceasefire
  • Nigeria minister calls for action on ‘alarming’ increase in rapes during coronavirus lockdown
  • Mali 2019 gold mining revenue boosted by strong output, prices
  • WHO hopes to work with US on ebola despite Trump criticism
  • Nigeria’s House send 10.8 trillion naira budget to Senate
  • UN Libya mission says warring sides have engaged in truce talks
  • Libya’s GNA & LNA engage in UN-supported 5+5 joint military commission talks – tweet
  • Morocco MPs rap virus lockdown extension, saying people “exhausted”
  • Nigeria 5-yr naira futures sink to 578 on dollar shortage
  • Nigeria’s House of Representative passes 10.8 tln naira budget based on $28/bbl oil
  • Egypt presidency says Trump welcomed Egypt’s proposal for Libya ceasefire in a call with President Sisi – statement
  • South Africa rand gains as dollar weakens ahead of Fed
  • Africa Oil – Nigeria to cut output by mid-July, HPCL issues tenders
  • Bandits kill at least 20 in northwest Nigeria’s Katsina state, say police
  • AfDB VP resigns, says unrelated to whistleblower probe
  • Zimbabwe president says currency under attack as prices spiral
  • South Africa Implats chairman to retire in October
  • Turkey dismisses Egypt proposal for Libya ceasefire – Hurriyet
  • Eni says situation at Libya’s Mellitah has returned to normal
  • Should we remove statues of Congo’s coloniser king, Belgium councillor asks
  • Paris Club debt freeze reaches $1.1 bln as Ethiopia, Pakistan get relief
  • Toppled statue of English slave trader to be moved to a museum
  • South Africa insurer Sanlam cautious about new business growth on recession worries
  • Burundi begins official mourning of President Nkurunziza
  • Ethiopia extends PM & lawmakers’ terms, to hold polls within a year
  • South Africa pay-TV firm MultiChoice reports first full-year profit
  • Hairdressers go underground as lockdown drags on in South Africa
  • Uganda shilling little-changed but may weaken on importer demand
  • Egypt headline inflation slowed to 4.7% in May – CAPMAS
  • Nigeria to reach OPEC+ compliance by mid-July
  • Zambia tackles ‘deliberate’ undervaluation of mineral exports
  • South Africa mall operator Hyprop says seeing pick up in rent collections
  • Libya’s NOC says output shut down at El Feel oilfield
  • South Africa business confidence hits record low as lockdown batters economy – survey
  • South Africa – Platinum processing continues at Amplats plant despite repairs
  • ArcelorMittal South Africa fined over hydrogen sulfide emissions
  • Battling Somalia’s epidemic, a grieving British doctor finds peace
  • Moody’s downgrades South Africa’s Land Bank deeper into ‘junk’
  • Kenya shilling weakens as easing lockdown restrictions boosts demand
  • South Africa Ascendis Health’s CFO resigns

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

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