macroafricaintel Daily Brief | 12 Jun

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

Global Markets

  • Asia shares, oil slump as coronavirus fears take hold
  • Equities slump on resurgence of coroanviru infections
  • Oil futures extend sell-off on demand worries
  • Yuan slips against dollar as coronavirus rattles Asian FX

Oil Markets

  • Oil prices extend slump as US coronavirus cases climb
  • Brent down 3% at $37.40/barrel (0011GMT)
  • WTI down nearly 4% at $35.02

Precious metals

  • Gold steady as firmer dollar offsets risk-off sentiment
  • Spot gold flat at $1,727.24/oz. (0056GMT)
  • US gold futures down 0.4% at $1,733.30/oz.


  • Wheat hits near 3-wk low on ample supply forecast, set to end week 3.5% lower
  • Wheat futures set for 3.5% drop for the week
  • Soybean down 0.5% week thus far
  • Corn futures down 0.5% for the week

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

  • Democracy day in Nigeria; public holiday & Buhari speech
  • South Africa’s Mabuza in North West to assess covid response
  • 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

  • Kenya’s Centum Investment says full year pretax profit up 85% to 8.2 bln shillings
  • Coronavirus crisis could see number of extreme poor rise to 1.1 bln worldwide
  • Egypt raids activist’s family after US suit against former PM – lawyers
  • US wary of Egypt truce effort in Libya, wants former Danish PM to lead UN peace bid
  • Congo prosecutor seeks 20-yr sentence for president’s chief of staff
  • UN decries reported mass graves found in Libya town after LNA retreat
  • IMF approves additional $111.06 mln to Rwanda to address covid-19 pandemic
  • South Africa activists threaten to sue over nuclear plan
  • Mercy Corps says more than $600,000 lost in Congo aid scam
  • Tanzania says it has begun negotiations over debt relief to shore economy
  • Congo prosecutor seeks 20-yr sentence for president’s chief of staff
  • Egypt to open seaside resorts to foreigners from July 1
  • Burundi constitutional court to decide interim leader after president’s death
  • South Africa rand tumbles on Fed, dismal domestic data
  • Africa’s MultiChoice looks to Netflix and Amazon in strategy shift
  • Africa free trade zone could launch on Jan. 1, says official
  • Africa Oil – Nigeria offers steady with margins still under pressure
  • Kenya arrests 3 policemen for dragging woman behind motorbike
  • Kenya targets tax exemptions to boost coronavirus-hit revenue
  • Pandemic accelerating in Africa, test kits needed, WHO says
  • Tanzania has begun negotiations with G20 nations over debt relief – finmin
  • Ethiopia 2020/21 growth seen at 8.5%, spending to rise 6.8% – finmin
  • South Africa’s Harmony expects to be at full production by around mid-July
  • At least 10 Ivory Coast soldiers killed in attack near Burkina border, army says
  • Uganda to boost external funding to shore up budget
  • Kenya sets a budget deficit of 7.5% of GDP in 2020/21 FY
  • Nigeria Senate passes revised 10.8 tln naira budget based on $28/bbl oil
  • Kenya currency under pressure, Uganda’s firming; in week ahead
  • Angola oil export value plunges 48% in May – finance ministry
  • Uganda to reduce taxes on mobile banking & mobile money transactions – budget speech
  • International trade set to shrink 27% in Q2 after April “nosedive”, says UNCTAD
  • South Africa court rules independent candidates can contest elections
  • Death toll in migrant ship disaster off Tunisia rises to 46
  • South Africa mining output plunges on covid-19 lockdown
  • South Africa manufacturing output down 5.4% y/y in March
  • Namibia economy contracts 0.8% in Q1 2020
  • Turkey says US needs to play more active role in Libya
  • Africa coronavirus “hotspots” in South Africa, Algeria, Cameroon – WHO
  • Kenya shilling loses ground as importers exert demand
  • Uganda shilling unchanged ahead of budget speech
  • Tanzania raises 2020 growth forecast to 5.5% from 4% – finmin
  • Jobs gone, investments wasted: Africa’s deserted safaris leave mounting toll
  • Uganda wants people to leave flooded wetlands – and not come back

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

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