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.

Grains

• 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