macroafricaintel Daily Brief | 24 Jun

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

Global Markets

  • Asia stocks touch 4-mth top on dogged optimism
  • Asia ex-Japan nudges to highest since early March
  • Market assumes economies to re-open even as virus rages
  • Dollar remains inversely correlated to risk
  • Gold near 7-1/2-yr peak, oil off a 4-mth top

Oil Markets

  • Oil edges lower as US stockpiles grow more than expected
  • Brent down 2 cents at $42.61 a barrel (0045GMT)
  • WTI down 4 cents at $40.33

Precious metals

  • Gold hovers near 8-yr high as second coronavirus wave fears mount
  • Spot gold up 0.2% at $1,769.76/oz. (0234GMT)
  • US gold futures up 0.2% at $1,785.80/oz.


  • Corn falls for 3rd session on US weather; wheat climbs
  • Corn futures down 0.2% at $3.24-1/2 a bushel (0007GMT)
  • Wheat up 0.2% at $4.92 a bushel
  • Soybeans flat at $8.75 a bushel

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

  • South Africa’s Mboweni delivers supplementary covid-19 budget speech
  • Africa CDC webinar on covid-19 vaccine; Ramaphosa et al. to participate
  • Corporate Council on Africa leaders forum; Kagame, Kenyatta, Nyusi & Akufo-Addo key speakers
  • South Africa inflation Apr-20 [fcst. 4.1% yy, prev. 4.1%]
  • Vote-counting of Malawi presidential poll rerun starts
  • 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

  • IMF, Sudan reach agreement on macroeconomic policies structural reforms
  • Algeria names new energy and finance ministers – state TV
  • South Africa’s Aspen could supply 10 mln dexamethasone pills in covid-19 crisis
  • Nigeria’s Buhari sees threat to West African currency plan
  • Tanzania arrests opposition party leader, revokes newspaper licence
  • Zimbabwe dollar falls at first weekly forex auction
  • South Africa trade union takes state arms firm to court over wage payments
  • Africa Oil – Nigeria raises term prices, trims Qua loadings
  • UK Supreme Court hears Nigeria communities’ case against Shell
  • South Africa sees investors putting billions into infrastructure drive
  • World Bank lends Morocco $500 mln to improve access to online finance
  • South Africa rand firmer as market awaits budget
  • South Africa’s Comair administrators to present restructuring plan by June 30
  • Egypt lifts night curfew, eases coronavirus restrictions from Saturday
  • Libya and foreign forces mobilise at Sirte, Arab ministers urge calm
  • South Africa unemployment rate hit record high, rises to 30.1% in Q1, before virus
  • South Africa receives unsolicited proposals for new national airline
  • Zambia approves $438 mln covid-19 economic stimulus package
  • South Africa’s Comair gets cash offer, needs a week to secure funding, say administrators
  • Former South Africa president Zuma appears in court for resumed graft trial
  • Congo officials vow to tackle child labour at mines as virus threatens spike
  • Kenya shilling holds steady against the dollar
  • Uganda shilling weakens slightly on uptick in importer demand
  • Zimbabwe’s Centragrid to scale up solar output

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

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