macroafricaintel Daily Brief | 25 Jun

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

Global Markets

  • Stocks sell-off as coronavirus surge knocks recovery hopes
  • Virus surges in US, new restrictions considered
  • AxJ down 0.7%, falls over 1% in Japan & Australia
  • US stock futures down 0.7%; dollar steady

Oil Markets

  • Oil prices hold ground after sharp retreat on virus fears
  • Brent up 0.1% at $40.36 a barrel (0129GMT)
  • WTI up 0.3% at $38.13

Precious metals

  • Gold firms as fears of second pandemic wave boost safe-haven bids
  • Spot gold up 0.2% at $1,764.20/oz. (0059GMT)
  • US gold futures down 0.1% at $1,773.60/oz.

Grains

  • Corn falls to near 3-wk low on ample supplies, weak demand
  • Corn futures down 0.2% at $3.23-3/4 a bushel (0137GMT)
  • Soybeans down 0.1% at $8.69-1/2 a bushel
  • Wheat down 0.3% at $3.84-1/4 a bushel

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

  • Nigeria’s Buhari attends crucial ruling APC party executive committee meeting
  • Kenya’s Kenyatta meets county governors; cabinet reshuffle imminent
  • South Africa’s Mabuza briefs parliament on Eskom
  • Kenya senate hears impeached Kirinyaga county governor Waiguru’s defense; ruling tomorrow (26 Jun)
  • Corporate Council on Africa leaders forum; Kagame, Kenyatta, Nyusi & Akufo-Addo key speakers; 23-26 Jun
  • South Africa producer inflation Apr-20 [fcst. 3.6% yy, prev. 4.5%]
  • 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

  • Bank of Central African States says region’s 2020 GDP to shrink 5.9%
  • Malawi media give opposition candidte 55% lead in presidential election
  • Former South Africa president De Klerk withdraws from US rights talk
  • Congo police disperse parliament protesters with tear gas, water cannon
  • Pompeo says China’a Africa lending creates unsustainable debt burdens
  • South Africa rolls out continent’s first trials for covid-19 vaccine
  • Sierra Leone protests demand justice after girl, 5, raped and killed
  • Ethiopia rejects Tigray region’s call for election, citing pandemic
  • Western donors hope to Sudan cash scheme with $500 mln – diplomats
  • South Africa urges support for SAA resuce but allocates no new funds
  • Artisanal miner in Tanzania finds large rare gemstones worth $3.3 mln
  • South Africa’s Harmony to start share sale to fund AngloGold deal
  • Africa Oil – Nigerian programmes show no sharp cuts
  • Sudan to establish trade financing fund in face of forex shortage
  • Three dead in violence at SMB’s coltan mine in Congo
  • South Africa rand little moved by emergency budget, bonds rally
  • South Africa’s debt grows into hippo “eating our children’s inheritance”
  • Egypt looking to sell majority stake in Arab Investment Bank, potential buyers say
  • Kenya’s central bank extends mobile payments relief by six months
  • South Africa’s Implats lifts force majeure, revises 2020 output
  • Zambia health minister arrested for corruption
  • South Africa’s budget deficit seen widening to 14.6% of GDP
  • IMF forecasts deeper recession for sub-Saharan Africa
  • MTN to launch 5G network in South Africa next week
  • With no tourists to watch migration, Kenya operator’s planes are grounded
  • Nigeria talking to World Bank and others to raise $6.5 bln
  • Nigeria central bank to work t unify FX rates across markets
  • All African countries now have coronavirus lab testing capacity – WHO chief
  • Migrant workers need support, jobs at home after pandemic disruption – ILO
  • The big chill: How Africa is moving to battle ‘zombie’ appliances
  • South Africa retail sales up 2.7% y/y in March
  • Nigeria’s rating at risk as debt, financing gap rise – Fitch
  • World Bank approves $750 mln loan for Nigeria’s power sector
  • South Africa govt urges creditors to support SAA rescue plan
  • South Africa inflation sinks to 15-yr low 3.0% y/y in April
  • Kenya shilling firm amid end month demand
  • Uganda shilling flat amid subdued activity
  • South Africa’s African Bank falls to H1 loss after taking charge
  • South Africa’s Sun International close properties, cuts jobs as pandemic pressure mounts
  • Zimbabwe fuel prices more than double
  • South Africa’s Pepkor raises nearly 2 bln rand via share placement
  • Australia’s FAR says Senegal unit in default over Sangomar project

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

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