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