macroafricaintel Daily Brief | 23 Jan

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

Global Markets

  • Asian shares wilt, oil tumbles as China virus spreads
  • Risk assets off to weak start in Asia
  • Worries about China virus before Lunar New Year
  • Oil extends decline on worries about virus, supply glut

Oil Markets

  • Oil falls for third day amid growing concern over China virus
  • Brent down 1.7% at $62.16 a barrel (0125GMT)
  • WTI down 1.7% at $55.78

Precious metals

  • Gold steady as fears of China virus epidemic mount
  • Spot gold flat at $1,558.93/oz. (0127GMT)
  • US gold futures up 0.3% at $1,561/oz.

Grains

  • Wheat hovers near 18-mth peak as global supplies tighten
  • Wheat futures up 0.3% at $5.79-1/4 a bushel (0137GMT)
  • Soybean futures unchanged at $9.13-3/4 a bushel
  • Corn futures up 0.2% at $3.89-1/2 a bushel

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

  • Algeria hosts foreign ministers on Libya crisis
  • Central Bank of Nigeria MPC meeting; 23-24 Jan
  • Bank of Ghana MPC meeting; 22-24 Jan [decision on 27 Jan]
  • World Economic Forum in Davos; 21-24 Jan

Key African events or data releases yesterday & early a.m today

  • Angola’s dos Santos named suspect over alleged fraud, selling Eurobic stake
  • Conservationists try to save underfed lions in Sudanese wildlife park
  • Nigeria LNG signs 10-yr deal with Total
  • Angola’s dos Santos to sell Eurobic stake, decision is ‘final’
  • Prominent Malawi banker arrested for suspected attempted bribery in rigged poll case
  • Angola’s dos Santos named as suspect over alleged fraud at Sonangol – Lusa
  • South Africa’s African Rainbow Capital to raise stake in Alexander Forbes
  • Algeria to host foreign ministers on Libya crisis
  • Africa Oil – Bonny Light under force majeure
  • South African rand rises as demand for riskier assets picks up
  • Shell declares force majeure on Nigerian Bonny Light crude exports
  • Tribal attack in disputed South Sudan border region kills 29
  • Morocco’s Casablanca stock exchange to ease foreign access – CEO
  • Zimbabwe central bank governor says inflation to fall to 50% by December
  • South African Airways should be saved, says ruling ANC
  • Guinea-Bissau electoral commission confirms Embalo as president
  • Over 400 jobs at risk at Weatherly Namibia copper mine – union
  • Burkina Faso approves state backing for vigilantes fighting jihadists
  • South African miner Samancor Chrome says may cut nearly 2,500 jobs
  • Power cuts cost South Africa up to $8.3 bln in 2019, research shows
  • Nigeria to resume mining in Zamfara state in Q1 – minister
  • First Abu Dhabi Bank in talks to buy Egyptian unit of Lebanon’s Bank Audi – sources
  • Credit Suisse says Mozambique liable for $622 mln loan at heart of bribery scandal
  • African unicorn Jumia looks to services, platforms to halt slide
  • South African Airways should be kept as national airline – ANC
  • Shares in South Africa’s Shoprite rise on sales growth
  • Morocco’s CPI up 0.2% in 2019 – planning agency
  • Uganda shilling holds steady, demand for dollars eyed
  • Kenyan shilling inches up against the dollar
  • Uganda’s coffee exports up 5% in December from a year earlier
  • South African annual consumer inflation rises to 4% y/y in December
  • South Africa’s Naspers raises $1.66 bln via Prosus share sale

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

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