macroafricaintel Daily Brief | 28 Jan

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

Global Markets

  • Stocks crumble as deadly coronavirus spreads
  • Contagion regional, not global shock – JPM
  • China says virus ability to spread getting stronger
  • Safe haven demand rises; oil drops sharply
  • Risk assets sell off
  • Some Asian markets closed for Lunar New Year holiday

Oil Markets

  • Oil prices skid 2%, extending slide as China virus spreads
  • Brent down 1.9% at $59.57 a barrel (0113GMT)
  • WTI down 2.1% at $53.05

Precious metals

  • Gold steady as China virus fears offset stronger dollar
  • Spot gold unchanged at $1,581.09/oz. (0140GMT)
  • US gold futures up 0.2% at $1,580.90/oz.

Grains

  • Wheat down 2% as China virus fears escalate; soybeans, corn fall
  • Wheat futures down 1.9% at $5.62-1/2 a bushel (0142GMT)
  • Corn up 1.1% at $3.83 a bushel
  • Soybean futures down 0.5% at $8.97-1/2 a bushel

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

  • Central Bank of Kenya’s Njoroge post-MPC press conference
  • Turkey’s Erdogan in The Gambia on state visit
  • Liberia’s Weah delivers state of nation address
  • Moody’s Africa conference in London
  • Egypt, Sudan & Ethiopia GERD talks in Washington; 28-29 Jan
  • South Africa’s Ramaphosa addresses heads of missions conference in Pretoria
  • Bank of Ghana MPC meeting; 27-31 Jan

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

  • Trump discusses Syria, Libya with Turkey’s Erdogan – White House
  • Crowded Lagos to ban motorbikes from most of Nigerian metropolis
  • Moroccan banks to refinance SMEs at 1.25% interest rate – central bank
  • Angola’s dos Santos to sue reporters’ consortium behind ‘Luanda Leaks’
  • Morocco to evacuate nationals from Wuhan area
  • France warns US against pulling troops from fight against [militants] in Africa’s Sahel
  • Nigeria had no warning on potential US travel ban – minister
  • Africa Oil – Sonangol offers cargoes, Bonny loadings delayed
  • France warns Pentagon against cutting US troops in West Africa
  • South African rand, stocks tumble as China virus wrecks risk sentiment
  • Libya’s NOC issues warning over impact of oil blockade
  • Nigeria’s NLNG signs 10-year LNG supply deal with Eni
  • Libyan state oil firm was not considered on maritime deal with Turkey
  • Barrick to sell gold worth up to $280 mln as Tanzania export ban lifted
  • Libya oil firms says efforts being made to lift port blockade
  • Libya’s oil production could fall to 72,000 bpd very soon – NOC
  • Kenyan central bank makes second cut to key lending rate
  • Tunisia’s biggest party Ennahda rejects new govt proposal
  • Egypt sentences 37 to jail for joining Islamic State – judicial sources
  • Families trek to unsafe wells as taps run dry in drought-hit Zimbabwe
  • Zimbabwe tax agency targets businesses to raise dollars
  • Protests against Gambia president bring 137 arrests, multiple injuries
  • Ivory Coast 2019/20 cocoa arrivals reached 1.356 mln T by Jan. 26 – exporters
  • France hopes US will have “good sense” to not withdraw support in Sahel
  • Bat spit coffee is a hit with Madagascar consumers
  • Rwanda detaining, abusing street children: rights group
  • South Africa’s Sasol plans secondary listing on A2X
  • South African rand weaker as investors calculate impact of China virus
  • Fastjet flags going concern doubt as talks to sell Zimbabwe unit ongoing
  • IMF aid to Congo Republic on hold over Glencore, Trafigura impasse
  • Congo Rep. debt could be one-third higher than IMF estate – campaign group

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

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