macroafricaintel Daily Brief | 4 Feb

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

Global Markets

  • Asia stocks find footing as China markets restore some losses
  • Coronavirus death toll rises further
  • China shares rebound after Wall St bounces
  • Oil leads commodity slide on fears for China demand

Oil Markets

  • Oil prices rebound from China virus slump amid ginger recovery across markets
  • Brent up nearly 0.4% at $54.66 a barrel (0227GMT)
  • WTI up 0.6% at $50.43

Precious metals

  • Firm dollar weighs on gold prices amid virus threats
  • Spot gold down 0.1% at $1,575.27/oz. (0156GMT)
  • US gold futures down 0.2% at $1,579.50/oz.

Grains

  • Soybeans rise for second session; coronavirus fears cap gains
  • Soybean futures up 0.1% at $8.77-1/2 a bushel (0147GMT)
  • Corn futures up 0.3% at $3.80 a bushel
  • Wheat futures down 0.2% at $5.54-1/4 a bushel

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

  • OPEC+ technical committee meets over coronavirus in Vienna; 4-5 Feb
  • 5th Nigeria – US binational commission in Washington DC; 3-4 Feb
  • Investing in African mining indaba in Cape Town; 3-6 Feb
  • Kenya’s Kenyatta heads to Washington DC for trade talks
  • UN-brokered Libya military talks in Geneva

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

  • Kenya’s former president Daniel Arap Moi dies – Citizen TV
  • Egypt non-oil private sector shrinks faster in Jan – PMI
  • Families in Africa fear impact of US immigration ban
  • UN-brokered Libya military talks begin in Geneva
  • Israel and Sudan will push to normalise relations – Israeli officials
  • More soldiers won’t help Mali, talks with [militants] might – UN
  • Malawi court annuls President Mutharika’s 2019 election victory
  • Egypt military brings in sovereign fund to help sell assets
  • At least 13 students killed in stampede in Kenya – Daily Nation
  • Africa Oil – Unipec halts WAF buying, offers cargoes as freight plummets
  • Anglo-American to decide fate of South African thermal coal assets this year
  • South Africa’s rand firms following slide on virus fears
  • Nigeria stocks fall to 3-wk low as funds exit
  • OPEC+ considering further 500,000 bpd oil output cut – sources
  • Botswana projects narrower budget deficit for 2020/21
  • Gas pipeline in Egypt’s Sinai attacked, imports from Israel unaffected
  • Locust swarms threaten more countries in eastern Africa – FAO
  • Unipec stops West African crude buying as virus hits Chinese demand – sources
  • Congo’s new artisanal cobalt monopoly could seek private partner – minister
  • Ghana to probe bribery accusations in Airbus deal
  • Ivory Coast 2019/20 cocoa port arrivals seen at 1,419,000 T by Feb. 2 – exporters
  • Morocco’s Maroc Telecom fined $344 mln for anti-competitive practices
  • South Africa’s Absa PMI falls further in January
  • Kenyan shilling strengthens, remittances help

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

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