macroafricaintel Daily Brief | 13 Feb

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

Global Markets

  • Jump in new coronavirus cases stymies stock rally
  • Hubei province reports 14,840 new cases vs 2,015 on Feb. 11
  • US stock futures slip, dollar/yen soft
  • Nikkei down 0.2% in early trade

Oil Markets

  • Oil rises for third day as coronavirus impact may spur output cuts
  • Brent up 0.3% at $55.96 per barrel (0217GMT)
  • WTI up 0.6% at $51.46

Precious metals

  • Gold rises as jump in new virus cases weigh on equities
  • Spot gold up 0.4% at $1,571.23/oz. (0056GMT)
  • US gold futures up 0.2% at $1,574.90/oz.

Grains

  • Soybeans snap 8 sessions of gains as virus deaths jump
  • Soybean futures down 0.1% at $8.91-1/2 a bushel (0101GMT)
  • Corn futures down 0.2% at $3.82-1/4 a bushel
  • Wheat futures unchanged at $5.47-1/2 a bushel

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

  • South Africa’s Ramaphosa opens parliament, delivers state of the nation address
  • Uganda interest rate decision [fcst. 8.0%, prev. 9.0%]
  • Botswana’s Masisi visits Namibia
  • South Africa mining production Dec-19 [fcst. -2.8% yy, prev. -3.1%]
  • Kenya parliament screens new cabinet secretaries
  • Guinea’s Conde in Saudi Arabia
  • 18th African fine coffees conference & exhibition in Mombasa, Kenya; 12-14 Feb

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

  • Algeria says BP did not ask to sell Amenas gas stake
  • Sudan to raise price of some petrol from mid February – ministry source
  • Sudan to continue to subsidise bread but with “justice” – trade minister
  • Nigeria LNG signs 10-yr LNG deal with Galp
  • Africa Oil – Reduced offers aid sales, Asian buyers quiet
  • Head of Sudan ruling council pledges ICC cooperation over Bashir, says right group
  • Tunisia eyes IMF talks in March on sixth review of loan deal – minister
  • South Africa’s rand falls after dismal data, stocks rise
  • OPEC says coronavirus to trim 2020 oil demand, weighs output cut
  • Kenya pledges “valley of peace” legacy as veteran leader Moi buried
  • Italy’s Edison starts exploratory drilling for gas in Egypt
  • AngloGold shifts focus as it sells South African assets to Harmony
  • South Africa retail sales down 0.4% y/y in December
  • UAE’s Dana Gas receives bids for Egypt assets
  • Zambia’s GDP to exceed 3% as copper-producer steps up spending
  • Kenya shilling weakens due to importer dollar demand
  • South Africa’s Tiger Brands says interim profit could fall 36%
  • AngloGold Ashanti to sell South Africa assets to Harmony Gold for $300 mln

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

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