macroafricaintel Daily Brief | 27 Feb

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

Global Markets

  • Asian stocks slide deeper as pandemic fears grow
  • Nikkei down more than 1%, Hong Kong down 1%, E-minis drop
  • US crude at 1-yr low

Oil Markets

  • Oil falls for fifth day as coronavirus spreads outside of China
  • US crude stocks rise, gasoline inventories drop – EIA
  • OPEC+ due to meet over March 5-6
  • Brent down 1.4% at $52.66 a barrel (0204GMT)
  • WTI down 1.6% at $47.93

Precious metals

  • Gold gains on virus spread, rate cut hopes
  • Spot gold up 0.5% at $1,648.14/oz. (0316GMT)
  • US gold futures up 0.4% at $1,650.10/oz.

Grains

  • Soybeans edge lower on pandemic fears
  • Soybean futures down 0.2% at $8.90-1/2 a bushel (0140GMT)
  • Corn futures down 0.3% at $3.73-1/4 a bushel
  • Wheat futures down 0.6% at $5.32-1/2 a bushel

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

  • African Union – European Union partnership meeting in Addis Ababa
  • South Africa producer inflation Jan-20 [fcst. 4.6% yy, prev. 3.4%]
  • Ghana’s Akufo-Addo Europe (Norway, UK, Switzerland, & Belgium) tour; 22 Feb – 4 Mar
  • Ghana’s Akufo-Addo speaks at Chatham House in London
  • South Africa state capture inquiry continues

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

  • Tunisia’s parliament approves a coalition government
  • Niger police rescue 232 victims of sex trafficking, forced labour
  • Nigeria’s govt licenses two gold refineries – mines minister
  • Zimbabwe’s economic reform agenda off-track – IMF
  • South Africa proposes public sector wage cuts to rein in deficit
  • South Africa’s budget underscroes ‘severe deterioration’ in state finances – Fitch
  • South Africa’s Treasury head warns of debt trap if wage cuts do not materialise
  • Zimbabwe plans subsidised shops for security forces
  • Dangote Cement to start exports from Congo after Nigerian export woes
  • Ethiopia further delays award of two telecoms licences
  • Unions challenge South Africa’s Telkom in court over redundancy offers
  • Phones of South Africa’s state security minister, other officials, found to be cloned
  • Africa Oil – Angolan cargoes struggle to find buyer interest
  • Libya’s oil production at 135,723 bpd as of Tuesday Feb. 25 – NOC
  • South African rand lifted by talk of public sector wage cuts
  • Zimbabwe hikes maize producer price fivefold to shore up reserves
  • Ethiopia asks US to postpone final talks on Blue Nile dam
  • Over 1,500 workers could take voluntary redundancy at South Africa’s Telkom – court papers
  • Dangote Cement’s export volumes in 2019 affected by Nigeria’s border closure
  • Guinea’s Conde hints at running for third term, brushing aside protests
  • IMF says has financing to provide $334 mln in debt relief to Somalia
  • Nigeria’s Zenith Bank loan growth to slow in 2020 in line with economy
  • Activists warn over slavery as Mauritania joins UN human rights council
  • South Africa’s COSATU says won’t allow workers’ wages to be slashed
  • Pomp, praise and a divided legacy as Egypt buries Mubarak
  • South Africa’s budget deficit seen at 18-yr high next fiscal year – Treasury
  • Algeria flight suspension or protest ban ‘not on agenda’ over coronavirus
  • Burundi govt says it kills at least 22 people in pre-election violence
  • Uganda shilling weakens as demand from energy and banks weighs
  • Eastern Libya’s FM says cannot force end to oil blockade
  • Algeria not to suspend flights over coronavirus – official
  • South Africa unions threaten protests over public sector wages
  • Wrestlers fight for peace in ravaged South Sudan
  • Kenya Power’s full-year pretas profit slumps 93%
  • Kenya shilling firm amid end-month demand
  • Russia accuses Turkey of helping foreign fighters enter Libya – Ifax
  • Russia says Libya’s warring factions don’t look ready to implement Berlin decisions – TASS
  • South Africa’s PSA union will not accept pay freeze or cuts
  • Egyptair postpones resumption of flights to China
  • Apache Corp, Pharos Energy among bidders for Shell’s Egypt onshore assets – sources
  • South Africa’s NEHAWU says govt wants to review public sector wage deal

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

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