By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Asia shares inch up, China’s factories show flicker of life
- Asia shares supported by month-end demand, calmer mood
- China factory survey beats forecasts, PMI rises to 52.0
- Oil prices steady for now after steep drop
Oil Markets
- Oil rebounds from 18-yr lows after US, Russia agree to talks
- Brent up 1.9% at $23.19 a barrel (0406GMT)
- WTI up 5.8% at $21.26
Precious metals
- Gold falls as dollar strengthens, shares rally; set to post quarterly gain
- Spot gold down 0.5% at $1,613.40/oz. (0327GMT)
- US gold futures down 0.2% at $1,615.80/oz.
Grains
- Corn prices set for biggest quarterly loss in 5-1/2 years
- Corn down more than 11% for the quarter
- Soybeans down more than 7% for the quarter
- Wheat up more than 2% for the quarter
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- Key African countries lock down; subdued economic activity
- Kenya inflation Mar-20; newly rebased CPI today, forecasts likely off [fcst. 6.6% yy, prev. 6.4%]
- South Africa Q4-19 employment statistics
- G20 finance ministers & central bank governors Covid-19 video conference
- Kenya parliament Kenyatta stimulus plan debate (expected this week); resumed yesterday
- Uganda inflation Mar-20 [fcst. 3.7% yy, prev. 3.4%]
- Nigeria FX reserves Mar-20 [prev. $36.38B]
- South Africa balance of trade Feb-20 [prev. ZAR-1.87B]
Key African events or data releases yesterday & early a.m today
- Zimbabwe locks down to fight coronavirus amid economic crisis
- Egypt’s Sisi calls for boost of strategic food reserves during coronavirus
- Egypt’s 2020-21 draft budget is based on oil at $61 per barrel
- Botswana records first 3 cases of coronavirus – health minister
- Morocco’s Bank of Africa posts 5% profit rise for 2019
- Africa Oil – Nigeria starts lockdowns, demand dwindles as run cuts rise
- South Africa’s Massmart says it has enough funding to weather lockdown
- South Africa franchise restaurant chain Spur to defer interim dividend payment
- South Africa rand touches all-time low after Moody’s pulls the plug
- South Africa’s Netcare scraps 2020 outlook due to coronavirus
- Locust stealing lives: Fears of farmers, herders in Somaliland as a plague looms
- Developing nations need $2.5 trln coronavirus package – UN
- South Africa policeman, guard shot man dead during lockdown – police
- Africa’s megacity Lagos braces for 2-wk coronavirus lockdown
- Sierra Leone lifts ban on pregnant girls attending school
- South Africa’s big banks: Up to 20% of borrowers may not qualify for coronavirus relief
- South Africa default insurance costs jump after rating cut
- South Africa – Anglo American Platinum declares force majeure on certain supplier contracts after coronavirus lockdown
- Kenya shilling holds steady against the dollar
- Uganda shilling inches up as virus curbs demand for dollars
- Impala Platinum declares force majeure on supply from South Africa mines
- South Africa – Anglo American cancels rough-diamond sales event due to coronavirus lockdowns
- South Africa credit growth in February rises to 5.09% y/y
- Oil crash puts Africa’s cash-strapped producers in peril
N.B. Full stories of above headlines are available on Reuters