By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Asian stock markets reverse losses on global policy stimulus hopes
- Australia, Japan fall, US stock futures drop 1%
- Interbank futures imply rate cuts by Fed, RBA
- Stocks had worst week since 2008
Oil Markets
- Oil bounces from multi-year lows as hopes of OPEC+ cut, stimulus offset virus impact
- Brent up 1.3% at $50.32 a barrel (0105GMT)
- WTI up 1.1% at $45.23
Precious metals
- Gold rises as recession fears weigh on risk sentiment
- Spot gold up 1.2% at $1,602.90/oz. (0104GMT)
- US gold futures up 1.9% at $1,597.10/oz.
Grains
- Soybeans inch higher, but pandemic fears cap gains
- Soybean futures up 0.4% at $8.96-1/4 a bushel (0136GMT)
- Corn futures up 0.3% at $3.67-3/4 a bushel
- Wheat futures down 0.1% at $5.23-3/4 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- Nigeria COVID-19 briefing by health minister
- South Africa’s ruling ANC officials meet over public wage bill
- South Africa ABSA manufacturing PMI Feb-20 [prev. 45.2]
- Ghana’s Akufo-Addo Europe (Norway, UK, Switzerland, & Belgium) tour; 22 Feb – 4 Mar
- Nigeria’s Supreme Court reviews its gubernatorial election judgements on Imo & Zamfara states [Negative; albeit court already signaled disapproval with Bayelsa ruling]
Key African events or data releases over the weekend & early a.m today
- Nigeria contacts 100 people who may have been exposed to coronavirus patient
- Angola to bar entry of citizens from virus-hit countries
- Morocco may postpone sports, cultural events over coronavirus
- Qatar imposes temporary entrance restriction on visitors from Egypt
- Guinea-Bissau parliament speaker withdraws claim to presidency
- US to give Zambia $389 mln grant for AIDS relief
- Shell’s Bonga oilfield in Nigeria to undergo maintenance – spokesman
- OPEC coul deepen oil supply cuts with or without Russia – sources
- Zambia agriculture business launches $81 mln farmer financing scheme
- Egypt issues new rules on buying treasury stocks in bid to support market
- Egypt exchange falls 3.6% amid fears of coronavirus spread
- Sudan fires scores of diplomats allegedly linked to Bashir
- Guinea-Bissau crisis deepens with two rival presidents and prime ministers
- US to keep working with Egypt, Ethiopia, Sudan on Blue Nile dam
- Algeria deports Italian national infected with coronavirus
- Congo military intelligence chief dies of heart attack, wife says
- Guinea delays disputed referendum that could extend veteran Conde’s rule
- Libya – Bombardment intensifies in Tripoli despite truce
- Guinea delays constitutional referendum due to electoral roll concerns
- Cape Verde court finds Russians guilty in record cocaine bust
- Congo civil society groups demand transparency in SOKIMO deal with AJN
- Italian with coronavirus in Nigeria was not isolated for almost 48 hours
- Libya’s oil production at 120,568 bpd as of Feb 28 – NOC
- Nigeria coronavirus patient works as vendor for Lafarge Africa Plc – company statement
- Africa Oil – Buyers resist high Angolan offer prices
- South Africa rand closes at 18-mth low, stocks slump amid virus fears
- Competition court says global banks can be fined in South Africa over alleged rate rigging
- South Africa’s Tongaat to sell starch business to Barloworld
- Congo military intelligence chief dies of heart attack, wife says
- Clashes break out in Somalia, slowing fight against […] insurgents
- Kenya Power goes after electricity thieves following profit slump
- Angola’s Sonangol to begin selling assets in April
- South Africa’s trade balance swings to deficit in January
- Nigeria 1-yr naira slides past 400 on forward market after first coronavirus case
- Nigeria’s first coronavirus case came on flight via Istanbul, went to Ogun state – Lagos health commission
- Nigeria stocks fall to 2 months low after country records first case of coronavirus
- Kenya’s high court orders suspension of fligths from China over coronavirus
- Kenya’s inflation rises to 6.37% y/y in February
- Nigeria artist turns plastic waste into fashion to raise awareness
- Coronavirus outbreak “getting bigger” after Nigeria case – WHO
- Nigeria’s first coronavirus case travelled through Lagos before detection – minister
- South African Airways rescue plan pushed back to end of March
- Egypt increases usage fee for national gas grid by 29%
- South Africa’s credit growth in January slows to 5.01% y/y
- South Africa’s Northam Platinum half-year earnings more than triple
- Kenya Electricity Generating’s H1 pretax profit rises 4.3%
- Kenya Power’s H1 pretax profit drops 1.14 bln shillings
N.B. Full stories of above headlines are available on Reuters