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