macroafricaintel Daily Brief | 5 Mar

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

Global Markets

  • Asia shares follow Wall St higher, but virus risk lurks
  • Nikkei up 0.8% early, investors still cautious
  • Wall St surges, some relieved at Biden success
  • Virus spread still causing deaths, economic dislocation
  • Dollar regains some ground as yields rise off record lows

Oil Markets

  • Oil rises more than 1% ahead of OPEC meeting to discuss supply cuts
  • Brent up 1.3% at $51.80 per barrel (0436GMT)
  • WTI up 1.2% at $47.33

Precious metals

  • Gold prices little changed amid virus fears, stronger equities weigh
  • Spot gold up 0.1% at $1,637.80/oz. (0059GMT)
  • US gold futures down 0.2% at $1,693.10/oz.

Grains

  • Soybeans poised to gain for a fourth session
  • Soybean futures up 0.2% at $9.08-3/4 a bushel (0139GMT)
  • Corn futures down 0.3% at $3.85 a bushel
  • Wheat futures up 0.1% at $5.18-3/4 a bushel

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

  • OPEC+ meets in Vienna; 5-6 Mar
  • Ivory Coast’s Ouattara delivers state of the nation address
  • South Africa current account balance Q4-2019 [fcst. -4.1% of GDP, prev. -3.7%]
  • South Africa SACCI business confidence Feb-20 [prev. 92.2]
  • South Africa’s 2020 Black Business Summit in Johanesburg

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

  • Nigeria to back $2.59 bln AKK gas pipeline with sovereign guarantee
  • Senegal confirms third and fourth coronavirus cases
  • Algeria reports nine new coronavirus cases – health ministry
  • Avoiding hugs, OPEC officials greet with their feet amid virus outbreak
  • Africa Oil – Spot trade slow on lacklustre demand
  • Kenya accuses Somalia of violating its territory in escalating regional feud
  • Tunisia suspends northern Italy ferry services over coronavirus
  • South Africa’s rand clings on to post-Fed windfall after recession shock
  • Uganda jails filmmaker doing documentary on opposition hopeful
  • Egypt bars Qataris over coronavirus fears
  • Shipping goods into Nigeria costs more than for African peers
  • Egypt plans to sell $500 mln Banque du Caire stake via IPO in April – chairman
  • African airlines face $40 mln in 2020 from coronavirus
  • Zambia signs over $824 mln deal with China Railway for line upgrades
  • Egypt executes top militant extradited from Libya
  • Driving lorries, blasting rocks – Women break the mould at Burkina Faso gold mines
  • IMF says in broad agreement with Kenya on deficit reductin plan
  • Kenya private sector activity drops further in February – PMI
  • Kenya shilling weakens on central bank plan to buy dollars
  • South Africa private sector activity slips again in February
  • Ethiopia’s enslaved child maids seek solace at night school

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

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