macroafricaintel Daily Brief | 6 Mar

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

Global Markets

  • Stocks suffer, treasury yields plumb new depths as virus spreads
  • Asian stocks fall; CDC warns Americans on virus
  • Dollar left damaged by bond market rally
  • Oil rises on hopes output cuts to support market

Oil Markets

  • Oil slips amid demand concern, fears over OPEC+ deal for deeper output cuts
  • OPEC aims to cut output by 1.5 mln bpd to end-2020
  • Wants non-OPEC to contribute 500,000 bpd cut
  • Russia, Kazakhstan yet to agree to deepen output cuts
  • OPEC+ to meet in Vienna on Friday
  • Brent down 0.9% at $49.52 per barrel (0223GMT)
  • WTI down 0.9% at $45.48

Precious metals

  • Gold set for best week in over 8 years on coronavirus fears
  • Spot gold up 0.2% at $1,672.80/oz. (0118GMT)
  • US gold futures up 0.4% at $1,674.20/oz.

Grains

  • Soybeans edge higher, weaker US export demand caps gains
  • Soybean futures up nearly 1% for the week
  • Corn futures up more than 3% for the week
  • Wheat futures down nearly 2% for the week

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

  • OPEC+ meets in Vienna; 5-6 Mar
  • Ghana independence day; Akufo-Addo presides in Kumasi
  • South Africa FX reserves Feb-20 [prev. $54.6B]

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

  • Embattled Twitter chief Dorsey reconsiders Africa move amid coronavirus concerns
  • OPEC to recommend to OPEC+ extending new cuts to end of 2020 – statement
  • Africa Oil – IOC mops up some cargoes
  • Libya’s oil production at 119,867 bpd as of March 4 – NOC
  • South Africa drugmaker Aspen expects coronavirus impact
  • Russia can cope with oil price drop if no OPEC cut agreed – finmin
  • South Africa confirms first case of coronavirus
  • Rand falls after South Africa confirms first coronavirus case
  • South Africa’s Aspen’s half year earnings up, expects coronavirus impact
  • Kenya fines 5 banks $3.75 mln under anti-money laundering laws
  • Egypt reopens its oldest pyramid after 14-yr restoration
  • Nigeria’s Senate approves Buhari’s $22.7 bln loan request
  • Tanzania’s 2019 economic growth estimated at close to 6% – IMF
  • South Africa president says coronavirus will hurt tourism, economy
  • Sudan says needs foreign currency for strategic commodities despite Gulf aid
  • East African industries to gain from continental free trade – study
  • Camels evacuated from Libya’s capital after port comes under fire
  • Ivory Coast’s Ouattara says he won’t run for re-election
  • Morocco’s trade deficit widens 1.7% y/y
  • Kenya shilling seen pressured while Zambia kwacha could firm; in week ahead
  • Egypt registers first coronavirus case in an Egyptian national returning from Europe
  • South Africa’s Eskom to pursue Trillian liquidation to recoup funds
  • Ivory Coast meeting put off as Africa’s coronavirus concerns mount
  • South Africa’s Tshwane municipality placed under administration
  • World food prices dip in February, hurt by coronavirus – UN
  • Nigeria shoemakers tap national pride, nostalgia to spur local industry
  • Uganda shilling under pressure from dividend payments
  • South Africa business confidence index rises in February
  • South Africa’s current account deficit narrows to lowest in nearly a decade
  • Sierra Leone iron ore crisis creates debt-racked ghost town
  • Kenya shilling weakens further against the dollar
  • South Africa’s Standard Bank posts flat profit as problem ICBCS venture drags

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

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