macroafricaintel Daily Brief | 11 Mar

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

Global Markets

  • Stocks fall as US virus response disappoints investors
  • Lack of details about Trump stimulus unsettles markets
  • Policymakers struggle to stay ahead of coronavirus
  • Oil futures bounce again on output cut hopes

Oil Markets

  • Oil rises for 2nd day amid hopes for output cut by US producers
  • US producers slash spending, which could reduce output
  • Saudi says it will boost oil supplies to record high in April
  • US crude stockpiles rose last week – API
  • Brent up 3.9% at $38.66 a barrel (0226GMT)
  • WTI up 3.3% at $35.48

Precious metals

  • Gold gains amid doubts over US stimulus package
  • Spot gold up 0.5% at $1,657.29/oz. (0054GMT)
  • US gold futures down 0.3% at $1,654.70/oz.

Grains

  • Soybeans rise for 2nd day, but hopes of higher inventory cap gains
  • Soybean up 0.7% at $8.82 a bushel (0138GMT)
  • Corn down 0.1% at $3.77-1/4 a bushel
  • Wheat down 0.1% at $5.21-3/4 a bushel

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

  • Central Bank of Nigeria roundtable on economy
  • South Africa’s Eskom stage 2 loadshedding
  • Libya contact group meets in Congo (11-12 Mar); South Africa’s Ramaphosa attending
  • South Africa state capture inquiry resumes
  • Guinea’s opposition heads to ECOWAS court
  • 22nd African forestry & wildlife commission (AFWC) in Kruger Park, South Africa; 9-13 Mar

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

  • Witchcraft beliefs blamed for halting drive to end FGM in Guinea
  • Drought, coronavirus to slow Morocco’s economic growth to near 2% – planning agency chief
  • Racked by protests, Algeria bars political gatherings over virus
  • Tunisia studies hedging fuel purchases after oil falls sharply
  • Families mark first anniversay of Ethiopian 737 MAX crash
  • Sudan moves against Bashir loyalists after assassination attempt
  • Algeria suspends economic, cultural, political gatherings over coronavirus
  • Algeria delays international sports gatherings over coronavirus
  • Egypt’s headline inflation slows to 5.3% in February
  • Tanzania opposition lawmakers found guilty of making seditious statements
  • Algeria faces ‘unprecedented’ multi-dimensional crisis – PM
  • Africa Oil – Diffs resist futures plunge as sellers stay confident
  • DRC confirms first coronavirus case
  • Jordan bars entry from West Bank, Israel, Iraq, Egypt due to coronavirus
  • South Africa’s rand rebounds as global selloff slows
  • Egypt core inflation drops to 1.9% in February – c.bank
  • South Africa – Sibanye, Implats and BASF develop new tri-metal catalyst, boosting platinum prices
  • Ivory Coast 2019/20 cocoa grind up 4% by end-February – exporters
  • South Africa court sides with Eskom in 2018/19 tariff dispute
  • Morocco reports first coronavirus death – health ministry
  • Malawi communities scare away loggers with beehives
  • South Africa’s Eskom ramps up power cuts after fault at nuclear plant
  • Nigeria treasury bill yields rise, naira eases after oil price collapse – traders
  • South Africa court clears Ramaphosa of misleading parliament, money laundering alleged by watchdog
  • South Africa’s Vodacom to slash mobile data prices after watchdog report
  • China’s CNMC to transfer Africa copper, cobalt assets to engineering arm for $1.1 bln
  • Russia energy minister does not rule out joint measures with OPEC on oil
  • Uganda says 20 killed in raid on army post near DRC border
  • Kenya shilling steady on easing dollar demand
  • Uganda shilling trades flat amid subdued demand
  • South Africa’s FirstRand reports 5% half-year profit rise
  • Morocco to suspend all travel to and from Italy amid coronavirus fears

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

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