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

Global Markets

• Asia shares dive with S&P 500, bond yields fall anew
• S&P 500 futures off 5%, hit limit down
• Asia shares under water, oil falls again
• US 10-yr bond yield drops to 0.8%
• More countries shut businesses, tell people to stay home

Oil Markets

• Oil prices mixed after opening sharply lower
• Brent down 69 cents at $26.29 a barrel
• WTI up 30 cents at $22.93

Precious metals

• Gold falls as cash dash overwhelms stimulus measures
• Spot gold down 0.7% at $1,487.83/oz. (0101GMT)
• US gold futures up 1% at $1,499.50/oz.

Grains

• Soybeans hit 10-day high on Chinese purchases
• Soybean futures up 0.5% at $8.67 a bushel (0040GMT)
• Corn down 0.7% at $3.41-1/2 a bushel
• Wheat up 0.7% at $5.42-3/4 a bushel

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

• South Africa’s Ramaphosa addresses nation on covid-19
• Nigeria shuts Lagos & Abuja international airports
• Central Bank of Kenya MPC meeting [fcst. 8.0%, prev. 8.25%]
• Central Bank of Nigeria MPC meeting; 23-24 Mar [fcst. 13.5%, prev. 13.5%]

Key African events or data releases over the weekend & early a.m today

• Guinea holds contentious referendum despite coronavirus outbreak
• Egypt’s coronavirus cases rise by 33 to 327, four new deaths
• Algeria to import pharmaceutical products worth $100 mln for coronavirus
• Algeria to cut spending & energy investment, delay projects
• Coronavirus supplies donated by Alibaba’s Ma arrive in Africa
• African churches swap holy water for hand sanitiser, crowds for videos
• Mozambique confirms first coronavirus case
• Egypt to allocate 20 bln Egyptian pounds to support bourse
• South Africa’s Standard Bank gives students and small businesses payment holiday
• Algeria coronavirus cases rises by 62 to 201 – health ministry
• Coronavirus medical supplies donated by Alibaba’s Ma arrive in Ethiopia
• Tunisia allocates $850 mln to combat effects of coronavirus
• Royal Air Maroc suspends all domestic flights until further notice
• Angola, Eritrea, Uganda confirm first cases as coronavirus spreads in Africa
• Egypt shuts mosques and churches over coronavirus fears
• Eritrea confirms first coronavirus case, in arrival from Norway
• Libya’s Government of National Accord orders coronavirus curfew
• Kenya holds day of prayer as coronavirus fears grow
• Libya’s LNA follows Tripoli in backing call for pandemic truce
• Algeria’s coronavirus cases rise by 44 to 139
• Four Burkina Faso ministers have coronavirus as cases rise to 64
• Nigeria to shut Lagos, Abuja international airports from Monday
• Egypt shuts churches for two weeks over coronavirus fears
• Mauritius says reports first death from coronavirus
• eSwatini delivers 100 bps rate cut amid covid-19 outbreak
• South Africa pumps-up liquidity, mulls shorter trade hours to ease coronavirus strain
• Fears over handwashing in Africa to stem coronavirus seen as trigger for change
• US envoy to South Africa draws fire after possible virus exposure
• Tunisia orders lockdown, postpones loan repayments for poor
• Zimbabwe confirms first case of coronavirus
• South Africa Airways cancels more flights as funds run dry
• Tunisia banks will postpone low-income employee loans over coronavirus
• Nigeria central bank devalues official FX rate by 15% after trade with local bank – traders
• Sudan confirms second coronavirus case, Khartoum bans mass gatherings
• South Africa’s Tsogo Sun to close 36 hotels as demand collapses
• Madagascar confirms first cases of coronavirus – president
• Algerians forego weekly protest amid coronavirus
• Kenya’s high court holds open air hearings to slow spread of coronavirus
• Africa Oil – Sonangol cuts offers as virus hits demand
• South Africa stocks rebound from 7-yr low on bank stimulus measures
• Nigeria tries to shed fuel subsidy costs while keeping price control
• Tunisia orders lockdown
• Kenya central bank sells dollars after shilling slides to near record low
• Morocco’s CPI slows to 1.1% y/y in February – planning agency
• Tourists’ departure leaves Madagascar forlorn as coronavirus fears bite
• Kenya’s flower exports wither as demand drops amid coronavirus pandemic
• Uganda to seek from World Bank help over coronavirus, cenbank to provide liquidity
• Uganda shilling steady as demand recedes
• South Africa’s SAA administrators ask for extension for rescue plan until May 29
• South Africa’s MTN drops data prices, sees only short-term revenue hit
• Uganda’s central bank to give liquidity to commercial banks to cope with coronavirus outbreak
• South Africa Airways suspends intercontinental flights until May 31
• South Africa’s rand, stocks bounce as central bank measures ease virus pain
• Uganda to seek $190 mln from World Bank to cushion coronavirus blow
• South Africa’s health minister says coronavirus cases rise to 202
• South Africa’s Investec profit to drop by up to 23% as coronavirus bites
• Kenya shilling hammered by the impact of coronavirus

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