macroafricaintel Daily Brief | 24 Mar

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

Global Markets

  • Asian stocks rebound, Fed soothes with boundless QE
  • S&P 500 futures bounce in Asia, Nikkei jumps
  • Dollar off peaks on promise of bottomless liquidity
  • Factory surveys to show extent of economic damage

Oil Markets

  • Oil prices climb as US ramps up economic support measures
  • Brent up 2.3% at $27.65 a barrel (0346GMT)
  • WTI up 3.3% at $24.12

Precious metals

  • Gold jumps 2% as Fed bonanza stalls cash rush
  • Spot gold up 1.3% at $1,573.17/oz. (0333GMT)
  • US gold futures up 1.5% at $1,590.50/oz.

Grains

  • Wheat retreats 1% on strong US dollar
  • Wheat futures down 1.2% at $5.55-1/2 a bushel (0053GMT)
  • Soybean futures down 0.1% at $8.83-1/4 a bushel
  • Corn futures down 0.6% at $3.41-1/2 a bushel

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

  • Inter-ministerial briefing on South Africa 21-day lockdown
  • Central Bank of Nigeria MPC decision [fcst. 13.5%, prev. 13.5%]

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

  • DR Congo locks down mining area, workers sent home over coronavirus
  • Virus-control measures to hit Rio Tinto operations in South Africa, Canada
  • Ivory Coast, Senegal declare emergencies, impose curfews in coronavirus response
  • China Moly to isolate TFM copper mine in Congo due to coronavirus – note
  • Egypt reports 5 more coronavirus deaths for a total of 19 – health ministry
  • Tunisia discussing new IMF programme – finmin
  • South Africa to impose 21-day lockdown from midnight Thursday as coronavirus cases jump
  • Nigeria closes land borders to fight coronavirus spread
  • Currency black market re-emerges in Egypt as coronavirus spreads
  • Algeria imposes curfew in capital
  • WHO warns of ‘accelerating’ pandemic, expects Olympics decision soon
  • Former DR Congo health minister convicted of embezzling ebola funds
  • Sudan imposes 10-hr night-time curfew to curb coronavirus spread
  • UN chief wants $2 bln to help poor countries combat coronavirus
  • Africa Oil – Nigeria programmes emerge after OSPs slashed
  • South Africa’s Eskom invites bids to plug short-term power gap
  • Libya combatants resume fighting despite coronavirus truce call
  • Egypt postpones sessions till April 12 over coronavirus – MENA
  • Mozambique army, insurgents battle in town close to gas projects – police
  • Nigeria’s Seplat cuts costs and drilling plans amid oil price crash – CFO
  • South Africa’s Sibanye-Stillwater cuts US workers in response to virus
  • South Africa’s rand on the ropes as virus fears mount
  • Despite OPEC+ deal collapse, Saudi oil exports yet to rise – sources
  • Coronavirus hits Botswana’s first elephant hunting season since 2014
  • Egypt central bank tells commercial banks to cut interest on dollar deposits – bankers
  • South Africa – Fired Old Mutual boss Moyo’s appeal dismissed – Old Mutual
  • Kenya central bank cuts rates sharply, lowers banks’ cash ratio
  • South Africa’s Sibanye-Stillwater temporarily cuts workers at US operations on COVID-19 outbreak
  • Zimbabwe records first coronavirus death – health minister
  • African finance ministers call for $100 bln stimulus, debt holiday
  • Malawi to hold another presidential election in July
  • Tunisia orders army into streets to enforce coronavirus lockdown
  • Endeavour Mining swoops on Semafo to create top Burkina Faso gold miner
  • East Libya imposes full curfew over coronavirus
  • Saudi Arabia CDS climb to record high, Russia, South Africa at multi-year peaks
  • South Africa’s confirmed coronavirus cases jump by 128 to 402
  • Former oil official is Nigeria’s first coronavirus fatality – NCDC
  • Ford decides to halt production in India, South Africa on coronavirus impact
  • Nigeria 1-yr naira forward records biggest fall in over 10-years after devaluation
  • Tunisia says IMF will disburse $400 mln to help it face coronavirus effects
  • Second Egypt military official dies of coronavirus
  • Coronavirus provides unexpected boost for Kenya fishermen
  • Congo imposes 48-hr lockdown on mining province over coronavirus
  • In the shadow of ebola and covid-19, measles rips through Congo
  • Kenya farmers brace for second onslaught of crop-devouring locusts
  • Kenya shilling edges down as investors flee to safety
  • Mining company Katanga sues China MMG’s Kinsevere mine in Congo
  • Uganda shilling extends losing streak amid demand by banks, offshore investors
  • South Africa’s Alexander Forbes cancels $56 mln plan to buy out shareholder

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

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