macroafricaintel Daily Brief | 25 Mar

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

Global Markets

  • Asia rides Wall St surge as investors place hopes on US stimulus
  • MSCI ACWI builds on biggest gains since 2008 financial crisis
  • Gold retain gains after big jump
  • Dollar slides as funding squeeze eases a little

Oil Markets

  • Oil ekes out gains as US stimulus hopes lift global markets
  • Brent up 1.8% at $27.64 a barrel (0043GMT)
  • WTI up 2.5% at $24.61

Precious metals

  • Gold gains slightly as US stimulus hopes offset cash rush
  • Spot gold up 0.1% at $1,611.73/oz. (0230GMT)
  • US gold futures up 0.8% at $1,673.60/oz.

Grains

  • Corn climbs over 1% on expectations of stronger ethanol demand
  • Corn futures up 1.2% at $3.52 a bushel (0120GMT)
  • Soybean futures up 0.5% at $8.92 a bushel
  • Wheat futures down 0.2% at $5.60-1/4 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; day 2
  • Reported covid-19 infections of senior Nigeria officials may force official briefing

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

  • Madagascar’s central bank injects cash to support economy due to virus
  • IMF sees Malawi medium-term economic growth rising to as much as 7%
  • Algeria jails opposition figure Karim Tabbou for year – activists
  • Namibia announces travel ban, partial lockdown after seventh coronavirus case
  • South Africa stocks, mining firms bounce on stimulus measures
  • Africa Oil – Overhang shows little sign of falling as major buyers cut runs
  • Hit by war and oil blockade, Libya prepares for pandemic
  • Top Nigeria president aide, state governor test positive for coronavirus
  • Sasol to bid to supply South Africa’s Eskom with temporary power
  • Some 70 Nigeria soldiers killed in northeast militant ambush – sources
  • Algeria energy export revenue falls 25% in January
  • Congo’s central bank cuts interest rate in response to coronavirus
  • Germany says 6 million coronavirus face masks missing in Kenya
  • Kenya to seek IMF help, pay arrears and speed tax refunds
  • As social distancing meets Congo, some say “it just won’t work”
  • Egypt declares 2-wk curfew to counter coronavirus
  • Nigeria’s central bank holds benchmark lending rate at 13.5%
  • South Africa braces for lockdown as coronavirus cases spike to 554
  • Egypt to extend suspension of flights for 2 weeks from April 1 – minister
  • Germany loses 6 million coronavirus face masks in Kenya
  • Africa jazz legend Manu Dibango dies from coronavirus in France
  • Uganda central bank sells dollars to slow shilling’s depreciation
  • Kenya shilling weakening caused by ‘malicious actors’ – central banker
  • South Africa’s rand rises on Fed support even as lockdown looms
  • Kenya central bank to triple repo tenure to boost bank liquidity
  • South Africa’s foreign direct investment dips in 2019
  • Cameroon saxophone player Manu Dibango dies from coronavirus
  • Kenya shilling inches down against dollar, spreads widen

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

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