By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Asia shares suffer virus chills, central banks offer what they can
- S&P 500 & European futures call, Nikkei off over 3%
- China, Singapore ease monetary policy
- US extends social distancing guidelines to end of April
- Treasury bonds rally further, yield curves flatten
- Dollar down for the moment, oil under pressure
Oil Markets
- Crude oil futures drop as pandemic pandemic darkens demand outlook
- Brent down 6.7% at $23.25 a barrel (0249GMT)
- WTI down 5.4% at $20.34
Precious metals
- Gold gains as dollar weakens, fears of economic damage mount
- Spot gold up 0.3% at $1,621.85/oz. (0029GMT)
- US gold futures up 1% at $1,641.80/oz.
Grains
- Wheat gains on world food supply concerns, soybeans up 1%
- Wheat up 0.3% at $5.72-3/4 a bushel (0207GMT)
- Corn down 0.5% at $3.44-1/4 a bushel
- Soybeans up 1.1% at $8.90-3/4 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- Nigeria locks down Lagos, Abuja & Ogun states for 14 days to curb covid-19 spread
- South Africa M3 Feb-20 [fcst. 7.0% yy, prev. 7.0%]
- South Africa PSCE Feb-20 [fcst. 5.0% yy, prev. 5.0%]
- Nigeria FX reserves Mar-20 [prev. $36.38B]
- South Africa balance of trade Feb-20 [prev. ZAR-1.87B]
- Zimbabwe locks down for 21 days
Key African events or data releases over the weekend & early a.m today
- South Africa records second coronavirus death as infections jump to 1,280
- Nigeria orders 14-day cessation of movement in Lagos, Abuja to fight
- Egypt’s banks told to limit withdrawals & deposits
- Zimbabwe brings back foreign currencies ahead of coronavirus lockdown
- South Africa sees IMF loan to fight coronavirus as last resort
- South Africa could seek IMF loan to fight coronavirus
- More coronavirus cases in Libya as fighting rages
- Nigeria tightens offshore oil rules after vessel workers get coronavirus
- Algeria says food stocks for months
- South Africa announces tax relief for business hit by coronavirus
- Angola to cut budget as fifth year of recession looms large
- Mali holds election despite coronavirus and insurgency
- Belly dancer keeps Tunisians entertained through coronavirus lockdown
- South Africa may approach the IMF for “health funding” – Mboweni
- Egypt’s central bank instructs banks to put temporary limits on daily withdrawals and deposits
- New coronavirus cases confirmed in Libya as war escalates
- 47-nation Africa has 2,650 confirmed coronavirus cases, 49 deaths – WHO
- South Africa’s coronavirus infections rise at a slower rate
- Tunisia gets 250 mln euros from EU to tackle coronavirus impact
- Nambia suspends mining operations as coronavirus lockdown takes effet
- South Africa billionaire Motsepe donates $57 mln to fight coronavirus
- South Africa fuel prices to drop sharply in April
- Algeria arrests leading journalist Drareni
- Moody’s downgrades South Africa rating to ‘junk’, keeps negative outlook
- Nigeria needs $330 mln for coronavirus battle, turns to private sector
- Morocco to spend $200 mln to brace health system for coronavirus
- South Africa struggles with lockdown as records first coronavirus death
- Guinea referendum backs constitutional changes that may extend president’s rule
- Zimbabwe orders total lockdown from Monday to combat coronavirus
- Africa Oil – China provides a dim light as refiners shut
- EU offers 450 mln euros to help Morocco counter coronavirus – statement
- Zimbabwe billionaire offers health workers support in coronavirus fight
- South Africa’s ARM receives force majeure from Impala Platinum following lockdown
- South Africa’s AngloGold Ashanti cuts spending, suspends output guidance
- Morocco to halt import duties on soft wheat, durum and grains – statement
- South Africa tweaks rules for small-scale power producers
- National Bank of Ethiopia to inject $450 mln as liquidity for private banks
- Fight escalates in Libya despite coronavirus threat
- Senegal’s graffiti artists join fight against coronavirus
- Algeria extends curfew to nine more provinces over coronavirus outbreak
- Nigeria eases to new low on spot market on FX scramble
- Uganda shilling strengthens, buoyed by an interbannk sell-off
- Some Kenya nurses refuse coronavirus patients in protest over shortages – union
- Nigeria needs 120 bln naira for coronaviurs battle, turns to private sector
- Zambia to suspend import duty on mineral concentrates, export duty on precious metals
- Kenya shilling gains ground, helped by lacklustre dollar demand
- South Africa’s Mediclinic names former Lloyd’s of London CEO as next chair
- Anglo American expects South Africa lockdown to hit iron ore and coal
- South Africa’s Amplats continues repairs on processing facilities despite lockdown
- South Africa’s Vodacom chairman to retire in July
N.B. Full stories of above headlines are available on Reuters