Monthly Archives: April 2020

macroafricaintel Daily Brief | 30 Apr

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

Global Markets

  • Stocks rally on treatment hopes, currencies await ECB
  • Gilead’s remdesivir shows promise in clinical trial
  • Asian stocks hit 7-wk high, but dollar rises vs AUD & NZD
  • ECB to hold press conference at 1330GMT

Oil Markets

  • Oil prices surge over 10% amid early signs of US fuel demand recovery
  • Brent up 10.3% at $24.87 a barrel (0350GMT)
  • WTI up 14.3% at $17.21

Precious metals

  • Gold eases as coronavirus treatment hopes bolster risk appetite
  • Spot gold down 0.1% at $1,710.26/oz. (0327GMT)
  • US gold futures up 0.7% at $1,725.70/oz.

Grains

  • Soybeans rise for second straight session on demand hopes
  • Soybean futures up 0.5% at $8.41-1/4 a bushel (0136GMT)
  • Corn up 0.3% at $3.15-1/2 a bushel
  • Wheat down 0.5% at $5.14 a bushel

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

  • Central Bank of Kenya’s Njoroge post-MPC press briefing
  • Nigeria crude oil loading programmes awaited
  • South Africa PSCE Mar-20 [fcst. 4.3% yy, prev. 5.1%]
  • South Africa M3 Mar-20 [fcst. 6.1% yy, prev. 7.7%]
  • South Africa producer inflation Mar-20 [fcst. 3.6% yy, prev. 4.5%]
  • South Africa balance of trade Mar-20 [prev. ZAR14.2B]
  • South Africa prep for covid-19 level 4 alert level tomorrow, 1 May
  • Nigeria manufacturing PMI Apr-20 [prev. 51.1]
  • Nigeria’s Buhari chief of staff pick awaited
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Africa Oil – Key Nigerian programme still missing
  • Eastern Libya forces pause operations after military setbacks
  • Tanzania silence on coronavirus draws criticism over secrecy
  • Nigeria, Angola cut oil export programmes to meet OPEC deal
  • South Africa rand soars as risk-buying, yield-hunt overshadows WGBI exit
  • WHO declines comment on remdesivir in covid-19, hopes for best
  • Sudan postpones key economic meeting due to coronavirus
  • Nigeria to ease lockdowns in 3 states over 6-week period
  • ‘Test and trace’ has worked for us, Ghana’s president says
  • Kenya central bank cuts benchmark lending rate again 7.0% from 7.25%
  • Zimbabwe central bank to cut main lending rate to 15% from May 1
  • WHO says it acted “quickly and decisively” on new coronavirus
  • Madagascar prehistoric ‘crazy beast’ sheds light on mammalian evolution
  • Nigeria central bank to resume FX sales as lockdown eases
  • Most Kenya regions ill-prepared to tackle covid-19 pandemic, senate warns
  • South Africa retailer Edcon to file for bankruptcy protection
  • Guinea-Bissau PM and 3 ministers test positive for covid-19
  • Tunisia to partially reopen economy from next week
  • Emerging sovereigns set for borrowing binge but weaker names struggle
  • Riot erupts at coronavirus-hit prison in Sierra Leone
  • City demolitions expose Ethiopia families to coronavirus
  • OPEC+ should focus on market share as oil demand recover – Moscow
  • Cameroon sanctuary for rescued apes threatened by covid-19
  • Tunisia says food, construction sectors to reopen next week
  • Nearly half of global workforce risk losing livelihoods in pandemic – ILO
  • Zimbabwe reopens tobacco auctions after coronavirus delay
  • TikTok, Gates pledge $20 mln to help Africa tackle covid-19
  • Kenya Safaricom dials up Google for million smart phone offer
  • Kenya shilling flat as demand from importers thins out
  • Uganda restricts truckers on busy trade route to curb coronavirus
  • South Africa PSG Group mulls unbundling stake in Capitec Bank
  • South Africa Vilage Main Reef postpones potential job cuts until lockdown ends
  • Kenya Safaricom unable to offer FY21 guidance due to coronavirus
  • Kenya Safaricom posts 13% rise in annual profit

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

macroafricaintel Daily Brief | 29 Apr

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

Global Markets

  • Asia shares extend gains as economies slowly re-open, oil rallies
  • MSCI Asia-Pacific ex Japan up 0.9%; up 3.3% week thus far
  • Australia shares up 1.2%, South Korea +1.2%
  • China markets blue-chips up 0.6%

Oil Markets

  • Oil prices climb as storage fills less rapidly than feared
  • Brent up 1.8% at $20.82 a barrel (0038GMT)
  • WTI up 8.8% at $13.43

Precious metals

  • Gold ticks up on weaker dollar; Fed decision awaited
  • Spot gold up 0.1% at $1,708.53/oz. (0126GMT)
  • US gold futures up 0.2% at $1,725.50/oz.

Grains

  • Corn ticks up for first time in four sessions
  • Corn futures up 0.1% at $3.12-1/4 a bushel (0158GMT)
  • Soybeans up 0.2% at $8.33-1/2 a bushel
  • Wheat down 0.3% at $5.23-1/2 a bushel

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

  • Central Bank of Kenya decides on interest rates [fcst. 7.0%, prev. 7.25%]
  • Nigeria’s Buhari chief of staff pick awaited
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Mali parliament approves new mining code
  • Malawi launches $40 monthly cash transfers to combat coronavirus impact
  • IMF approves $3.4 bln emergency aid for Nigeria’s pandemic response
  • Mozambique forces killed over […] 100 insurgents in past month – govt
  • Morocco rejects accusation of police abuse in enforcing lockdown
  • Without naming Libya’s Haftar, France says unilateral action won’t solve conflict
  • South Africa state airline SA Express faces liquidation
  • Calls in Egypt for censored social media after arrests of TikTok star, belly dancer
  • Africa Oil – Nigeria programmes begin to emerge, Angolan final waited
  • South Africa union tells mineworkers to resist Harmony Gold mine restart
  • South Africa rand, stocks rally as stimulus, easing lockdowns lift sentiment
  • South Africa delivery firms switch to meds, groceries during pandemic
  • Ivory Coast presidential candidate Soro sentenced to 20 yrs in prison
  • Nigeria switches to domestic naira markets to finance 2020 budget
  • Launch of Africa free trade deal postponed due to coronavirus – official
  • South Africa mining firms work together against covid-19 as mines reopen
  • Nigeria senate approves president’s 850 bln naira borrowing scheme
  • Russia disapproves of Haftar’s power grab in Libya – Ifax cites foreign minister
  • South Sudan central bank slashes benchmark rate to 13%
  • Nigeria seeks $2.36 bln in domestic loans; external markets unfavourable
  • Algeria annual inflation unchanged in March at 1.8%
  • DR Congo locks down mining city and Zambia border town
  • Escaped ebola patient hiding in Congo militia-held area – officials
  • South Africa landlords step up assistance for retail tenants
  • Sudan inflation rises to 81.64% in March – statistics agency
  • Russia still committed to diplomatic process in Libya after Haftar power grab
  • East Libya has expelled 1,400 refugees and migrants this year: UN
  • Kenya estimates 2020 GDP growth of 2.5% but could go lower
  • Kenya shilling loses ground under pressure from end-month demand
  • Kenya economic growth slowed to 5.4% in 2019 v 6.3% in 2018 – finmin
  • Russia ‘surprised’ by Haftar’s Libya power grab – RIA cites source
  • Russia’s Novak says storage weighing on oil prices but output pact will help
  • South Africa rand weaker on rescue package funding worries

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

macroafricaintel Daily Brief | 28 Apr

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

Global Markets

  • Asia shares fall in fresh rout in crude prices
  • End in sight for some lockdowns
  • Oil suffers as USO ETF sells front-month futures
  • Markets eye Fed, ECB meetings this week

Oil Markets

  • Oil prices slide again as world runs low on storage capacity amid plunge in demand
  • Brent down 1.4% at $19.72 a barrel (0110GMT)
  • WTI down 6% at $12.01

Precious metals

  • Gold slips as lockdown easing plans lift risk appetite
  • Spot gold down 0.7% at $1,702.09/oz. (0139GMT)
  • US gold futures down 0.3% at $1,719.20/oz.

Grains

  • Corn flat as USDA planting report weighs on market
  • Corn futures unchanged at $3.13-1/4 a bushel (0158GMT)
  • Soybeans up 0.1% at $8.37-1/2 a bushel
  • Wheat up 0.4% at $5.27 a bushel

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

  • IMF decides on Nigeria $3.4 bln loan request
  • Nigeria parliament resumes
  • Nigeria’s Buhari chief of staff pick awaited
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Nigeria to begin ‘phased and gradual’ easing of lockdownsin Lagos, Abuja
  • Libya eastern leader Haftar says army to take formal control
  • WHO chief says pandemic “far from over”, worried about children
  • World Bank pandemic bonds will funnel $196 mln to 64 poor countries
  • Algeria extends coronavirus restrictions to May 14
  • Burundi vote campaign begins in shadow of violence & covid-19
  • Virtually all Equatorial Guinea oil business on hold – hydrocarbons minister
  • Rwanda in talks to delay debt payments as coronavirus hits economy – President
  • Nigeria overnight rates drop after $3.9 bln liquidity squeeze
  • US acknowledges killing 2 civilians in 2019 Somalia air strike
  • Africa Oil – Traders seek clarity around Nigeria output
  • IMF chief says expects Nigeria coronavirus aid by end of April
  • Exxon Equatorial Guinea offshore workers test positive for coronavirus – sources
  • Coronavirus stirs rancour in South Africa on democracy anniversary
  • UN raises alarm about police brutality in lockdowns
  • Uganda opposition presidential hopeful says allied lawmaker tortured, blinded
  • Senegal groups get homeless children off streets amid coronavirus
  • 30 workers on Equatorial Guinea offshore oil platform test positive for coronavirus
  • Nigeria oil export plans delayed amid talks with majors on cuts – sources
  • De Beers’ Namibia diamond venture boosts output by nearly 6% in Q1
  • After beating coronavirus, a Zimbabwe survivor lives with the stigma

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

macroafricaintel Daily Brief | 27 Apr

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

Global Markets

  • Asia shares gain as BoJ eases further; US crude slips
  • Nikkei rises on BoJ pledge to buy unlimited bonds
  • Fed & ECB to meet later in week
  • Raft of major US corporate earnings due this week
  • Oil prices fall anew as world runs short of storage space

Oil Markets

  • Oil falls as crude in US storage nears all-time high
  • Brent ended last week down 24%; WTI off around 7%
  • Crude in US storage near all-time high
  • America rig counts fall; Russia halves western sea exports
  • Algeria, Kuwait cut output in line with OPEC+ pact
  • Brent down 1.5% at $21.11 a barrel (0122GMT)
  • WTI down 7.2% at $15.72

Precious metals

  • Gold slips as risk sentiment improves, losses trimmed on recession worries
  • Spot gold down 0.3% at $1,722.61/oz. (0259GMT)
  • US gold futures up 0.3% at $1,740.90/oz.

Grains

  • Wheat drops for 2nd session on upbeat European crop prospects
  • Wheat down 0.3% at $5.28-1/2 a bushel (0121GMT)
  • Corn down 0.5% at $3.21-1/4 a bushel
  • Soybeans down 0.2% at $8.38 a bushel

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

  • South Africa Freedom Day; speeches by president & leaders of parties
  • Nigeria’s Buhari speech on covid-19 expected, chief of staff pick awaited
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Algeria says proven oil reserves at 10 bln barrels
  • Algeria scraps customs duties, VAT on pharma products
  • Nigeria Kano state rise in deaths not due to coronavirus – govt
  • US should avoid phased approach in trade talks with Kenya – Chamber of Commerce
  • Egypt asking IMF for support during coronavirus crisis – PM
  • Egypt’s Nile Air urges govt to take stakes in private airlines
  • Total confirms 14 coronavirus cases at its Congo oil operations
  • Algeria trade deficit widens sharply on energy revenue collapse
  • Egypt state banks collect over $6 bln from high yield certificates
  • Rwanda RwandAir cuts salaries by 8-65% due to coronavirus – internal memo
  • South Africa seeking $5 bln from multilateral lenders to fight virus – Treasury official
  • G20 launches initiative for health tools needed to combat the coronavirus
  • Algeria allows businesses to reopen to ease coronavirus impact
  • Nigeria governors seek to make face masks compulsory in public
  • South Africa govt extends deadline for SAA severance deal to May 1
  • Global coronavirus death toll hits 200k
  • South Africa to reopen agric sector, allow more manufacturing, retail
  • Moody’s sees South Africa GDP shrinking 6.5% in fiscal 2020
  • IMF approves $309 mln in emergency financing to Mozambique to address coronavirus hit
  • Angola Sonangol begins selling assets in firms
  • DR Congo police arrest leader of seperatist cult after deadly clashes
  • Land Bank debt default draws attention to South Africa state firms’s finances
  • Nigeria levies $3.9 bln on banks to soak up liquidity, support naira
  • South Africa rand strengthens on govt move to open economy from May
  • Africa Oil – Sonangol offers scarce, Nigeria May exports face revisions
  • Eastern Congo militia ambush kills 16, including 12 park rangers
  • Botswana’s GDP to shrink 13% as coronavirus dims diamond industry
  • OPEC member Angola says producer cuts insufficient, more action needed
  • Russia halves Western sea oil exports in May after OPEC+ deal
  • Zambia budget thrown into disarray due to coronavirus – Lungu
  • IMF to consider Nigeria $3.4 bln request on April 28 – statement
  • Egypt Commercial International Bank buys 51% of Kenya’s Mayfair
  • South Africa says over $4 bln available from IMF, W.Bank to fight Covid-19
  • Global leaders back WHO’s plan to speed Covid-19 drugs, vaccines
  • Africa faces ‘hunger pandemic’ as coronavirus destroys jobs and fuels poverty
  • South Africa Dis-Chem rejects claim it hiked prices of surgical masks
  • South Africa FirstRand bank pulls FY20 forecast
  • South Africa finmin says more than $4 bln available from IMF, World Bank
  • South Africa 3-mth t-bill average yield slips to 4.28%
  • Uganda shilling weakens against the dollar
  • Evictions, power cuts heighten South Africa housing crisis amid lockdown
  • Kenya shilling under pressure from energy sector dollar demand
  • Pompeo urges Egypt to keep American prisoners safe from coronavirus

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

macroafricaintel | Africa FX Monthly – May 2020

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

Click here for PDF version

Currency   1 month

(29 May 2020)

3 month

(31 Jul 2020)

6 month

(30 Oct 2020)

12 month

(30 Apr 2021)

South African Rand (USD:ZAR) 18.5 18.1 18.3 17.5
Nigerian Naira (USD:NGN) 391.0 400.0 405.0 415.0
Ghanaian Cedi (USD:GHS) 5.5 5.7 5.3 6.1
Kenyan Shilling (USD:KES) 106.5 106.3 106.7 110.3
Ugandan Shilling (USD:UGX) 3,801.0 3,853.0 3,825.0 3,911.2
Tanzanian Shilling (USD:TZS) 2,323.0 2,319.0 2,335.0 2,401.0
Ethiopian Birr (USD:ETB) 33.5 33.7 34.7 36.3
Mauritian Rupee (USD:MUR) 40.3 40.9 41.1 45.2
Namibian Dollar (USD:NAD) 18.5 18.1 18.3 17.5
Botswanan Pula (USD:BWP) 12.3 12.5 12.1 13.0
Zambian Kwacha (USD:ZMW) 18.7 18.9 19.3 21.5
US Dollar Index (DXY) 100.5 100.7 100.1 100.0

macroafricaintel Weekly | 27 Apr

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

Click here for PDF version

Date Data / Event Period Forecast Previous
29 Apr Kenya Interest Rate, % 7.0 7.25
Uganda CPI, % yy (mm) Apr 2020 2.5 (0.3) 3.0 (0.1)
Seychelles CPI, % yy (mm) Apr 2020 0.9 (0.2) 0.9 (0.0)
Botswana CPI, % yy (mm) Apr 2020 1.8 (0.2) 2.2 (0.1)
Tanzania CPI, % yy (mm) Apr 2020 4.2 (1.2) 3.4 (1.1)
Namibia CPI, % yy (mm) Apr 2020 2.2 (0.2) 2.4 (0.1)
Nigeria CPI, % yy (mm) Apr 2020 12.5 (1.2) 12.3 (0.8)
South Africa CPI, % yy (mm) Apr 2020 4.1 (0.6) 4.1 (0.3)
Ethiopia CPI, % yy (mm) Apr 2020 24.1 (3.0) 22.6 (2.9)

macroafricaintel Daily Brief | 24 Apr

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

Global Markets

  • Asian shares fall on coronavirus drug, economic damage concerns
  • Investors looking for medical response to coronavirus
  • Oil prices extend tentative rebound
  • US business activity plumbs record lows

Oil Markets

  • Oil prices extend rebound on output cuts, still set to end tumultous week in the red
  • Brent up 2.8% at $21.93 a barrel (0133GMT)
  • WTI up 4% at $17.16

Precious metals

  • Gold dips on profit-taking, but eyes weekly gain on economic woes
  • Spot gold down 0.6% at $1,721.15/oz. (0345GMT)
  • US gold futures little changed at $1,744.70/oz.

Grains

  • Soybeans firms for fourth straight session on Chinese demand
  • Soybeans up 0.2% at $8.48-1/2 a bushel (0153GMT)
  • Soybeans up 0.7% for the week
  • Corn up 1.2% for the week
  • Wheat up 2.6% for the week

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

  • Nigeria manufacturing PMI Apr-20 [prev. 51.1]
  • Nigeria’s Buhari chief of staff pick awaited
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Algeria eases coronavirus lockdown for Ramadan
  • Egypt loosening some lockdown restrictions for Ramadan; coronavirus toll rises
  • South Africa to begin phased easing of lockdown on May 1
  • WHO to launch initiative to share COVID-19 drugs, tests & vaccines
  • Congo Republic sees economy shrinking 9% in 2020
  • African nations to get ventilators from Ma foundation, stress need for WHO help
  • UN agency calls for $1 trillion developing world debt write-off
  • AU envoy says virus outbreak would be a disaster for Africa
  • SEC drops inquiry into Shell’s OPL 245 deal, company says
  • South Africa Airways faces wind-down or liquidation as cash runs out
  • Africa Oil – Nigerian export programmes expected buyers elusive
  • Nigeria investigating jump in deaths in Kano city, coronavirus suspected
  • Libya turning into ‘experimental field’ for arms as war heats up – UN
  • Eni & Naturgy’s Damietta gas plant deal with Egypt falls through
  • 14 Congo seperatists killed in clashes with police, locals
  • South Africa’s Dis-Chem found to have hiked face mask prices by 261%
  • West Africa bloc recognises Embalo as Guinea- Bissau president
  • Egypt keeps night curfew for Ramadan – PM
  • South Africa’s Amplats targets $211 mln in savings to offset lockdown losses
  • South Africa – Crowds loot trucks in Cape Town a month into COVID-19 lockdown
  • Congo’s economy to shrink 2.2% because of coronavirus – IMF
  • West Africa countries to issue $1.4 bln in coronavirus bonds
  • Mideast, Africa govts failing to protect airlines – IATA
  • Nigeria governors to ban interstate movement to contiain coronavirus
  • Africa airlines could lose $6 bln in passenger revenue on 2020 – IATA
  • Liquidity mop-up by the central bank support Ugnada shilling
  • South Africa Village Main Reef says it will retrench some workers
  • Fears for Uganda zoo animals as cash dwindles in coronavirus lockdown
  • Kenya shilling holds steady against the dollar
  • South Africa itinerant wastepickers lose livelihood in lockdown
  • Botswana president, lawmakers out of quarantine after testing negative for coronavirus
  • Tullow exits Uganda project, sells stake to Total for $575 mln
  • Platinum producer Sibanye Stillwater pulls 2020 outlook, to resume South Africa ops
  • IMF approves $363 mln to help Congo fight coronavirus

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

macroafricaintel Daily Brief | 23 Apr

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

Global Markets

  • Asia stocks pull ahead on US stimulus, oil rebound
  • MSCI Asia Pacific ex-Japan index up 0.5%
  • Australia & China blue-chip shares up
  • Japan Nikkei up 0.8%

Oil Markets

  • Oil rises for 2nd day as producers trim output to respond to demand loss
  • Brent up 1.6% at $20.70 a barrel (0254GMT)
  • WTI more than 2% at $14.06

Precious metals

  • Gold dips on profit-taking, US stimulus caps losses
  • Spot gold down 0.3% at $1,707.76/oz. (0305GMT)
  • US gold futures down 0.3% at $1,733.40/oz.

Grains

  • Corn extends gains, weak ethanol demand outlook caps gains
  • Corn futures up 0.2% at $3.25-1/4 a bushel (0143GMT)
  • Wheat futures down 0.4% at $5.41-3/4 a bushel
  • Soybeans up 0.7% at $8.48 a bushel

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

  • South Africa’s Ramaphosa speaks on new economic stimulus package
  • Nigeria’s Buhari chief of staff pick awaited
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Big borrowing emerging economies came into crisis with funding risks – BIS
  • Tanzania’s president calls for debt forgiveness to help battle virus
  • G20 group addresses actions to support the multilateral trading system – statement
  • Libya’s GNA focused on Tripoli battle – interior minister
  • AfDB & SA Taxi sign $100 mln loan agreement
  • Egypt amends emergency laws amid coronavirus outbreak
  • Expected Morocco cereal output down 42% this year – agric ministry
  • South Africa rand retreats as rescue package cheer wanes, stocks firm
  • Kenya parliament approves cut to corporate income tax rate
  • EBRD lends 145 mln euros to help Morocco businesses
  • Africa Oil – Dated Brent plunge hits West Africa oil prices
  • Nigeria northern governors to close Islamic schools due to coronavirus risk
  • Glencore’s Congo unit Katanga Mining to go private, warns of possible COVID-19 impact
  • Air Namibia delays April salaries as lockdown takes its toll on cashflow
  • Zimbabwe to roll back prices of staples to pre-lockdown levels
  • Few ventilators, little cash: Sudan braces for coronavirus test
  • South Africa considers flexible restrictions after lockdown
  • Libya’s GNA focused on Tripoli battle – interior minister
  • Amazon launches data centre operations in South Africa
  • Coronavirus sends Air Mauritius into voluntary administration
  • Eni says SEC closes Nigeria, Congo inquiries without further action
  • Toyota South Africa unit sees 15-20% hit to production due to virus
  • Zambia mining firms seek govt relief amid coronavirus
  • Kremlin: Too early to react to weak oil, let’s wait for OPEC+ deal impact
  • Kenya shilling holds steady against the dollar
  • Egypt to cut fuel subsidies, increase net debt issuance in 2020/21 budget
  • Uganda shilling edges down against the dollar
  • Botswana president dismisses two senior officials in health ministry
  • South Africa consumer inflation slows to 4.1% y/y in March
  • South Africa Standard Bank reports jump in Q1 impairment charges
  • Fear of coronavirus haunts Egypt cramped jails

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

macroafricaintel Daily Brief | 22 Apr

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

Global Markets

  • Asia stocks fall after US crude collapses for second day
  • Asian shares hit 2-wk low as caution grows on economy
  • Brent falls below $20, June WTI at $13
  • US treasury yields fall as investors seek shelter

Oil Markets

  • Oil prices recover ground after market turmoil fuels price plunge
  • Brent up 4 cents at $19.37 a barrel (0034GMT); settled down 24% in previous session
  • WTI up 18% at $13.62

Precious metals

  • Gold little changed as falling equities offset firm dollar
  • Spot gold steady at $1,685.46/oz. (0041GMT)
  • US gold futures up 0.9% at $1,703.60/oz.

Grains

  • Corn edges higher but gains capped by weak ethanol outlook
  • Corn futures up 0.2% at $3.18/bushel (0129GMT)
  • Wheat futures down 0.7% at $5.42-1/4 a bushel
  • Soybeans little changed at $8.41 a bushel

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

  • South Africa’s Ramaphosa chairs AU virtual meet with African business leaders
  • Nigeria state governors meet
  • Nigeria’s Buhari chief of staff pick awaited
  • South Africa inflation rate Mar-20 [fcst. 6.3% yy, prev. 4.6%]
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Saudi king Salman approves performing Tarawih in the two holy mosques
  • Cameroon arrests soldiers for killing civilians in separatist war
  • South Africa Ramaphosa pledges COVID-19 rescue package worth 10% of GDP
  • World Health envoy warns of unrest in poor nations without action to combat virus
  • Buhari asks Nigeria chief judge to free prisoners because of coronavirus
  • South Africa aiming for new viable airline from SAA business rescue
  • Ghana, Burkina Faso test easing of epidemic restrictions
  • G20 agriculture ministers say corona measures should not disrupt food supply
  • Africa Oil – Some Angolan clears but large overhang remains
  • Some OPEC ministers discuss implementing agreed oil cuts immediately
  • World Bank tells G20: Pandemic threatens food security of poor nations
  • South Africa rand weakens as oil crash weighs, markets down
  • Brent oil drops to near 2-decade lows on falling demand, storage woes
  • Morocco prison becomes coronavirus hotspot
  • Kenya central bank shifts its policy meeting to April 29
  • Uganda detains prominent journalist for ‘subversive’ activities
  • Kenya chiefs go door-to-door to stop FGM amid coronavirus
  • Weary Algerians fear fresh economic turmoil as oil prices dive
  • Wescoal says Eskom declares force majeure on coal supply agreements
  • South Africa union federation calls for $53 bln stimulus plan
  • Senegal – Stranded foreign students in Dakar live in coronavirus limbo
  • Coronavirus very likely of animal origin, no sign of lab manipulation – WHO
  • Kenya’s NCBA Bank pulls final dividend for 2019 due to coronavirus
  • Congo artisanal cobalt programme expands with industry backing
  • Hundreds of South Africa firms worry they lack resources to weather lockdown – survey
  • Namibia president appoints new central bank governor
  • Uganda shilling holds steady against the dollar
  • Kremlin says OPEC+ ‘contacts’ can be set up if needed amid oil collapse
  • South Africans volunteer to keep rhino orphanage going during lockdown
  • Nigeria naira forwards hit record high after oil price tumble
  • Nigeria annual inflation rises to 12.26% y/y in March
  • Tullow Oil appoints Delonex chief Rahul Dhir as chief executive
  • Debt relief for poor countries not as simple as it sounds – analysts
  • Copper prices drop as Glencore plans to reopen Zambia mine operations

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

macroafricaintel Daily Brief | 21 Apr

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

Global Markets

  • Crude costs money again after shock crash, stocks stay in doldrums
  • US crude climbs above zero, Brent at $25.78
  • Asia stocks post steepest drop since March

Oil Markets

  • US crude futures turn positive after historic slide, Brent dips
  • Brent down 0.8% at $25.37 a barrel (0356GMT)
  • WTI up $39.00 in thin trade at $1.37 a barrel; settled at discount of $37.63 a barrel in previous session

Precious metals

  • Gold eases on firm dollar, but oil-led dip in equities caps losses
  • Spot gold down 0.3% at $1,687.17/oz. (0332GMT)
  • US gold futures down 0.4% at $1,703.90/oz.

Grains

  • Corn hovers near 10-1/2-year low on bleak prospects for ethanol
  • Corn futures up 0.5% at $3.15-3/4 a bushel (0111GMT)
  • Wheat up 0.8% at $5.51-1/2 a bushel
  • Soybeans down 0.1% at $8.35-1/4 a bushel

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

  • Nigeria inflation rate Mar-20 [fcst. 13.2% yy, prev. 12.2%]
  • Mali 2nd round parliamentary elections on Sunday; vote counting
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Negative $40 oil reflects panic – and US crude market economic reality
  • Hundreds of Tunisians stranded in Libya reach frontier post
  • Glencore to reopen Zambia copper mines pending agreement with govt
  • Rights group accuses Burkina security forces of killing 31 unarmed detainees
  • Nothing hidden from member states, CDC experts on board – WHO chief
  • Debt relief for poor countries not as simple as it sounds – analysts
  • South Africa to increase welfare provision over coronavirus – Ramaphosa
  • Somalia races to save livelihoods as new locust generation spawns
  • South Africa Eskom notifies coal suppliers of potential force majeure on contracts
  • South Africa bids to end Lesotho crisis with PM’s “immediate exit”
  • South Africa rand firms as focus turns to fiscal measures, stocks dip
  • Africa Oil – Angola May cargoes dwindle, term allocations awaited
  • Algeria Sonatrach signs MOU with Exxon to boost partnership
  • Lesotho govt has agreed to “dignified retirement” for PM
  • Aid worker with coronavirus dies in Nigeria troubled northeast
  • Kenya Nation Media Group reports 21% fall in 2019 profit
  • Morocco Maroc Telecom first quarter profit up 0.9%
  • South Africa Harmony Gold to resume reduced operations during coronavirus lockdown
  • Kenya shilling unchanged, seen easing on weak inflows
  • Zambia to hold IMF talks as coronavirus worsens economic outlook
  • South Africa Harmony Gold to resume reduced operations during coronavirus lockdown
  • Ghana turns to drones to enable faster coronavirus testing
  • Kenya Safaricom forecasts 7% coronavirus hit to M-Pesa revenue

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