macroafricaintel Daily Brief | 1 Apr

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

Global Markets

  • Asian shares hold on to gains but virus keeps on markets on edge
  • Pandemic threatens sharp global slowdown
  • Dollar braces for US manufacturing data
  • Oil market in confusion over supply glut

Oil Markets

  • Oil prices fall as US inventory build-up heightens oversupply concerns
  • Brent down 1.8% at $25.88 a barrel (0345GMT)
  • WTI up 0.6% at $20.6

Precious metals

  • Gold recovers from 3% slump as dollar, Asian equities ease
  • Spot gold up 0.4% at $1,577.83/oz. (0030GMT)
  • US gold futures down 0.3% at $1,591.30/oz.

Grains

  • Corn rebounds from 2-wk low, USDA forecast caps gains
  • Corn up 0.2% at $3.41-1/2 a bushel (0126GMT)
  • Soybean down 0.2% at $8.84-1/2 a bushel
  • Wheat up 0.5% at $5.71-1/2 a bushel

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

  • Key African countries on lockdown; subdued economic activity
  • South Africa ABSA manufacturing PMI Mar-20 [prev. 44.3]
  • Kenya parliament special session on Kenyatta covid-19 stimulus plan

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

  • South Africa should seek IMF funding to deal with pandemic – IIF
  • Paris Club creditors agree to cancel $1.4 bln of Somali debt
  • Somalia to finalize debt forgiveness in bilateral talks – minister
  • Egypt’s private airlines call for aviation minister to intervene amid coronavirus crisis
  • Algeria leader urges discipline, says govt able to counter coronavirus
  • Ethiopia postpones August election due to coronavirus
  • MTN moves ahead on Nigeria stake sale with markets in turmoul – Bloomberg
  • Tunisia extends lockdown by two weeks
  • East Africa nation of Burundi confirms first coronavirus cases – Health ministry
  • South Africa sends testing teams into townships to contain coronavirus
  • Zambia bonds dive as govt calls in debt restructuring advisers
  • Botswana records first death from coronavirus – vice president
  • Africa Oil – Nigeria April cargoes weigh on market
  • Ghana slashes GDP forecast over coronavirus shock
  • Zimbabwe court rules Chamisa not legitimate leader of opposition
  • South Africa rand firms after trade data, stocks rise
  • OPEC rift widens as group fails to set date for emergency talks
  • Tunisia releases 1,420 prisoners over coronavirus
  • Kenya Airways seeks financial help from the govt
  • Egypt M2 money supply up 13.96% y/y in February – c.bank
  • Ivory Coast suspends Cargill, Barry Callebaut from buying new cocoa beans
  • Katanga Mining witholds $250 mln Gecamines payment, delays Congo acid plant
  • Africa’s biggest city Lagos locks down to defend against coronavirus
  • South Africa lockdown squeezes global chrome supply
  • South Africa’s trade balance swings to surplus in February
  • Sierra Leone has confirmed its first case of coronavirus, president says
  • Kenya shilling edges down against dollar
  • Kenya year-on-year inflation falls 6.06% in March
  • Uganda shilling holds steady against the dollar
  • Coronavirus comes to rescue of Sierra Leone plundered rosewood
  • Samancor Chrome issues force majeure due to South Africa lockdown
  • France to seek debt moratorium for the most fragile countries
  • South Africa Sanlam appoints new CEO, to take over by July
  • South Africa Standard Bank withdraws guidance over coronavirus
  • South Africa’s Harmony Gold sees lower output during 21-day lockdown
  • Tanzania confirms its first coronavirus death, health minister says
  • South Africa Sasol flags refinery slowdowns

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

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