macroafricaintel Daily Brief | 7 Apr

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

Global Markets

  • Asian shares cautiously gain on virus hopes, dollar slips
  • Early signs of virus peaking in Europe, New York
  • Broad gains from Tokyo to Sydney but momentum ebbs
  • Currencies, bonds steady as economic risks weighed

Oil Markets

  • Oil gains as hopes rise for production cut amid coronavirus outbreak
  • Brent up 2.2% at $33.78 a barrel (0026GMT)
  • WTI up 3.7% at $27.05

Precious metals

  • Gold slips from 4-wk high as dollar, equities firm on coronavirus slowdown
  • Spot gold down 0.2% at $1,657.67/oz. (0110GMT)
  • US gold futures up 1.7% at $1,723

Grains

  • Corn heads higher after dropping for seven straight sessions
  • Corn up 0.6% at $3.29-3/4 a bushel (0226GMT)
  • Soybean up 0.6% at $8.61
  • Wheat down 0.6% at $5.51-1/4

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

  • Kenya locks down Nairobi (6 Apr) & Kilifi, Mombasa & Kwale (8 Apr)
  • South Africa Eskom global investor update call
  • South Africa FX reserves Mar-20 [prev. $54.7B]
  • 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

  • Trump says OPEC has not asked him for a US oil production cut
  • Morocco makes face masks compulsory due to coronavirus
  • OPEC+ likely to agree to cut production if US joins effort – sources
  • Egypt reports 149 new coronavirus cases, its highest daily toll
  • Morocco looks to foreign debt to deal with coronavirus impact
  • South Africa central bank asks lenders to scrap dividends amid virus
  • South Africa should not approach IMF for help, ANC and allies say
  • “We are at war”: Kenya halts movement to areas worst hit by coronavirus
  • Zimbabwe eases coronavirus lockdown to allow diaspora remittances flow
  • South Africa central bank announces regulatory relief for banks
  • Gunmen kill 25 soldiers in north Mali attack – army spokesman
  • Africa Oil – Sonangol sells Cabinda, Girassol cargoes
  • South Africa Eskom plans global investor update call – lead manager
  • South Africa rand firmer as risk takers return, stocks up 3.29%
  • Nigeria seeks $6.9 bln from lenders to fund coronavirus fight
  • Norway considers attending OPEC meeting on April 9 – oil ministry
  • South Africa sets aside $64 mln for small-scale farmers amid lockdown
  • South Africa central bank sees up to -4% GDP over coronavirus fallout
  • Ivory Coast police clash with protesters over coronavirus test centre
  • Uganda slashes main interest rate to 8% as coronavirus hurts economy
  • KFC owner witholds rent on South Africa stores amid lockdown – Bloomberg
  • Kenya president halts movement in areas affected by the coronavirus
  • Kenya – Safaricom, Vodacom finalise M-Pesa acquisition from UK’s Vodafone
  • South Africa makes more spectrum available to meet internet demand
  • Kenya shilling weakens as players beef up positions
  • Congo mine attack kills three Chinese nationals – Xinhua
  • South Africa Woolworths warns of likely 20% profit fall
  • Saudi Arabia delays setting May prices, looks to OPEC meeting to settle price war

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

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