macroafricaintel Daily Brief | 15 Apr

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

Global Markets

  • Asian shares consolidate, China cuts another interest rate
  • Nikkei, S&P futures ease after sharp rally
  • China cuts medium term rates by 20 bps
  • IMF flags worst global recession since 1930s
  • Some US states looking to gradually restart business
  • Oil steadies on talk of stockpile building

Oil Markets

  • Oil rallies on bargain-hunting, hopes for stockpile purchases
  • Brent up 1.3% at $29.98 a barrel (0201GMT)
  • WTI up 1.8% at $20.47

Precious metals

  • Gold hovers near 7-yr peak as coronavirus-led economic fears deepen
  • Spot gold at $1,727.59/oz. (0042GMT)
  • US gold futures down 0.9% at $1,752.20/oz.

Grains

  • Soybeans edge higher, linger near 3-wk low
  • Soybeans up 0.4% at $8.50-3/4 a bushel (0245GMT)
  • Corn up 0.2% at $3.26-1/2 a bushel
  • Wheat little changed at $5.49-1/2 a bushel

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

  • Bank of Namibia decides on interest rates [fcst. 4.25%, prev. 5.25%]
  • Nigeria inflation rate Mar-20 [fcst. 13.2% yy, prev. 12.2%]
  • 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

  • Egypt policemen, seven suspected militants killed in Cairo gunbattle
  • Nigeria’s northern economic hub Kano imposes week-long lockdown over coronavirus
  • Malawi joins other southern African nations in coronavirus lockdown
  • Namibia extends partial coronavirus lockdown until May 4
  • South Africa govt won’t give SAA more funds – rescue team
  • South Africa’s Nedbank scraps financial guidance for 2020
  • Zimbabwe president threatens 20 years jail over fake lockdown statement
  • South Africa e-commerce leader Takealot takes $20 mln hit in 3-wk coronavirus shutdown
  • Africa Oil – Nigerian, Angolan cargoes linger, OPEC+ agrees output cut
  • South Africa ministry says still exploring options for struggling SAA
  • South Africa rules out IMF programme despite budget woes
  • South Africa rand dips after surprise rate cut
  • South Africa coronavirus cases rise to 2,415, China donates equipment
  • Uganda extends coronavirus lockdown for three more weeks
  • Kenya parliament approves value-added tax cut in virus relief
  • Egypt refiner Midor issues tender to sell gasoil
  • Zimbabwe March inflation jumps to 676.39% y/y – Zimstat
  • G20 eyes debt moratorium worth up to $14 bln for poor countries – official
  • Malta calls for EU aid to avert Libya humanitarian crisis
  • Safaricom sees 70% jump in data usage as Kenyans stay at home due to coronavirus
  • Uganda loses power nationwide after hydropower dams clogged – ministry
  • South Africa central bank delivers surprise rate cut and signals more to come
  • South Africa not looking for covid-19 funding with structural reform conditions – finmin
  • South Africa to revise budget as covid-19 hurts economy
  • Absa Kenya has restructured 4.25% of loans to ease coronavirus impact
  • South Africa central bank sees economy contracting 6.1% in 2020
  • Medical supplies airlifted to Ethiopia for distribution in Africa – WFP
  • Uganda shilling posts some gains as banks pare positions
  • South Africa central bank cuts repo rate by 100 bps to 4.25%
  • South Africa Capitec skips dividend, full-year profits rise 19%

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

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