macroafricaintel Daily Brief | 16 Apr

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

Global Markets

  • Stocks slide as dire economic outlook weighs
  • US retail sales plunge, IMF forecasts Asian growth halting
  • Nikkei down 1.3%, ASX 200 falls 1.5%
  • Dollar and bonds hold gains

Oil Markets

  • Oil bounces back as rising stockpiles seen pointing to lower output amid coronavirus
  • Brent up 2.5% at $28.38 a barrel (0102GMT)
  • WTI up 2.8% at $20.43

Precious metals

  • Gold ticks up on recession fears, firmer dollar caps gains
  • Spot gold up 0.1% at $1,717.20/oz. (0036GMT)
  • US gold futures up 0.3% at $1,745.70/oz.

Grains

  • Corn recovers from 3-1/2-year low, gains capped by weakening ethanol demand
  • Corn up 0.2% at $3.27-1/2 a bushel (0051GMT)
  • Wheat up 0.1% at $5.41 a bushel
  • Soybeans up 0.2% at $8.53-1/4 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%]
  • 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

  • Libya internationally recognised govt imposes 24-hr curfew for 10 days from April 17
  • UN concerned by alleged abuses, prison break in west Libya towns
  • G20 countries agree debt freeze for world’s poorest countries
  • Zambia plans to revoke Glencore’s Mopani Copper Mines licenses – letter
  • US could still wield oil import tariffs if OPEC+ producers break deal – diplomat
  • 12 dead or missing as migrants returned to Libya capital – UN agency
  • South Africa watchdog sends mask manufacturer to court for suspected price-gouging
  • Police boss says nowhere in northern Mozambique under surgent control
  • South Africa rand tumbles as IMF stokes recession fears
  • Africa Oil – Angola programmes awaited, Sonangol cargoes unsold
  • IIF: Private creditors should grant poorest nations debt payment relief
  • IMF’s Georgieva says wants to triple concessional financing for poor countries
  • Poor Kenyans despair as coronavirus quarantine extended over unpaid bills
  • G20 financial officials agree on debt suspension for world’s poorest countries
  • South Africa Woolworths offers drive-through service to help shoppers avoid stores
  • G20 debt relief deal to run through year-end – source
  • Nigeria naira hits intra-day low of 388 per dollar on official market, later recovers
  • AngloGold Ashanti expects Mponeng production to remaini suspended until April-end
  • Russia’s Putin says important that everyone sticks to oil cuts commitments
  • Africa may rebound in 2021, but coronavirus impact to endure – IMF
  • Algeria suspends delay penalties on firms hit by coronavirus
  • G20 debt moratorium should be followed by more measures – Germany’s Scholz
  • Uganda shilling strengthens amid coronavirus-induced lockdown
  • Kenya shilling remains unchanged against the dollar
  • South Africa’s Vodacom to bolster network capacity during lockdown
  • Egypt policeman, 7 suspected militants killed in Cairo gunbattle
  • EM – South Africa rand falls most on surprise rate cut; stocks slip
  • Tunisia tourism could lose $1.4 bln, govt seeks loan guarantee to issue bonds
  • IMF board approves emergency support for Burkina Faso, Niger – statements
  • South Africa’s Massmart 13-wk sales up marginally

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

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