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

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