macroafricaintel Daily Brief | 22 Apr

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

Global Markets

  • Asia stocks fall after US crude collapses for second day
  • Asian shares hit 2-wk low as caution grows on economy
  • Brent falls below $20, June WTI at $13
  • US treasury yields fall as investors seek shelter

Oil Markets

  • Oil prices recover ground after market turmoil fuels price plunge
  • Brent up 4 cents at $19.37 a barrel (0034GMT); settled down 24% in previous session
  • WTI up 18% at $13.62

Precious metals

  • Gold little changed as falling equities offset firm dollar
  • Spot gold steady at $1,685.46/oz. (0041GMT)
  • US gold futures up 0.9% at $1,703.60/oz.

Grains

  • Corn edges higher but gains capped by weak ethanol outlook
  • Corn futures up 0.2% at $3.18/bushel (0129GMT)
  • Wheat futures down 0.7% at $5.42-1/4 a bushel
  • Soybeans little changed at $8.41 a bushel

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

  • South Africa’s Ramaphosa chairs AU virtual meet with African business leaders
  • Nigeria state governors meet
  • Nigeria’s Buhari chief of staff pick awaited
  • South Africa inflation rate Mar-20 [fcst. 6.3% yy, prev. 4.6%]
  • 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

  • Saudi king Salman approves performing Tarawih in the two holy mosques
  • Cameroon arrests soldiers for killing civilians in separatist war
  • South Africa Ramaphosa pledges COVID-19 rescue package worth 10% of GDP
  • World Health envoy warns of unrest in poor nations without action to combat virus
  • Buhari asks Nigeria chief judge to free prisoners because of coronavirus
  • South Africa aiming for new viable airline from SAA business rescue
  • Ghana, Burkina Faso test easing of epidemic restrictions
  • G20 agriculture ministers say corona measures should not disrupt food supply
  • Africa Oil – Some Angolan clears but large overhang remains
  • Some OPEC ministers discuss implementing agreed oil cuts immediately
  • World Bank tells G20: Pandemic threatens food security of poor nations
  • South Africa rand weakens as oil crash weighs, markets down
  • Brent oil drops to near 2-decade lows on falling demand, storage woes
  • Morocco prison becomes coronavirus hotspot
  • Kenya central bank shifts its policy meeting to April 29
  • Uganda detains prominent journalist for ‘subversive’ activities
  • Kenya chiefs go door-to-door to stop FGM amid coronavirus
  • Weary Algerians fear fresh economic turmoil as oil prices dive
  • Wescoal says Eskom declares force majeure on coal supply agreements
  • South Africa union federation calls for $53 bln stimulus plan
  • Senegal – Stranded foreign students in Dakar live in coronavirus limbo
  • Coronavirus very likely of animal origin, no sign of lab manipulation – WHO
  • Kenya’s NCBA Bank pulls final dividend for 2019 due to coronavirus
  • Congo artisanal cobalt programme expands with industry backing
  • Hundreds of South Africa firms worry they lack resources to weather lockdown – survey
  • Namibia president appoints new central bank governor
  • Uganda shilling holds steady against the dollar
  • Kremlin says OPEC+ ‘contacts’ can be set up if needed amid oil collapse
  • South Africans volunteer to keep rhino orphanage going during lockdown
  • Nigeria naira forwards hit record high after oil price tumble
  • Nigeria annual inflation rises to 12.26% y/y in March
  • Tullow Oil appoints Delonex chief Rahul Dhir as chief executive
  • Debt relief for poor countries not as simple as it sounds – analysts
  • Copper prices drop as Glencore plans to reopen Zambia mine operations

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

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