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macroafricaintel Daily Brief | 31 Mar

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

Global Markets

  • Asia shares inch up, China’s factories show flicker of life
  • Asia shares supported by month-end demand, calmer mood
  • China factory survey beats forecasts, PMI rises to 52.0
  • Oil prices steady for now after steep drop

Oil Markets

  • Oil rebounds from 18-yr lows after US, Russia agree to talks
  • Brent up 1.9% at $23.19 a barrel (0406GMT)
  • WTI up 5.8% at $21.26

Precious metals

  • Gold falls as dollar strengthens, shares rally; set to post quarterly gain
  • Spot gold down 0.5% at $1,613.40/oz. (0327GMT)
  • US gold futures down 0.2% at $1,615.80/oz.

Grains

  • Corn prices set for biggest quarterly loss in 5-1/2 years
  • Corn down more than 11% for the quarter
  • Soybeans down more than 7% for the quarter
  • Wheat up more than 2% for the quarter

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

  • Key African countries lock down; subdued economic activity
  • Kenya inflation Mar-20; newly rebased CPI today, forecasts likely off [fcst. 6.6% yy, prev. 6.4%]
  • South Africa Q4-19 employment statistics
  • G20 finance ministers & central bank governors Covid-19 video conference
  • Kenya parliament Kenyatta stimulus plan debate (expected this week); resumed yesterday
  • Uganda inflation Mar-20 [fcst. 3.7% yy, prev. 3.4%]
  • Nigeria FX reserves Mar-20 [prev. $36.38B]
  • South Africa balance of trade Feb-20 [prev. ZAR-1.87B]

Key African events or data releases yesterday & early a.m today

  • Zimbabwe locks down to fight coronavirus amid economic crisis
  • Egypt’s Sisi calls for boost of strategic food reserves during coronavirus
  • Egypt’s 2020-21 draft budget is based on oil at $61 per barrel
  • Botswana records first 3 cases of coronavirus – health minister
  • Morocco’s Bank of Africa posts 5% profit rise for 2019
  • Africa Oil – Nigeria starts lockdowns, demand dwindles as run cuts rise
  • South Africa’s Massmart says it has enough funding to weather lockdown
  • South Africa franchise restaurant chain Spur to defer interim dividend payment
  • South Africa rand touches all-time low after Moody’s pulls the plug
  • South Africa’s Netcare scraps 2020 outlook due to coronavirus
  • Locust stealing lives: Fears of farmers, herders in Somaliland as a plague looms
  • Developing nations need $2.5 trln coronavirus package – UN
  • South Africa policeman, guard shot man dead during lockdown – police
  • Africa’s megacity Lagos braces for 2-wk coronavirus lockdown
  • Sierra Leone lifts ban on pregnant girls attending school
  • South Africa’s big banks: Up to 20% of borrowers may not qualify for coronavirus relief
  • South Africa default insurance costs jump after rating cut
  • South Africa – Anglo American Platinum declares force majeure on certain supplier contracts after coronavirus lockdown
  • Kenya shilling holds steady against the dollar
  • Uganda shilling inches up as virus curbs demand for dollars
  • Impala Platinum declares force majeure on supply from South Africa mines
  • South Africa – Anglo American cancels rough-diamond sales event due to coronavirus lockdowns
  • South Africa credit growth in February rises to 5.09% y/y
  • Oil crash puts Africa’s cash-strapped producers in peril

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

macroafricaintel Daily Brief | 30 Mar

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

Global Markets

  • Asia shares suffer virus chills, central banks offer what they can
  • S&P 500 & European futures call, Nikkei off over 3%
  • China, Singapore ease monetary policy
  • US extends social distancing guidelines to end of April
  • Treasury bonds rally further, yield curves flatten
  • Dollar down for the moment, oil under pressure

Oil Markets

  • Crude oil futures drop as pandemic pandemic darkens demand outlook
  • Brent down 6.7% at $23.25 a barrel (0249GMT)
  • WTI down 5.4% at $20.34

Precious metals

  • Gold gains as dollar weakens, fears of economic damage mount
  • Spot gold up 0.3% at $1,621.85/oz. (0029GMT)
  • US gold futures up 1% at $1,641.80/oz.

Grains

  • Wheat gains on world food supply concerns, soybeans up 1%
  • Wheat up 0.3% at $5.72-3/4 a bushel (0207GMT)
  • Corn down 0.5% at $3.44-1/4 a bushel
  • Soybeans up 1.1% at $8.90-3/4 a bushel

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

  • Nigeria locks down Lagos, Abuja & Ogun states for 14 days to curb covid-19 spread
  • South Africa M3 Feb-20 [fcst. 7.0% yy, prev. 7.0%]
  • South Africa PSCE Feb-20 [fcst. 5.0% yy, prev. 5.0%]
  • Nigeria FX reserves Mar-20 [prev. $36.38B]
  • South Africa balance of trade Feb-20 [prev. ZAR-1.87B]
  • Zimbabwe locks down for 21 days

Key African events or data releases over the weekend & early a.m today

  • South Africa records second coronavirus death as infections jump to 1,280
  • Nigeria orders 14-day cessation of movement in Lagos, Abuja to fight
  • Egypt’s banks told to limit withdrawals & deposits
  • Zimbabwe brings back foreign currencies ahead of coronavirus lockdown
  • South Africa sees IMF loan to fight coronavirus as last resort
  • South Africa could seek IMF loan to fight coronavirus
  • More coronavirus cases in Libya as fighting rages
  • Nigeria tightens offshore oil rules after vessel workers get coronavirus
  • Algeria says food stocks for months
  • South Africa announces tax relief for business hit by coronavirus
  • Angola to cut budget as fifth year of recession looms large
  • Mali holds election despite coronavirus and insurgency
  • Belly dancer keeps Tunisians entertained through coronavirus lockdown
  • South Africa may approach the IMF for “health funding” – Mboweni
  • Egypt’s central bank instructs banks to put temporary limits on daily withdrawals and deposits
  • New coronavirus cases confirmed in Libya as war escalates
  • 47-nation Africa has 2,650 confirmed coronavirus cases, 49 deaths – WHO
  • South Africa’s coronavirus infections rise at a slower rate
  • Tunisia gets 250 mln euros from EU to tackle coronavirus impact
  • Nambia suspends mining operations as coronavirus lockdown takes effet
  • South Africa billionaire Motsepe donates $57 mln to fight coronavirus
  • South Africa fuel prices to drop sharply in April
  • Algeria arrests leading journalist Drareni
  • Moody’s downgrades South Africa rating to ‘junk’, keeps negative outlook
  • Nigeria needs $330 mln for coronavirus battle, turns to private sector
  • Morocco to spend $200 mln to brace health system for coronavirus
  • South Africa struggles with lockdown as records first coronavirus death
  • Guinea referendum backs constitutional changes that may extend president’s rule
  • Zimbabwe orders total lockdown from Monday to combat coronavirus
  • Africa Oil – China provides a dim light as refiners shut
  • EU offers 450 mln euros to help Morocco counter coronavirus – statement
  • Zimbabwe billionaire offers health workers support in coronavirus fight
  • South Africa’s ARM receives force majeure from Impala Platinum following lockdown
  • South Africa’s AngloGold Ashanti cuts spending, suspends output guidance
  • Morocco to halt import duties on soft wheat, durum and grains – statement
  • South Africa tweaks rules for small-scale power producers
  • National Bank of Ethiopia to inject $450 mln as liquidity for private banks
  • Fight escalates in Libya despite coronavirus threat
  • Senegal’s graffiti artists join fight against coronavirus
  • Algeria extends curfew to nine more provinces over coronavirus outbreak
  • Nigeria eases to new low on spot market on FX scramble
  • Uganda shilling strengthens, buoyed by an interbannk sell-off
  • Some Kenya nurses refuse coronavirus patients in protest over shortages – union
  • Nigeria needs 120 bln naira for coronaviurs battle, turns to private sector
  • Zambia to suspend import duty on mineral concentrates, export duty on precious metals
  • Kenya shilling gains ground, helped by lacklustre dollar demand
  • South Africa’s Mediclinic names former Lloyd’s of London CEO as next chair
  • Anglo American expects South Africa lockdown to hit iron ore and coal
  • South Africa’s Amplats continues repairs on processing facilities despite lockdown
  • South Africa’s Vodacom chairman to retire in July

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

macroafricaintel Daily Brief | 27 Mar

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

Global Markets

  • Asia shares rise on more stimulus hopes but dollar loses steam
  • Markets take US jobless claims in stride
  • Coronavirus pandemic ravages global economy
  • Investors pinning hopes on stimulus

Oil Markets

  • Oil gains as govt pledge support amid coronavirus chaos
  • Brent up 0.8% at $26.56 a barrel (0415GMT)
  • WTI up 1.9% at $23.02

Precious metals

  • Gold eases on profit-taking but set for best week in 11 years
  • Platinum, palladium poised for best week ever
  • Silver heads for its best week since 2008
  • Spot gold down 0.4% at $1,622.65/oz. (0312GMT)
  • US gold futures down 0.7% at $1,640/oz.

Grains

  • Soybeans set for best week in 6 mths on production shortfall worries
  • Soybeans up 2.5% for the week, biggest gain since Oct
  • Wheat poised to extend 2-wk gains to 10%
  • Corn set to finish the week up 1%

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

  • South Africa locks down for 21 days
  • Moody’s decides on South Africa credit rating; downgrade expected

Key African events or data releases yesterday & early a.m today

  • G20 leaders to inject $5 trillion into global economy in fight against coronavirus
  • Oil slump scalps Nigeria, Angola, Mexico ratings; Saudi and Russia spared
  • Nigeria imposes cargo vessel restrictions to curb coronavirus spread
  • Zimbabwe cuts rates, miners send coronavirus distress signals
  • Nigeria suspends FX sales to retail currency traders
  • Egypt reports 39 new coronavirus cases, 3 deaths
  • Africa Oil – Spot trade frozen, some crude heads to China
  • Coronavirus delays South Africa Airways rescue plan to May
  • South Africans fear safety divide as coronavirus panic takes hold in cities
  • Africa’s window to curb coronavirus “narrowing every day” – WHO
  • South Africa stocks lifted by global markets, gold gains
  • Retailer Mr Price’s sales down 22% since South Africa declared disaster
  • Zimbabwe central bank cuts main lending rate to 25%
  • IEA says global oil demand could drop 20% as 3 bln people in lockdown
  • Egypt reduced GDP growth target for FY 2019/20 to 5.1% – minister
  • Kenya confirms first coronavirus death
  • Soiuth Africa coronavirus cases exceed 900, Ramaphosa urges G20 aid
  • G20 leaders say confident “we will overcome this” together
  • South Africa port closures add to commodity market turmoil
  • Namibia’s GDP contracts by 1.1% in 2019
  • EU to launch new Libya sea patrols from April – diplomats
  • Mali opposition leader taken hostage with six others – party
  • Aveng to stop mining activities during South Africa lockdown
  • Nigeria naira fell to new lows on official and spot markets
  • Fearing coronavirus, Africa city dwellers flee to the countryside
  • Egypt reduces GDP growth target for FY 2019-2020 to 5.1% – minister
  • South Africa ports to close for mineral exports, disrupting copper supply chain
  • South Africa small businesses pray govt aid eases coronavirus lockdown
  • Uganda shilling strengthens as banks’ demand eases
  • Mali opposition leader goes missing with 11 others – party
  • South Africa Airways rescue plan deadline extended to May 29
  • Libya’s NOC reports $555 mln in February revenue, down 69% m/m
  • South Africa President Ramaphosa tests negative for coronavirus – presidency
  • Kenya shilling strengthens due to slowing importer demand

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

macroafricaintel Daily Brief | 26 Mar

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

Global Markets

  • Stocks run out of steam on US job jitters, yen gains
  • US stimulus bill passed, jobless figures dreaded
  • Nikkei falls 4%
  • Dollar jumps vs Aussie & kiwi

Oil Markets

  • Oil prices mixed as demand shrinks, but stimulus hopes support
  • Brent up 0.4% at $27.51 a barrel (0018GMT)
  • WTI down 0.2% at $24.45

Precious metals

  • Gold falls on cash run
  • Spot gold down 0.6% at $1,604.16/oz. (0038GMT)
  • US gold futures up 0.3% at $1,639/oz.

Grains

  • Wheat retreats from 2-mth peak on profit-taking
  • Wheat hit a Jan 21 high of $5.83-1/4 on Wed.
  • Consumers rush for staples such as bread, supporting prices
  • Corn falls, soybeans edge lower
  • Wheat down 1.6% at $5.71 a bushel
  • Soybean down 0.7% at $8.75-3/4 a bushel
  • Corn down 0.9% at $3.45-1/2 a bushel

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

  • South Africa locks down for 21 days
  • Kenya flight ban now in force
  • South Africa producer inflation Feb-20 [fcst. 4.5% yy, prev. 4.6%]
  • G20 emergency video summit by chair Saudi Arabia

Key African events or data releases yesterday & early a.m today

  • Algeria confirms jail sentences for two former PMs
  • Libya battles escalate as coronavirus arrives in country
  • War-ravaged, impoverished Somalia starts on road to debt relief
  • EU wheat resumes rally with Chicago despite small Algeria buy
  • IMF, World Bank clear Somalia for debt relief, normal ties to world
  • Africa Oil – As storage fills up, overhang lingers
  • Kenya announces tax cuts and curfew in battle with coronavirus
  • Nigeria army prepares for coronavirus lockdown, mass burials
  • Uganda, usually welcoming to refugees, bars all new arrivals to contain coronavirus
  • Nigeria central bank to stay open amid coronavirus outbreak
  • Sudan frees thousands of prisoners as coronavirus precaution
  • South Africa watchdog considers spectrum boost for telecoms companies
  • Tunisia coronavirus cases jump by around 50%
  • Zimbabwe nurses walk out, customs officials protest over coronavirus fears
  • Kenya to cut VAT to 14% to cushion economy over impact of virus – president
  • South Africa assets recover as central bank turns to QE
  • Egypt deep cleans pyramids site emptied of tourists
  • Guinea-Bissau confirms first two cases of coronavirus
  • Air Namibia suspends all flights until 20 April
  • Botswana hikes power tariffs by 22% to help loss-making utility
  • IMF says coronavirus to hit sub-Saharan Africa’s growth hard
  • South Africa prepares quarantine sites as coronavirus cases rise to 709
  • Libya commander says probe of seized tanker to start after quarantine
  • Militants kill nearly 100 Chad soldiers in attack
  • Zimbabwe customs officials walk out over coronavirus fears
  • Italy lends Tunisia 50 mln euros for coronavirus – sources
  • Taking QE route, South Africa central bank starts buying bonds
  • Zambia coronavirus cases increase to 12
  • MTN Uganda eliminates mobile money charges amid coronavirus outbreak
  • Mali reports first two cases of coronavirus – govt statement
  • In coronavirus, Senegal rappers find a new enemy to fight
  • South Africa reappoints Naidoo as central bank deputy governor
  • Afreximbank creates $3 bln pandemic credit facility for Africa
  • South Africa Eskom says coal stocks healthy ahead of lockdown
  • Sudan defence minister dies of heart attck in South Sudan
  • South Africa govt bonds jump after central bank launches bond buying
  • Kenya shilling strengthens on reduced dollar demand
  • South Africa largest refinery to minimise maintenance over coronavirus shutdown
  • [Militants] claim Mozambique attack close to gas projects

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

macroafricaintel Daily Brief | 25 Mar

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

Global Markets

  • Asia rides Wall St surge as investors place hopes on US stimulus
  • MSCI ACWI builds on biggest gains since 2008 financial crisis
  • Gold retain gains after big jump
  • Dollar slides as funding squeeze eases a little

Oil Markets

  • Oil ekes out gains as US stimulus hopes lift global markets
  • Brent up 1.8% at $27.64 a barrel (0043GMT)
  • WTI up 2.5% at $24.61

Precious metals

  • Gold gains slightly as US stimulus hopes offset cash rush
  • Spot gold up 0.1% at $1,611.73/oz. (0230GMT)
  • US gold futures up 0.8% at $1,673.60/oz.

Grains

  • Corn climbs over 1% on expectations of stronger ethanol demand
  • Corn futures up 1.2% at $3.52 a bushel (0120GMT)
  • Soybean futures up 0.5% at $8.92 a bushel
  • Wheat futures down 0.2% at $5.60-1/4 a bushel

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

  • Inter-ministerial briefing on South Africa 21-day lockdown; day 2
  • Reported covid-19 infections of senior Nigeria officials may force official briefing

Key African events or data releases yesterday & early a.m today

  • Madagascar’s central bank injects cash to support economy due to virus
  • IMF sees Malawi medium-term economic growth rising to as much as 7%
  • Algeria jails opposition figure Karim Tabbou for year – activists
  • Namibia announces travel ban, partial lockdown after seventh coronavirus case
  • South Africa stocks, mining firms bounce on stimulus measures
  • Africa Oil – Overhang shows little sign of falling as major buyers cut runs
  • Hit by war and oil blockade, Libya prepares for pandemic
  • Top Nigeria president aide, state governor test positive for coronavirus
  • Sasol to bid to supply South Africa’s Eskom with temporary power
  • Some 70 Nigeria soldiers killed in northeast militant ambush – sources
  • Algeria energy export revenue falls 25% in January
  • Congo’s central bank cuts interest rate in response to coronavirus
  • Germany says 6 million coronavirus face masks missing in Kenya
  • Kenya to seek IMF help, pay arrears and speed tax refunds
  • As social distancing meets Congo, some say “it just won’t work”
  • Egypt declares 2-wk curfew to counter coronavirus
  • Nigeria’s central bank holds benchmark lending rate at 13.5%
  • South Africa braces for lockdown as coronavirus cases spike to 554
  • Egypt to extend suspension of flights for 2 weeks from April 1 – minister
  • Germany loses 6 million coronavirus face masks in Kenya
  • Africa jazz legend Manu Dibango dies from coronavirus in France
  • Uganda central bank sells dollars to slow shilling’s depreciation
  • Kenya shilling weakening caused by ‘malicious actors’ – central banker
  • South Africa’s rand rises on Fed support even as lockdown looms
  • Kenya central bank to triple repo tenure to boost bank liquidity
  • South Africa’s foreign direct investment dips in 2019
  • Cameroon saxophone player Manu Dibango dies from coronavirus
  • Kenya shilling inches down against dollar, spreads widen

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

macroafricaintel Daily Brief | 24 Mar

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

Global Markets

  • Asian stocks rebound, Fed soothes with boundless QE
  • S&P 500 futures bounce in Asia, Nikkei jumps
  • Dollar off peaks on promise of bottomless liquidity
  • Factory surveys to show extent of economic damage

Oil Markets

  • Oil prices climb as US ramps up economic support measures
  • Brent up 2.3% at $27.65 a barrel (0346GMT)
  • WTI up 3.3% at $24.12

Precious metals

  • Gold jumps 2% as Fed bonanza stalls cash rush
  • Spot gold up 1.3% at $1,573.17/oz. (0333GMT)
  • US gold futures up 1.5% at $1,590.50/oz.

Grains

  • Wheat retreats 1% on strong US dollar
  • Wheat futures down 1.2% at $5.55-1/2 a bushel (0053GMT)
  • Soybean futures down 0.1% at $8.83-1/4 a bushel
  • Corn futures down 0.6% at $3.41-1/2 a bushel

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

  • Inter-ministerial briefing on South Africa 21-day lockdown
  • Central Bank of Nigeria MPC decision [fcst. 13.5%, prev. 13.5%]

Key African events or data releases yesterday & early a.m today

  • DR Congo locks down mining area, workers sent home over coronavirus
  • Virus-control measures to hit Rio Tinto operations in South Africa, Canada
  • Ivory Coast, Senegal declare emergencies, impose curfews in coronavirus response
  • China Moly to isolate TFM copper mine in Congo due to coronavirus – note
  • Egypt reports 5 more coronavirus deaths for a total of 19 – health ministry
  • Tunisia discussing new IMF programme – finmin
  • South Africa to impose 21-day lockdown from midnight Thursday as coronavirus cases jump
  • Nigeria closes land borders to fight coronavirus spread
  • Currency black market re-emerges in Egypt as coronavirus spreads
  • Algeria imposes curfew in capital
  • WHO warns of ‘accelerating’ pandemic, expects Olympics decision soon
  • Former DR Congo health minister convicted of embezzling ebola funds
  • Sudan imposes 10-hr night-time curfew to curb coronavirus spread
  • UN chief wants $2 bln to help poor countries combat coronavirus
  • Africa Oil – Nigeria programmes emerge after OSPs slashed
  • South Africa’s Eskom invites bids to plug short-term power gap
  • Libya combatants resume fighting despite coronavirus truce call
  • Egypt postpones sessions till April 12 over coronavirus – MENA
  • Mozambique army, insurgents battle in town close to gas projects – police
  • Nigeria’s Seplat cuts costs and drilling plans amid oil price crash – CFO
  • South Africa’s Sibanye-Stillwater cuts US workers in response to virus
  • South Africa’s rand on the ropes as virus fears mount
  • Despite OPEC+ deal collapse, Saudi oil exports yet to rise – sources
  • Coronavirus hits Botswana’s first elephant hunting season since 2014
  • Egypt central bank tells commercial banks to cut interest on dollar deposits – bankers
  • South Africa – Fired Old Mutual boss Moyo’s appeal dismissed – Old Mutual
  • Kenya central bank cuts rates sharply, lowers banks’ cash ratio
  • South Africa’s Sibanye-Stillwater temporarily cuts workers at US operations on COVID-19 outbreak
  • Zimbabwe records first coronavirus death – health minister
  • African finance ministers call for $100 bln stimulus, debt holiday
  • Malawi to hold another presidential election in July
  • Tunisia orders army into streets to enforce coronavirus lockdown
  • Endeavour Mining swoops on Semafo to create top Burkina Faso gold miner
  • East Libya imposes full curfew over coronavirus
  • Saudi Arabia CDS climb to record high, Russia, South Africa at multi-year peaks
  • South Africa’s confirmed coronavirus cases jump by 128 to 402
  • Former oil official is Nigeria’s first coronavirus fatality – NCDC
  • Ford decides to halt production in India, South Africa on coronavirus impact
  • Nigeria 1-yr naira forward records biggest fall in over 10-years after devaluation
  • Tunisia says IMF will disburse $400 mln to help it face coronavirus effects
  • Second Egypt military official dies of coronavirus
  • Coronavirus provides unexpected boost for Kenya fishermen
  • Congo imposes 48-hr lockdown on mining province over coronavirus
  • In the shadow of ebola and covid-19, measles rips through Congo
  • Kenya farmers brace for second onslaught of crop-devouring locusts
  • Kenya shilling edges down as investors flee to safety
  • Mining company Katanga sues China MMG’s Kinsevere mine in Congo
  • Uganda shilling extends losing streak amid demand by banks, offshore investors
  • South Africa’s Alexander Forbes cancels $56 mln plan to buy out shareholder

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

macroafricaintel Daily Brief | 23 Mar

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

Global Markets

  • Asia shares dive with S&P 500, bond yields fall anew
  • S&P 500 futures off 5%, hit limit down
  • Asia shares under water, oil falls again
  • US 10-yr bond yield drops to 0.8%
  • More countries shut businesses, tell people to stay home

Oil Markets

  • Oil prices mixed after opening sharply lower
  • Brent down 69 cents at $26.29 a barrel
  • WTI up 30 cents at $22.93

Precious metals

  • Gold falls as cash dash overwhelms stimulus measures
  • Spot gold down 0.7% at $1,487.83/oz. (0101GMT)
  • US gold futures up 1% at $1,499.50/oz.

Grains

  • Soybeans hit 10-day high on Chinese purchases
  • Soybean futures up 0.5% at $8.67 a bushel (0040GMT)
  • Corn down 0.7% at $3.41-1/2 a bushel
  • Wheat up 0.7% at $5.42-3/4 a bushel

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

  • South Africa’s Ramaphosa addresses nation on covid-19
  • Nigeria shuts Lagos & Abuja international airports
  • Central Bank of Kenya MPC meeting [fcst. 8.0%, prev. 8.25%]
  • Central Bank of Nigeria MPC meeting; 23-24 Mar [fcst. 13.5%, prev. 13.5%]

Key African events or data releases over the weekend & early a.m today

  • Guinea holds contentious referendum despite coronavirus outbreak
  • Egypt’s coronavirus cases rise by 33 to 327, four new deaths
  • Algeria to import pharmaceutical products worth $100 mln for coronavirus
  • Algeria to cut spending & energy investment, delay projects
  • Coronavirus supplies donated by Alibaba’s Ma arrive in Africa
  • African churches swap holy water for hand sanitiser, crowds for videos
  • Mozambique confirms first coronavirus case
  • Egypt to allocate 20 bln Egyptian pounds to support bourse
  • South Africa’s Standard Bank gives students and small businesses payment holiday
  • Algeria coronavirus cases rises by 62 to 201 – health ministry
  • Coronavirus medical supplies donated by Alibaba’s Ma arrive in Ethiopia
  • Tunisia allocates $850 mln to combat effects of coronavirus
  • Royal Air Maroc suspends all domestic flights until further notice
  • Angola, Eritrea, Uganda confirm first cases as coronavirus spreads in Africa
  • Egypt shuts mosques and churches over coronavirus fears
  • Eritrea confirms first coronavirus case, in arrival from Norway
  • Libya’s Government of National Accord orders coronavirus curfew
  • Kenya holds day of prayer as coronavirus fears grow
  • Libya’s LNA follows Tripoli in backing call for pandemic truce
  • Algeria’s coronavirus cases rise by 44 to 139
  • Four Burkina Faso ministers have coronavirus as cases rise to 64
  • Nigeria to shut Lagos, Abuja international airports from Monday
  • Egypt shuts churches for two weeks over coronavirus fears
  • Mauritius says reports first death from coronavirus
  • eSwatini delivers 100 bps rate cut amid covid-19 outbreak
  • South Africa pumps-up liquidity, mulls shorter trade hours to ease coronavirus strain
  • Fears over handwashing in Africa to stem coronavirus seen as trigger for change
  • US envoy to South Africa draws fire after possible virus exposure
  • Tunisia orders lockdown, postpones loan repayments for poor
  • Zimbabwe confirms first case of coronavirus
  • South Africa Airways cancels more flights as funds run dry
  • Tunisia banks will postpone low-income employee loans over coronavirus
  • Nigeria central bank devalues official FX rate by 15% after trade with local bank – traders
  • Sudan confirms second coronavirus case, Khartoum bans mass gatherings
  • South Africa’s Tsogo Sun to close 36 hotels as demand collapses
  • Madagascar confirms first cases of coronavirus – president
  • Algerians forego weekly protest amid coronavirus
  • Kenya’s high court holds open air hearings to slow spread of coronavirus
  • Africa Oil – Sonangol cuts offers as virus hits demand
  • South Africa stocks rebound from 7-yr low on bank stimulus measures
  • Nigeria tries to shed fuel subsidy costs while keeping price control
  • Tunisia orders lockdown
  • Kenya central bank sells dollars after shilling slides to near record low
  • Morocco’s CPI slows to 1.1% y/y in February – planning agency
  • Tourists’ departure leaves Madagascar forlorn as coronavirus fears bite
  • Kenya’s flower exports wither as demand drops amid coronavirus pandemic
  • Uganda to seek from World Bank help over coronavirus, cenbank to provide liquidity
  • Uganda shilling steady as demand recedes
  • South Africa’s SAA administrators ask for extension for rescue plan until May 29
  • South Africa’s MTN drops data prices, sees only short-term revenue hit
  • Uganda’s central bank to give liquidity to commercial banks to cope with coronavirus outbreak
  • South Africa Airways suspends intercontinental flights until May 31
  • South Africa’s rand, stocks bounce as central bank measures ease virus pain
  • Uganda to seek $190 mln from World Bank to cushion coronavirus blow
  • South Africa’s health minister says coronavirus cases rise to 202
  • South Africa’s Investec profit to drop by up to 23% as coronavirus bites
  • Kenya shilling hammered by the impact of coronavirus

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