macroafricaintel Daily Brief | 24 Jan

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

Global Markets

  • Shares hold ground as China virus fears persist
  • Euro hits 7-wk low after ECB
  • Offshore yuan remain fragile
  • Too early to declare China virus a global health emergency – WHO
  • China, other Asian markets closed for Lunar New Year holiday

Oil Markets

  • Oil steadies, but concern over spreading China virus weighs
  • Brent down 4 cents at $62 a barrel (0225GMT)
  • WTI down 1 cent at $55.58

Precious metals

  • Gold eases after WHO says China virus not a global emergency
  • Spot gold down 0.2% at $1,560.50/oz. (0131GMT)
  • US gold futures down 0.4% at $1,559.20/oz.


  • Soybeans face second weekly loss on uncertainty over Chinese demand
  • Soybean futures down 2.3% so far this week
  • Corn up 0.8% & wheat up 1.5% week thus far

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

  • Central Bank of Nigeria MPC meeting; 23-24 Jan [fcst. 13.5%, prev. 13.5%]
  • Bank of Ghana MPC meeting; 22-24 Jan [decision on 27 Jan]
  • World Economic Forum in Davos; 21-24 Jan
  • South Africa state capture inquiry continues

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

  • Nigeria to consider overhaul of private power sector – NEC
  • Portugal investigates firms co-owned by dos Santos; Angola may seek arrest
  • Nigeria charges ex-attorney general in court over $1.3 bln oil deal
  • Angola’s dos Santos call new corruption allegations “extremely false”
  • Uganda’s shilling and Zambia’s kwacha to firm; in week ahead
  • Africa Oil – Early offers disappoint potential customers
  • Egypt starts screening travellers from China for new coronavirus
  • Madagascar floods kill at least 12 people, with more missing
  • South Africa’s rand, stocks dip on virus fears
  • Zimbabwe billionaire to pay doctors about $300 a month to end strike
  • Lebanon’s Bank Audi in talks with UAE’s FAB to sell Egyptian unit
  • Libya reopens Tripoli’s Mitiga airport
  • Tanzanian home affairs minister fired over $453 mln contract
  • ERG suspends Zambia refinery on shortage of cobalt, copper concentrates
  • South Africa ups surveillance for all travelers from Asia after coronavirus outbreak
  • Angola – Portugal’s market regulator launches inquiries following Luanda leaks
  • Zimbabwe says grain stocks running out after drought
  • Zambia’s economy to grow by 3% in 2020 – president
  • DAVOS – Greek PM says no EU deal on Libya unless Turkey accord scrapped
  • Angola – Manager of Sonangol account in Portuguese bank found dead in Lisbon – report
  • Total & Tullow launch joint sale of stakes in Kenya oil project – sources
  • Libya’s neighbours meet in Algeria seeking stronger truce
  • South Africa’s Richards Bay 2019 coal exports fell to 5-yr low
  • A growing problem: Nigerian rice farmers fall short after borders close
  • Kenya shilling firmer on flows from flower exports, offshore investors
  • South African rand weaker in early trade on China virus scare
  • South Sudan leader names former senior official at as new governor

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

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