macroafricaintel Daily Brief | 27 Jan

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

Global Markets

  • Shares, oil slide as China virus fears intensify; yen, Treasuries in demand
  • China says virus ability to spread getting stronger
  • Safe-haven assets in demand; oil drops sharply
  • Some Asian markets closed Lunar New Year holiday

Oil Markets

  • Oil prices skid 2%, extending slide as China virus spreads
  • Brent down 1.9% at $59.57 a barrel (0113GMT)
  • WTI down 2.1% at $53.05

Precious metals

  • Gold rises to over 2-wk high as China virus spreads
  • Spot gold up 0.6% at $1,579.94/oz. (0131GMT)
  • US gold futures up 0.5% at $1,579.50/oz.


  • Wheat down 2% as China virus fears escalate; soybeans, corn fall
  • Wheat down 1.9% at $5.62-1/2 a bushel (0142GMT)
  • Corn up 1.1% at $3.83 a bushel
  • Soybeans down 0.5% at $8.97-1/2 a bushel

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

  • Central Bank of Kenya MPC meeting [fcst. 8.5%, prev. 8.5%]
  • Nigeria’s main opposition PDP party executives meet in Abuja
  • Ethiopia’s Abiy meets Eritrea’s Afwerki & Somalia’s Abdullah in Asmara
  • Bank of Ghana MPC meeting; 27-31 Jan

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

  • Congo Rep. debt could be one-third higher than IMF estimate – campaign group
  • Libya’s Haftar makes push in western Libya
  • Burundi ruling party picks Ndayishimiye to contest presidential vote
  • 20 soldiers killed in Mali attack, govt says
  • Egypt allocates 28.17 bln pounds for urgent commodity & service needs
  • Lebanon’s Bank Audi chooses Egypt’s EFG Hermes as financial advisor in deal to sell its Egypt unit
  • South Africa’s Eskom new CEO warns against hasty unbundling of firm
  • Erdogan says Haftar cannot be expected to respect Libya truce
  • Several countries have breached arms embargo agreed at Libya summit – UN
  • Eni CEO says he may step down if found guilty in Nigeria case – WSJ
  • Zimbabwe freezes Chinese firm’s account over currency manipulation
  • Angola may ask Portugal to seize dos Santos’ assets, says prosecutor
  • Libyan central bank chief says oil blockade must be lifted
  • Sudan signs initial political & security deal with rebel group
  • Morocco, Spain to hold talks about overlapping territorial waters
  • Foreign investors bought fewer Nigerian stocks last year – bourse
  • Africa Oil – Djeno programme emerge, buyers elusive for Unipec offers
  • Brazilian telecom Oi sells its 25% stake in Unitel to Sonangol – filing
  • IMF aid to Congo Republic on hold over Glencore, Trafigura impasse
  • Burundi lawmakers to make president “Supreme Guide” ahead of elections
  • Erdogan says Turkish military in Libya to train pro-Serraj forces
  • Kenyan woman, 26, sets up country’s first digital car insurance company
  • Nigeria raises bank’s cash ratio for first time in four years
  • South African parliament starts process to remove watchdog head
  • Sudan signs initial political and security deal with rebel group
  • Nigeria’s central bank holds benchmark rate at 13.5%
  • Barrick Gold’s ‘long safari’ ends with Tanzania deal
  • Angola’s beleaguered Isabel dos Santos to offload stake in Portugal’s Efacec
  • Ghana 2019/20 cocoa arrivals at 496,000 T by Dec. 26 – Cocobod
  • Mass evictions prompt protests as Nigerian housing crisis mounts
  • Tunisia’s designated PM makes employment, services the priority
  • Rwanda jails opposition figures for 7-12 years for ‘conspiracy’
  • South African Airways has enough cash to pay January wages
  • Malawi’s Rastas cheer ruling allowing dreadlocks in school
  • African style makes debut at Paris Haute Couture week
  • France’s Amethis set to buy 30% stake in Kenyan retailer Naivas
  • Uganda shilling holds steady against the dollar
  • South Africa mine deaths fall to 51 record low in 2019
  • South Africa’s Sasol first-half mining production for sale slips 2%
  • Tanzania, Canada’s Barrick Gold to sign agreement – Tanzania presidency

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

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