By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Stocks crumble as deadly coronavirus spreads
- Contagion regional, not global shock – JPM
- China says virus ability to spread getting stronger
- Safe haven demand rises; oil drops sharply
- Risk assets sell off
- Some Asian markets closed for 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 steady as China virus fears offset stronger dollar
- Spot gold unchanged at $1,581.09/oz. (0140GMT)
- US gold futures up 0.2% at $1,580.90/oz.
Grains
- Wheat down 2% as China virus fears escalate; soybeans, corn fall
- Wheat futures down 1.9% at $5.62-1/2 a bushel (0142GMT)
- Corn up 1.1% at $3.83 a bushel
- Soybean futures 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’s Njoroge post-MPC press conference
- Turkey’s Erdogan in The Gambia on state visit
- Liberia’s Weah delivers state of nation address
- Moody’s Africa conference in London
- Egypt, Sudan & Ethiopia GERD talks in Washington; 28-29 Jan
- South Africa’s Ramaphosa addresses heads of missions conference in Pretoria
- Bank of Ghana MPC meeting; 27-31 Jan
Key African events or data releases yesterday & early a.m today
- Trump discusses Syria, Libya with Turkey’s Erdogan – White House
- Crowded Lagos to ban motorbikes from most of Nigerian metropolis
- Moroccan banks to refinance SMEs at 1.25% interest rate – central bank
- Angola’s dos Santos to sue reporters’ consortium behind ‘Luanda Leaks’
- Morocco to evacuate nationals from Wuhan area
- France warns US against pulling troops from fight against [militants] in Africa’s Sahel
- Nigeria had no warning on potential US travel ban – minister
- Africa Oil – Sonangol offers cargoes, Bonny loadings delayed
- France warns Pentagon against cutting US troops in West Africa
- South African rand, stocks tumble as China virus wrecks risk sentiment
- Libya’s NOC issues warning over impact of oil blockade
- Nigeria’s NLNG signs 10-year LNG supply deal with Eni
- Libyan state oil firm was not considered on maritime deal with Turkey
- Barrick to sell gold worth up to $280 mln as Tanzania export ban lifted
- Libya oil firms says efforts being made to lift port blockade
- Libya’s oil production could fall to 72,000 bpd very soon – NOC
- Kenyan central bank makes second cut to key lending rate
- Tunisia’s biggest party Ennahda rejects new govt proposal
- Egypt sentences 37 to jail for joining Islamic State – judicial sources
- Families trek to unsafe wells as taps run dry in drought-hit Zimbabwe
- Zimbabwe tax agency targets businesses to raise dollars
- Protests against Gambia president bring 137 arrests, multiple injuries
- Ivory Coast 2019/20 cocoa arrivals reached 1.356 mln T by Jan. 26 – exporters
- France hopes US will have “good sense” to not withdraw support in Sahel
- Bat spit coffee is a hit with Madagascar consumers
- Rwanda detaining, abusing street children: rights group
- South Africa’s Sasol plans secondary listing on A2X
- South African rand weaker as investors calculate impact of China virus
- Fastjet flags going concern doubt as talks to sell Zimbabwe unit ongoing
- IMF aid to Congo Republic on hold over Glencore, Trafigura impasse
- Congo Rep. debt could be one-third higher than IMF estate – campaign group
N.B. Full stories of above headlines are available on Reuters