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