macroafricaintel Daily Brief | 30 Jan

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

Global Markets

  • Virus fears push Asian stocks to 7-wk low, boost safe-haven assets
  • Virus death toll rises, WHO to reconsider declaring emergency
  • Stocks extend falls, safe-haven assets sought
  • Fed inflation comments send US bond yields to 3-mth low

Oil Markets

  • Oil falls as virus death toll climbs, US stocks grow
  • Brent down 0.6% at $59.46 a barrel (0225GMT)
  • WTI down 0.6% at $53.03

Precious metals

  • Gold edges up as Fed flags coronavirus concerns
  • Spot gold up 0.1% at $1,578.05/oz. (0058GMT)
  • US gold futures up 0.5% at $1,577.70/oz.

Grains

  • Soybeans extend losses into eighth session on China demand worries
  • Soybean futures down 0.1% at $8.92-1/4 a bushel (0115GMT)
  • Corn futures up 0.1% at $3.84-3/4 a bushel
  • Wheat futures down 0.1% at $5.61-1/2 a bushel

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

  • WHO emergency meeting on increasingly global coronavirus
  • US starts review of preferential trade agreement with South Africa et al.
  • South Africa’s Ramaphosa cabinet retreat (‘lekgotla’); 29-30 Jan
  • South Africa producer inflation Dec-19 [fcst. 3.4% yy, prev. 2.3%]
  • South Africa M3 Dec-19 [fcst. 7.5% yy, prev. 7.4%]
  • South Africa PSCE Dec-19 [fcst. 6.7% yy, prev. 6.6%]
  • Zambia inflation Jan-20 [fcst. 12.0% yy, prev. 11.7%]
  • Kenya inflation Jan-20 [fcst. 6.1% yy, prev. 5.8%]
  • Uganda inflation Jan-20 [fcst. 3.8% yy, prev. 3.6%]
  • Zimbabwe’s opposition leader Chamisa in South Africa
  • Bank of Ghana MPC meeting; 27-31 Jan

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

  • Mali plans to increase the size of its army to rein in [militants]
  • ‘Karoo firewalkers’: Dinosaurs braved South Africa’s land of lava
  • Suspected […] militants kill at least 30 in Congo – local officials
  • Moroccan banks respond to king’s call for cheaper SME loans
  • Morocco ‘appreciates’ Mideast peace plan, says needs acceptance by parties
  • Algerian energy minister: Very possible OPEC+ meeting may be advanced to February
  • Witness backtracks on key statement in Nigeria oil graft case
  • Africa Oil – Nigerian offer levels underpinned by Libya outage
  • Climate change linked to African locust invasion
  • France’s Macron accuses Turkey’s Erdogan of breaking Libya promises
  • South Africa’s volatile rand weakens as investors weigh China virus damage
  • Vodafone to sell stake in Egyptian unit to Saudi Telecom for $2.4 bln
  • As threats rise, African scientists delve into climate change health impacts
  • Air Tanzania postpones maiden flights to China over coronavirus
  • Consortium of 3 companies to build Egypt’s first dry port – minister
  • CI Capital hopes to bring 4 companies to Egypt stock exchange in 2020
  • Storm-hit Zimbabweans endure another rainy season in risky homes
  • Sudan suspects two infections with the new coronavirus – minister
  • Elderly black women in South Africa win property rights in landmark ruling
  • Zimbabwe public workers accept 140% pay hike, seek more
  • Tunisia asks supplier to avoid French wheat due to port strikes
  • South Africa’s Tongaat expects smaller interim loss
  • South African auctioneer arrested for selling animals from area hit by foot and mouth
  • Uganda shilling weakens a touch on uptick in importer demand
  • Africa-focused Tullow largest investor builds stake
  • Hunger, fear and death: an Ethiopian migrant family’s story
  • Kenya shilling firm against end month dollar demand
  • South Africa’s Tiger Brands CEO to retire, CFO to take helm
  • Vodafone expects deal to sell its Egypt unit to Saudi firm by end of June
  • South Africa’s rand steady as investors assess virus fallouts
  • Saudi Telecom signs non-binding deal to buy Vodafone stake in Egypt unit for $2.4 bln

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

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