By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Asian shares up as China stocks edge higher but caution prevails
- Financial markets trying to shake off virus woes
- Equities draw investors on hopes for more China stimulus
- Oil markets worried about demand disruptions
Oil Markets
- Oil prices climb as OPEC, allies weigh output cuts to cushion coronavirus impact
- OPEC+ panel met to consider steps, hear from China UN envoy
- Oil flips into contango, indicating months of surplus
- Brent up 0.8% at $54.40 a barrel (0127GMT)
- WTI up 0.9% at $50.03
Precious metals
- Gold prices edge higher on virus worries
- Spot gold up 0.2% at $1,555.41/oz. (0050GMT)
- US gold futures up 0.2% at $1,558.40/oz.
Grains
- Soybeans rise for third straight day; lower demand worries cap gains
- Soybean futures up 0.4% at $8.82-3/4 a bushel (0154GMT)
- Corn futures down 0.2% at $3.81-1/2 a bushel
- Wheat futures up 0.4% at $5.59-1/4 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- Nigeria’s police chief meets federal legislature over insecurity concerns
- South Africa petrol prices fall by 13 cents
- South Africa’s Mabuza in South Sudan for peace initiative
- Namibia supreme court rules on use of electronic voting machines
- South Africa’s Public Protector vs Ramaphosa court case in Pretoria continues
- South Africa Standard Bank PMI Jan-20 [prev. 47.6]
- Nigeria Stanbic IBTC Bank PMI Jan-20 [prev. 56.8]
- OPEC+ technical committee meets over coronavirus in Vienna; 4-5 Feb
- Investing in African mining indaba in Cape Town; 3-6 Feb
- Kenya’s Kenyatta heads to Washington DC for trade talks
- UN-brokered Libya military talks in Geneva
Key African events or data releases yesterday & early a.m today
- IMF lowers Uganda growth projection, cites oil investment delays
- Nigeria working to have US travel ban lifted – foreign minister
- Sudan’s sovereign council head confirms meeting Israeli PM in Uganda
- UN Secretary General says Libya situation a ‘scandal’
- Wife of Lesotho prime minister charged with murder of his previous spouse
- Africa Oil – Spot trade stalls as Chinese demand fizzles
- Algeria pardons thousands of prisoners
- South Africa’s rand firms as risk appetite picks up
- Botswana to accelerate $4 bln coal-to-liquid refinery project – minister
- Nigeria eyes increased trade and tourism with new visa policy
- Moi, Kenyan strongman who presided over rampant graft, dies
- US, Jersey sign $300 mln Abacha loot repatriation deal with Nigeria
- Moi’ Kenyan torture victims mourn a reckoning that never came
- Vodacom to launch 5G services in South Africa in 2020
- Egypt’s CIB proposes raising $951 mln for new expansion
- Sudan casts doubt on early normalisation of ties with Israel
- Turkey’s Karpowership looks to plug South African power gap
- South African retailer Edcon to sell 167 CNA stores
- Security problems hit Burkina Faso’s 2019 gold production – minister
- Uganda shilling holds steady due to lower demand for dollars
- Congo’s 2019 copper output up 17%, cobalt production falls 20%
- South Africa court issues arrest warrant for ex-president Zuma, stayed until May 6
- Families in Africa fear impact of US immigration ban
- Angola’s Endiama expects diamond output to top 10 mln carats in 2020
- UN Libya envoy says military factions ready to negotiate in Geneva
- AngloGold Ashanti to update on South Africa asset sale this month
- Kenya shilling holds steady against the dollar
- Egypt to sell a 45% stake of Banque du Caire in the first half of 2020
- Egypt’s non-oil private sector shrinks faster in Jan – PMI
N.B. Full stories of above headlines are available on Reuters