By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Rally in stocks runs out of steam as coronavirus toll climbs
- Coronavirus cases rise, Asian markets slip
- Nikkei, Kospi down but poised for best week in 2020
- Major currencies steady, oil rises but has not recovered
Oil Markets
- Oil climbs after Russia backs possible output cuts to counter coronavirus impact on demand
- Brent up 0.6% at $55.25 a barrel (0104GMT)
- WTI up 0.5% at $51.21 a barrel
Precious metals
- Gold inches up on virus concerns; set for worst week since early Nov
- Spot gold up 0.1% at $1,568.76/oz. (0052GMT)
- US gold futures flat at $1,570.70/oz.
Grains
- Soybeans up for 5th session, gains capped by slowing Chinese purchases
- Soybean futures up 0.4% at $8.84-1/4 a bushel (0145GMT)
- Soybean up 1.3% w/w
- Corn futures down 1.5% week thus far
- Wheat up 0.5% for the week
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- African leaders head to Addis Ababa for AU summit; 9-10 Feb
- Canada’s Trudeau visits Ethiopia for AU summit, heads to Senegal next week
- Botswana elephant hunting auctions in Gaborone
- Germany’s Merkel visits South Africa; 5-7 Feb
- Kenya’s Kenyatta in Washington DC for trade talks
- South Africa FX reserves Jan-20 [prev. $55.1B]
- South Africa state capture inquiry continues
- Cameroon national assembly elections; 9 Feb
- 3rd Nigeria international petroleum summit in Abuja; 9-12 Feb
Key African events or data releases yesterday & early a.m today
- US, Kenya launch talks on trade deal in move welcomed by industry
- Eastern Libyan tribes asked to lay out conditions to reopen oil terminals – UN
- Sudan dissolves central bank board, governor remains
- Canada’s Trudeau seeks to rescue faltering UN bid on Africa trip
- Kenya’s president says Kenyan, US officials will begin work on trade deal
- Female genital mutilation will take centuries to eradicate, UN says
- Trump says US will probably sign trade agreement with Kenya
- Sudan dissolves boards of central bank and 11 other banks – state TV
- Two die in Zimbabwe gold mine collapse
- Africa Oil – Unipec offers down, Djeno lingers
- Eastern Libyan tribesmen to submit conditions to reopen blocked oil terminals – UN
- South Africa’s Sibanye-Stillwater doubts it will become owner of world’s deepest gold mine
- Egypt’s net foreign reserves rise to $45.457 bln in January – c.bank
- Tunisia central bank keeps key interest rate unchanged at 7.75 pct
- South African rand falls, stocks up as Gold Fields shines
- Ex-Ivory Coast leader Gbagbo wants unconditional release
- Gambia’s labouring farmers show why premature births may boom in a warmer world
- Vegans see green shoots in meat-loving Nigeria
- Eni oil production in Libya halved to around 160,000 bpd – CEO
- Lesotho leader’s wife released on bail ahead of murder trial
- South Africa’s Eskom bonds see biggest jump since June after debt pledge
- South African Airways to scale back routes at end Feb – rescue team
- South Africa’s Harmony Gold Mining forecasts first half profit
- Algeria leader pardons more than 6,000 prisoners in conciliatory gesture
- South Africa plans new generating firm to boost power security
- Lesotho police fear PM’s wife may escape again while on bail
- South Africa business confidence index falls in January
- Female genital mutilation hurts economies, says WHO
N.B. Full stories of above headlines are available on Reuters