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 5^th 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
• 3^rd 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