macroafricaintel Daily Brief | 7 Feb

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

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