By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Asian shares bounce, China factories fight to re-start
- Shares ex-Japan up 0.9%, Shanghai stocks rally
- Focus on how fast China companies can return to work
- Sentiment supported by late jump on Wall St
- Dollar hits 4-mth high on euro as US economy outperforms
Oil Markets
- Oil gains 1% as short-sellers take profit; investors still wary of coronavirus
- Brent up nearly 1.5% at $54.06 a barrel (0216GMT)
- WTI up about 1.3% at $50.20
Precious metals
- Gold steady as virus fears counter firmer equities
- Spot gold little changed at $1,570.98/oz. (0041GMT)
- US gold futures down 0.3% at $1,574.60/oz.
Grains
- Soybeans extend gains into seventh straight session
- Soybean futures up 0.3% at $8.87-1/4 a bushel (0209GMT)
- Corn futures down 0.2% at $3.81 a bushel
- Wheat futures down 0.5% at $5.49-1/2 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- Nigeria’s Buhari state visit to Ethiopia; after AU summit
- Kenya’s Moi state funeral in Nairobi; public holiday
- South Africa manufacturing production Dec-19 [fcst. -2.9% yy, prev. -3.6%]
- South Africa unemployment rate Q4-19 [prev. 29.1%]
- South Africa state capture inquiry continues
- 3rd Nigeria international petroleum summit in Abuja; 9-12 Feb
Key African events or data releases yesterday & early a.m today
- Algeria military court upholds jail sentences for former intelligence chiefs
- Sudan seeks US help on subsidy payments, dollar transfers – finmin
- Mali’s president seeks dialogue with insurgents
- [Terrorists] kill at least 30 in northeast Nigeria – residents
- Egypt’s core inflation at 2.7% in January from 2.4% in Dec – central bank
- Africa Oil – Cheap freight sparks little buying interest as virus weighs
- Oil producers still in talks over extending output cut – Algeria minister
- Algeria plans to develop bond, stock markets to ease financial pressure
- South Africa’s rand inches up ahead of key data
- Smart drones to be tested in battle against E.Africa locust swarms
- Libya oil revenues fall to zero in Jan as ports blocked – central bank data
- Mozambique drops court appeals to extradite ex-minister from South Africa
- Google plan to buy into largest African wind farm ended by delay
- Egypt slashes energy subsidy spending in second half of 2019
- Nigeria’s petroleum bill to be passed by mid-2020 says oil minister
- Eskom’s urgent bid for bigger tariffs rejected by South Africa court
- Nigeria’s parliament to receive petroleum bill next week – oil minister
- Uganda sprays locust swarms to protect coffee crop, livestock
- Egyptian pound strengthens to 3-yr high
- Egypt sells $984.8 mln in dollar t-bills at yield of 3.49% – c.bank
- West African countries to investigate Nigeria border closure
- Uganda shilling unchanged on lacklustre dollar demand
- Violence in Africa’s Sahel region attacks the mining food chain
- Shanta Gold buys Kenya exploration project from Barrick
- Girl’s drowning sparks water riot in thirsty South African township
- Kenya shilling weakens due to increased importer dollar demand
- South Africa’s rand rises after plunging to 3-mth low
- Satellite data brings farming advice to remote areas of Zimbabwe
- Congo’s move to control artisanal cobalt is double-edged – Andy Home
N.B. Full stories of above headlines are available on Reuters
