macroafricaintel Daily Brief | 20 Feb

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Slowing virus, China stimulus hopes support stocks
  • China cuts lending rate to prop virus-hit economy
  • Asian stocks advance
  • Yen nurses losses after overnight plunge

Oil Markets

  • Oil rises on supply worries, while virus-led demand concerns ease
  • Brent up 0.8% at $59.57 a barrel (0208GMT)
  • WTI up 0.9% at $53.78

Precious metals

  • Gold eases from 7-yr peak on slowing virus spread, China stimulus hopes
  • Spot gold down 0.2% at $1,607.49/oz. (0100GMT)
  • US gold futures unchanged at $1,612.40/oz.

Grains

  • Wheat ticks up on global supply worries
  • Wheat futures up 0.1% at $5.662 a bushel (0128GMT)
  • Soybean futures little changed at $8.97-1/2 a bushel
  • Corn futures up 0.2% at $3.78-1/2 a bushel

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • Ghana’s Akufo-Addo 2020 message on the State of the Nation
  • South Africa’s Ramaphosa responds to parliament debate of his State of the Nation Address
  • Kenya parliament vets new Uhuru cabinet secretary nominees
  • Global off-grid solar forum & expo 2020 in Nairobi; 18-20 Feb
  • South Africa state capture inquiry continues

Key African events or data releases yesterday & early a.m today

  • Libya govt, Haftar’s forces dim hopes of salvaging UN ceasefire talks
  • Tunisia names new govt, avoids risk of early election
  • Namibia central bank expects economy to grow in 2020 – governor
  • South Africa could use mining royalities to set up sovereign fund – minister
  • Italian judge puts Nigerian businessman on trial on oil graft case
  • Africa Oil – Cargoes clear slowly as Nigerian programmes awaited
  • WHO says man with coronavirus in Egypt is recovering, no longer a carrier
  • South Africa’s rand firms after CPI data, stocks rise
  • ‘Nothing left’: Kenyan mother’s fields stripped by locust swarm
  • South Africa – Massmart CEO says not ready to let Game dept chain fail
  • Kenya’s Safaricom to consider Huawei as supplier for 5G network
  • Zambia central bank keeps key rate flat, cites low growth & deficit risks
  • Revolutionary squads guard Sudan’s bakeries to battle corruption
  • Libya’s Serraj says talk about resuming peace negotiations has been overtaken by events
  • US Pompeo takes veiled swipe at China on final leg of Africa trip
  • Somali militants kill 12 soldiers in attack on base, say officials
  • Egypt posts GDP growth of 5.6% in 6 months to Dec
  • Russia says it, Haftar agree political settlement is only option for Libya
  • Absa Bank says Kenya mobile banking app used by almost 5 mln customers
  • UN tries to salvage Libya talks after govt announces pullout
  • Egypt says foreigner thought to be carrying coronavirus has tested negative for it
  • African private equity fund buys Burger King South Africa franchise
  • South Africa’s Bidcorp says coronavirus will impact second half
  • Kenya shilling under pressure against the dollar
  • Uganda shilling flat amid some charity flows
  • Sierra Leone gangster leaves streets for life of poetry
  • South Africa consumer inflation rises to 4.5% y/y in January
  • Rising metals prices spur S.African miner Sibanye to 2nd-half rebound
  • South Africa’s Sibanye-Stillwater posts headline loss
  • South Africa’s Grand Parade to sell Burger King franchise

N.B. Full stories of above headlines are available on Reuters

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