macroafricaintel Daily Brief | 21 Feb

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

Global Markets

  • Asia looks to safer shores in US assets as virus spreads
  • Dollar scales 3-yr peak, sovereign bonds in demand
  • Markets spooked as virus spreads outside China
  • Nikkei dips even as yen’s slide aids exporters
  • Gold reaches a 7-yr peak; watching flash PMIs

Oil Markets

  • Oil prices slide as coronavirus spread beyond China raises demand worries
  • Brent down 0.4% at $59.07 a barrel (0155GMT)
  • WTI down 0.5% at $53.63

Precious metals

  • Gold steady near 7-yr peak as persistent virus fears dampen China stimulus
  • Spot gold little changed at $1,619.33/oz. (0108GMT)
  • US gold futures up 0.1% at $1,622.60/oz.


  • Wheat edges higher, set for biggest weekly gain in almost 3 mths
  • Wheat futures up more than 3% so far this week
  • Soybean futures little changed for the week
  • Corn futures up slightly for the week, after losing 1.5% last week

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

  • South Africa armed forces day; Ramaphosa to officiate
  • South Africa state capture inquiry continues
  • Togo presidential election; 22 Feb

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

  • Algeria leader warns against attempts to incite protesters to violence
  • Libya’s NOC oil output at 122,424 bpd as of Feb. 20
  • Nigeria asks US to remove it from visa restriction list
  • Sudan security forces crack down on protest over dismissed officers
  • Egypt’s central bank keeps overnight interest rates steady
  • Ethiopia gets back Christian crown spirited away to Rotterdam decades ago
  • Africa Oil – Nigerian programmes trickle out
  • Morocco ready for next step in dirham float process, says finance minister
  • Zambia police arrest 16 suspects after chemical attacks
  • South Sudan to form unity govt by Saturday deadline
  • Kenya’s Absa Bank says virtual banking app used by almost 5 mln customers
  • South Africa’s rand weakens on strong US dollar; stocks down
  • Namibia to repeal two tax policies, partly to appease EU
  • Court voids conviction of Ugandan academic known for crude attacks on president
  • Top worry for young Africans? Jobs and corruption – but green anxieties grow
  • Togo’s president seeks re-election to extend 50-yr dynasty
  • Lesotho PM faces charge of murdering first wife, says to step down
  • Ivory Coast to issue $380 mln eurobond this year – PM
  • Angola’s Isabel dos Santos says repaid bulk of loans to Portuguese banks
  • Uganda shilling trades flat on sluggish appetite
  • Kenya police killings in poor Nairobi districts continue – rights group
  • South African miner Exxaro to sell Leeuwpan and Exxaro Coal Central
  • Malawi maize output to climb 8.8% as rains return
  • Kenya shilling under pressure from end-mth dollar demand
  • Namibia first African country to export red meat to hungry US market
  • Russia: oil producers agree no need to hold early OPEC+ meeting
  • Womenswear mistakes, poor Black Friday dent South Africa’s Woolworths’ half-year profit
  • Investors in South Africa’s Discovery soothed on spending, shares rise 7%
  • Egyptair to resume flights to China from next week – statement
  • Algeria ready to mediate in Libya ceasefire talks – president to paper
  • Kenya to issue 150 bln shillings roads bond by June – report
  • South Africa’s Discovery reports 10% drop in profit
  • South Africa’s Truworths post marginal rise in profit
  • South Africa’s Woolworth HY earnings fall 17.7%

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

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