macroafricaintel Daily Brief | 24 Feb

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

Global Markets

  • Shares drop, gold surges as investors scurry for safety
  • MSCI ex-Japan extend losses, Japan closed for public holiday
  • E-mini futures for S&P 500 fall more than 1% in Asia trading
  • Gold prices surge to highest since 2013
  • South Korea on high alert after virus cases surge to over 700
  • Coronavirus has killed 2,442 people in China

Oil Markets

  • Oil prices skid on demand concerns as virus spreads globally
  • Brent down 2.9% at $56.81 a barrel (0158GMT)
  • WTI down 2.6% at $51.98

Precious metals

  • Gold jumps over 2% as virus spread spurs safe-haven demand
  • Spot gold up 1.1% at $1,661.86/oz. (0304GMT)
  • US gold futures up 1% at $1,664.60/oz.


  • Corn falls to 6-wk low as coronavirus rattles markets
  • Corn futures down 0.5% at $3.75-1/4 a bushel (0105GMT)
  • Soybean futures down 0.5% at $8.85-3/4 a bushel
  • Wheat futures down 1% at $5.46-3/4 a bushel

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

  • Nigeria GDP Q4-19 [fcst. 2.3% yy, prev. 2.3%]
  • Nigeria GDP 2019 [fcst. 2.2%, prev. 1.9%]
  • Final Togo presidential election results by Supreme Court; incumbent Gnassingbe won 72% of vote in preliminary results

Key African events or data releases over the weekend & early a.m today

  • Algeria president urges spending rationalisation to ease financial problems
  • Doctor, parents face trial in Egypt for girl’s death after genital cutting
  • Eastern Libya forces say 16 Turkish soldiers killed in fighting
  • Egypt to launch bid round in March for gold exploration in Eastern Desert – official
  • Sawiris in talks to buy 51% stake in Egypt state-owned mining firm
  • Now to end ‘long suffering’: South Sudan’s former rebel leader sworn in as first vice president
  • Ethiopia plans to release interim jet crash report as probe continues
  • Lesotho PM granted medical leave from wife murder case – police
  • Egyptian court acquits Mubarak’s sons of illicit share trading
  • Sudan to investigate violence against protesters in Khartoum
  • Morocco’s CPI up 1.3% y/y in January – planning agency
  • South Sudan President Kiir appoints former rebel leader vice president
  • Libya ceasefire talks going in “right direction”, UN envoy says
  • Africa Oil – More Nigerian programmes emerge
  • South African rand recovers from four-month low
  • Algerian protesters mark year of protests and demand more reforms
  • ‘Traumtised’ Africans stranded by coronavirus plead to be brought home
  • Politicians become the punchline as Kenya’s comedy scene booms
  • Prime minister leaves Lesotho, avoids being charged with murdering wife
  • Senegal’s start-up act to boost female-led business in first for West Africa
  • South Sudan seeks rise in oil exploration and output after peace deal
  • South Africa’s lobster catchers suffer in coronavirus fallout
  • Lesotho police: if PM tries to flee justice, we will issue arrest warrant
  • Kenyan shilling seen easing on end month demand
  • Lesotho PM Thabane has gone to South Africa to see a doctor – son
  • Insurance group Sanlam Kenya swings to full-year profit
  • Uganda shilling weakens slightly on demand by banks
  • Libya’s Haftar says any ceasefire would be contingent on Turkish withdrawal – RIA
  • South Africa’s rand flat as virus-linked selloff gives way to budget caution
  • South Africa’s AngloGold Ashanti posts 72% higher full-year earnings

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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.