macroafricaintel Daily Brief | 25 Feb

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

Global Markets

  • Asian shares lead global rout, bonds bet on rate cuts
  • Markets price in risk of pandemic, deep damage to world economy
  • Nikkei futures point to 1,000 point fall, matching Dow
  • Bonds fly as investors wager on central bank, fiscal stimulus
  • Oil leads commodities sharply lower on demand fears

Oil Markets

  • Oil bounces as investors hunt bargains; virus fears cap gains
  • Investors seek bargains as WTI drops near $50/bbl
  • Saudi Aramco says coronavirus impact to be short-lived
  • Brent up 0.5% at $56.59 a barrel (0212GMT)
  • WTI up 0.4% at $51.65

Precious metals

  • Gold falls from 7-yr high on profit-taking, virus fears cap losses
  • Spot gold down 0.7% at $1,649.49/oz. (0132GMT)
  • US gold futures down 1.5% at $1,651/oz.

Grains

  • Soybeans edge higher, coronavirus fears keep prices near 3-wk low
  • Soybean futures up 0.5% at $8.86-1/2 a bushel (0247GMT)
  • Corn futures up 0.1% at $3.72-3/4 a bushel
  • Wheat futures little changed at $8.81-3/4 a bushel

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

  • South Africa’s Ramaphosa speech at National House of Traditional Leaders
  • Rwanda central bank 2020 monetary policy & financial stability statement
  • South Africa state capture inquiry resumes
  • Germany’s President Steinmeier visits Kenya; 23-26 Feb

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

  • Morocco’s Attijariwafa Bank 2019 net profit up 1.9%
  • US Supreme Court open to more damages against Sudan over embassy bombings
  • Senegal opens West Africa’s first big wind farm in push for renewables
  • Nigeria picks Egypt Air consortium for aviation venture
  • Lesotho PM seeks immunity from charge of murdering second wife
  • Saudi, Egypt, Bahrain to resume Qatar post services despite dispute
  • Eastern Libyan lawmakersnot to join Geneva talks
  • South Africa’s rand, stocks tumble as coronavirus adds to budget worries
  • Egypt raises cigarette prices after VAT amendments
  • Africa Oil – Programmes for some key Nigerian grades slow to emerge
  • Togo president declares landslie election win, opponent slams ‘masquerade’
  • South African HIV carriers bullied before birth to accept sterilisation
  • Artisanal miners attack Gemfields’ Mozambiuqe ruby unit, injuring four
  • Detained Tanzanian journalist freed after pleading guilty to financial crimes
  • Ghana expects Aker Energy decision on Pecan oilfield within 1-2 months
  • Rival eastern Libya-based parliament suspends participation in Geneva peace talks
  • Lesotho’s ruling ABC party wants PM to step down, names successor
  • Egypt hails new ‘furniture city’ but many craftsmen unconvinced
  • First Abu Dhabi Bank expects to finish due-diligence on Bank Audi’s Egypt business by Q2
  • South Africa’s Sasol slides to 14-yr low as US project hurts profits
  • Mauritius blocks some Italian visitors over coronavirus concerns – Alitalia
  • Tunisia says it may suspend some Italy flights over coronavirus
  • Libya govt says Haftar’s forces must withdraw from near capital
  • Nigeria posts highest quarterly GDP growth in Q4 since recession
  • Libyan premier denounces Haftar as “war criminal” at UN
  • Egypt executes militant Ashmawy after being convicted over attacks – sources
  • South Africa’s Sasol to keep coal mining business – CEO
  • Lesotho PM appears in court to hear charges of murdering wife
  • Nigeria’s economy grew 2.55% in Q4 – stats office
  • Kenyan shilling holds steady against the dollar
  • Kenya central bank to hold its rate-setting meeting on March 23
  • South Africa’s Sasol half-year earnings fall 74%
  • Imported camels evacuated from Libya’s capital after port comes under fire
  • Togo President Gnassingbe wins re-election in landslide – preliminary results

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

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