macroafricaintel Daily Brief | 26 Feb

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

Global Markets

  • Asian shares slump, bonds rally as virus fears grow
  • CDC warns Americans on virus
  • Treasury yields remain near record lows
  • Japan stocks hit by fears of Olympics cancellation
  • Oil gains, but more downside risks seen

Oil Markets

  • Oil rises on short-covering despite growing fears over coronavirus
  • Investors unwind positions as WTI slides below $50/bbl
  • US crude inventories rise for fifth week – API
  • Brent up 0.8% at $55.37 a barrel (0154GMT)
  • WTI up 0.9% at $50.33

Precious metals

  • Gold gains as pandemic fears hit risk appetite
  • Spot gold up 0.5% at $1,643.49/oz. (0124GMT)
  • US gold futures down 0.2% at $1,647/oz.

Grains

  • Wheat, corn lose ground as coronavirus fears hit markets
  • Wheat, corn fall for 5 of 6 session on virus fears
  • Soybeans edge up, declining Chinese demand to curb gains
  • Wheat futures down 0.5% at $5.34-1/4 a bushel (0353GMT)
  • Corn futures down 0.1% at $3.76-1/4 a bushel
  • Soybean futures up 0.1% at $8.89 a bushel

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

  • South Africa 2020 budget by finmin Mboweni [deficit fcst. 6.1% of GDP (2019/20), 6.5% (2020/21), 6.3% (2021/22)]
  • Mauritius interest rate decision [fcst. 3.35%, prev. 3.35%]
  • Ghana’s Akufo-Addo Europe (Norway, UK, Switzerland, & Belgium) tour; 22 Feb – 4 Mar
  • Nigeria’s Supreme Court reviews Bayelsa gubernatorial decision [Negative]
  • ‘Meetings Africa’ business tourism event in Johannesburg; 24-26 Feb
  • Germany’s President Steinmeier in Kenya; 23-26 Feb
  • South Africa state capture inquiry continues

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

  • Liberian former IMF Africa chief named as deputy managing director
  • Algeria announces first confirmed case of coronavirus
  • Erdogan says two Turkish troops killed in Libya conflict
  • Africa Oil – Bonga programme lags behind
  • Algeria leader to go to Saudi Arabia in first state visit since election
  • US military says killed militant leader behind attack in Kenya that killed Americans
  • US air strike in Somalia killed militant behind January attack on base in Kenya – AFRICOM
  • Kenya shuts slaughterhouses over loss of donkeys to China
  • Domestic Ivorian cocoa exporters competing with multinationals fear bankruptcy
  • South Africa rand weaker ahead of budget speech
  • Somalia telecoms employee killed by US air strike – company
  • CAF bars Zimbabwe from hosting international matches
  • Egypt’s Mubarak, ousted by popular revolt in 2011, dies aged 91
  • Russia to push for lifting limits on CAR diamond exports
  • Egypt announce three days of mourning for former president Mubarak
  • OPEC+ will take responsible approach to virus – Saudi energy minister
  • South Africa’s Shoprite and Equities Property fund form $273 mln JV
  • Deere taps tractor-hailing tech in bid to break ground in Africa
  • Uganda shilling weakens on uptick in demand by energy importers
  • Libya’s oil production at 122,430 bpd as of Feb. 23 – NOC
  • Egypt planted 3.4 mln feddans of wheat this season – official
  • Kenya shilling seen trading in a tight range
  • MTN eSwatini appoints Wandile Mtshali as unit’s CEO
  • South Africa’s rand recovers as budget risk draws nearer
  • South Africa’s Libstar full-year earnings expected to rise
  • South Africa’s Shoprite misses half-year forecasts on hyperinflation accounting

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

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