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