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
