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

Global Markets

• World stocks set for worst week since 2008 as virus fears grip markets
• MSCI ACWI down 9%, S&P500 in correction in just 6 days
• Investors shun risk assets as coronavirus spreads globally
• Safe-haven assets in demand, US yield curve firmly inverted

Oil Markets (Bloomberg)

• Oil’s worst week since 2011 puts pressure on OPEC+ to respond
• OPEC’s top official says group showing renewed commitment
• WTI extend losses Friday, taking weekly drop to around 14%
• Brent down 2.2% at $51.01 a barrel (0407GMT, 27 Feb)
• WTI down 2.6% at $45.85 (0407GMT, 27 Feb)
• Brent at $50.85 (0533GMT, 28 Feb (ICE))
• WTI at $45.56 (0553GMT, 28 Feb (ICE))

Precious metals

• Gold rises as coronavirus fuels global slowdown worries
• Spot gold up 0.2% at $1,645.79/oz. (0055GMT)
• US gold futures up 0.1% at $1,644.20/oz.

Grains

• Wheat set for biggest monthly drop in 7 amid pandemic fears
• Wheat down 0.3% at $5.26 a bushel (0119GMT)
• Wheat down 5.1% month thus far
• Soybean futures up 2.5% so far this month
• Corn futures down 3.5% for the month

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

• South Africa’s EFF protest march on loadshedding & Eskom privatisation
• Germany’s Steinmeier in Sudan; 27-28 Feb
• Kenya’s constitutional review consultation forum in Meru (29 Feb); Kenyatta & Odinga to attend
• South Africa M3 Jan-20 [act. 7.0% yy, fcst. 6.6%, prev. 6.2%]
• South Africa PSCE Jan-20 [act. 5.0% yy, fcst. 5.5%, prev. 6.1%]
• South Africa trade balance Jan-20 [prev. ZAR14.8B]
• Nigeria manufacturing PMI Feb-20 [prev. 59.2]
• Nigeria FX reserves Feb-20 [prev. $38.1B]
• Zambia inflation Feb-20 [fcst. 12.5% yy, prev. 13.2%]
• Kenya inflation Feb-20 [fcst. 5.2% yy, prev. 5.8%]
• Uganda inflation Feb-20 [fcst. 3.4% yy, prev. 3.4%]
• Ghana’s Akufo-Addo Europe (Norway, UK, Switzerland, & Belgium) tour; 22 Feb – 4 Mar

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

• Nigeria confirms first case of coronavirus
• Train accident in northern Egypt injures 38
• Namibia economy shrunk by 1.9% in 2019 but set to recover – central bank
• Embalo sworn in as Guinea-Bissau president, election remains in dispute
• South Africa president orders repatriation of citizens in Wuhan over coronavirus
• Moody’s sees ‘elevated’ risks to South Africa budget forecasts
• Africa Oil – Bonga April loading dates slow to emerge
• Eni, Naturgy clinch deal that will reopen Egypt’s Damietta LNG plant by June
• Nigeria police free children, pregnant teens from ‘baby factory’
• Nigeria’s [terrorists] targeting Christians to prove religious war, says minister
• Anger as Somali rapist and murder pays 75 camels to escape death
• Malawi legalises cannabis for medicine and industrial fibres
• South Africa’s Steinhoff sales rise in Christmas quarter on strong Pepco performance
• Kenya Airways names budget subsidiary’s boss as new CEO
• Rand falters as public wage cuts may not save South Africa’s credit rating
• South Africa unit of Philip Morris welcomes tax stance on cigarette alternatives
• France says Mali envoy is spreading fake news over its troops
• Zambia, Uganda currencies seen softening, Kenya’s to firm; in week ahead
• Running out of time: East Africa faces new locust threat
• South Africa’s Massmart falls to annual loss; no dividend
• Flights resume at Libya’s Mitiga
• Kenya university berated for blaming “reckless” rape victim
• Zimbabwe state power company to increase electricity tariff by 19.02%
• Uganda shilling extends losses on the back of banks’ demand
• Shelling stops flights at Tripoli’s Mitiga airport – statement
• Kenya shilling inches up on sluggish demand for dollars
• Kizomba – Angola’s answer to Salsa – gaining global following
• South Africa’s Implats further delays closure of some shafts
• South Africa’s Massmart swings to annual headline loss, no dividend
• South Africa’s Impala Platinum says H1 earnings rise 41%
• Tunisia’s parliament approves a coalition govt

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