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