macroafricaintel Daily Brief | 3 Mar

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

Global Markets

  • Global shares extend rebound on hopes of G7 support
  • Hopes of central bank stimulus lift global shares
  • ECB says stands ready to take targeted measures
  • G7 conference call planned later on Tuesday
  • Australia cuts rates

Oil Markets

  • Oil rises a 2nd day as stimulus hopes, expected OPEC cuts offset virus
  • Brent up 2.5% at $53.18 a barrel (0148GMT)
  • WTI up 2.8% at $48.07

Precious metals

  • Gold extends gains on global monetary easing bets
  • Spot gold up 0.5% at $1,597.66/oz. (0236GMT)
  • US gold futures up 0.3% at $1,599.10/oz.


  • Soybeans hit near 6-wk high on global stimulus expectations
  • Soybean futures up 0.1% at $9.01-1/2 a bushel (0152GMT)
  • Corn futures up 0.5% at $3.76-1/2 a bushel
  • Wheat futures down 0.2% at $5.22 a bushel

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

  • South Africa GDP Q4-2019 [fcst. 0.4% qq saa, prev. -0.6%]
  • Ghana’s Akufo-Addo Europe tour; speaks at 2nd ECR-Africa summit in Brussels
  • Nigeria’s Supreme Court reviews its Imo state election judgement [Negative]
  • South Africa’s Mabuza briefs NCOP on Eskom, SOEs & land reform

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

  • Morocco reports first coronavirus case – health ministry
  • Senegal confirms first coronavirus case – health ministry
  • Algeria reports two new coronavirus cases, bringing the total to five
  • Gunmen kill at least 50 in northern Nigeria state of Kaduna
  • Women protest against sexual violence in Malawi
  • Camels imported to Libya were not stolen, says owner
  • United Nations Libya envoy resigns citing stress
  • South Africa’s Ramaphosa makes case for curbing public wage bill
  • South Africa’s rand strengthens as Fed cut bets slow virus-linked selloff
  • Africa Oil – Trading slow as virus fears weight
  • Egypt’s net foreign reserves rise to $45.51 bln in February –
  • Somalia agrees offshore oil exploration roadmap with Shell/Exxon – minister
  • Somali forces, supposed to unite against [terrorists], fight each other
  • Ivory Coast dry weather raises mid-crop concerns – farmers
  • Ivory Coast 2019/20 cocoa port arrivals seen at 1.545 mln T by March 1 – exporters
  • South Africa’s Bidvest seeks more hygiene sector deals
  • OPEC meetings to go ahead this week despite virus – sources
  • Libya govt to move from defence ‘to attack’, minister says
  • Somalis turn to Dr Hyena to fight depression, mental illness
  • Uganda shilling holds steady as importer demand recedes
  • South Africa’s Absa PMI falls to lowest in over a decade
  • South Africa – Investec’s Ninety One pushes on with float despite market turmoil
  • South Africa’s rand firmer as Fed cut bets slow virus-linked selloff
  • South Africa’s Ramaphosa says “focused discussions” needed on public wage bill

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

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