By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Asian shares struggle for traction as Fed cut fails to lift confidence
- S&P drops 2.8%, Australia down 1.3%, Nikkei flat
- Dollar slides vs Asian currencies
- Brent ($52.44), Gold ($1,643.76)
Oil Markets
- Oil rises as OPEC+ moves closer toward deeper output cut
- Brent up 1.12% at $52.44 a barrel (0212GMT)
- WTI up 1.12% at $47.71
Precious metals
- Gold extends gains as coronavirus prompts Fed rate cut
- Spot gold up 0.3% at $1,643.76/oz. (0257GMT)
- US gold futures up 0.1% at $1,645.30/oz.
Grains
- Soybeans edge higher for third straight session
- Soybean futures up 0.2% at $9.05-1/2 a bushel (0146GMT)
- Corn futures down 0.1% at $3.81-3/4 a bushel
- Wheat futures down 0.4% at $5.25 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- Africa energy indaba 2020 in Cape Town; 3-4 Mar
- South Africa Standard Bank PMI Feb-20 [prev. 48.3]
- Nigeria Stanbic IBTC PMI Feb-20 [prev. 55.9]
- Other Africa PMIs (Ghana, Kenya, etc.) Feb-20
Key African events or data releases yesterday & early a.m today
- Ethiopia’s enslaved child maids seek solace at night school
- Trump tells Sisi US to pursue efforts for deal over Ethiopia dam – Egypt
- Algeria confirms three new coronavirus cases
- OPEC, Russia moving closer to big oil cut as coronavirus hits demand
- Senegal confirms second case of coronavirus
- Africa Oil – Offer levels lowered to entice buyers
- Coronavirus more deadly than flu but containable – WHO’s Tedros
- Togo court confirms President Gnassingbe’s landslide electoral victory
- Banks in Sudan to introduce Visa payment systems
- Last Congo ebola patient discharged with end of outbreak in sight
- WHO hails “good news” as Congo sees no new ebola cases in 2 weeks
- South Africa’s rand falls as economy slips into recession
- Nigeria exchange to become listed company, paving way for share offer
- OPEC limits delegates, bans press from Vienna HQ for meeting
- Egypt plans to sell $500 mln Banque du Caire stake via IPO in April – chairman
- Algeria energy minister says OPEC+ countries to discuss ‘substantial’ oil output cuts
- South Africa’s Pick n Pay launches online scheduled grocery delivery
- South Africa’s Ramaphosa says Q4 contraction shows “underlying weakness”
- South Africa economy enters second recession in two years
- OPEC’s oil cut proposal would boost price to $60 a barrel – Russia’s Lukoil
- Libya’s eastern govt opens Damascus embassy, pledges united fight against Turkey
- South Africa unions threaten dispute if govt breaks wage deal
- Uganda shilling inches up as banks pare positions
- South Africa’s Q4 expenditure on GDP falls 1.2% q/q – stats agency
- Libya finance minister says 2020 spending cut over oil blockade
- Kenya shilling falls to lowest in 3 months on dollar purchase plan
- Dangote Cement to start exports from Congo, Nigerian exports decline
- Kenya’s central bank to buy $100 mln per month between March and June to boost reserves
- Nebank’s profit drops as South Africa economy worsens, pushing up defaults
- South Africa’s Nedbank reports almost 7% fall in full-year profits
- Egypt’s non-oil business activity contracts in February – PMI
N.B. Full stories of above headlines are available on Reuters
