macroafricaintel Daily Brief | 4 Mar

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

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