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