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

Global Markets

• World shares trampled in coronavirus panic, oil prices plunge
• Oil crashes more than 20% as Saudi Arabia cuts prices
• [US crude falls more than 33% to $27.64, exceeding 1991 decline]
• [Brent down 30% at $31.59 a barrel]
• Nikkei sinks more than 5%, S&P 500 futures down 4.9%
• Fed funds fully price for 75 bps cut in March, chance of 100 bps
• 30-yr treasury yields drop below 1%, drag dollar down
• Yen surges as Russian rouble, Mexican peso in free-fall

Oil Markets

• Oil plunges 25% after Saudi Arabia slashes prices, says will open taps
• Brent down 25% at $33.96 a barrel (0319GMT)
• WTI down 26% at $30.55

Precious metals

• Gold climbs to 7-yr high above $1,700 as virus fuels safe-haven bid
• Spot gold up 0.7% at $1,686.22/oz. (0325GMT)
• US gold futures up 0.9% at $1,687.80/oz.

Grains

• Corn futures drop 2%, soybeans down 1.8% on coronavirus panic
• Corn futures down 2% at $3.68-1/2 a bushel (0136GMT)
• Soybean down 1.8% at $8.75 a bushel
• Wheat down 1.7% at $5.07 a bushel

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

• South Africa’s Eskom resumes power cuts
• Next Einstein Forum in Nairobi (10 Mar); Kenyatta, Kagame & Masisi expected
• South Africa mining production Jan-20 (12 Mar) [fcst. -0.2% yy, prev. 1.8%]
• South Africa manufacturing production Jan-20 (12 Mar) [fcst. -5.8% yy, prev. -5.9%]

Key African events or data releases over the weekend & early a.m today

• Egypt reports first coronavirus fatality as German tourist dies
• Saudi Arabia suspends travel to and from 9 countries including UAE, Bahrain & Egypt
• South Africa’s Eskom to resume power cuts on Monday
• Senior figure in Somalia’s al Shabaab killed in air strike – state media
• Egypt tries to protect tourism after coronavirus outbreak on cruise ship
• Morocco’s RAM suspends flights to Venice and Milan over coronavirus fears
• US Railnet plans $11 bln railway project in southern Africa
• Tunisia cuts 2020 growth forecast, seeks new IMF deal
• Tunisia cuts 2020 growth forecast to 1% from 2.7% – PM
• Egypt confirms 33 new cases of coronavirus on Nile cruise ship
• Congo president says army spy chief died by hanging
• Ethiopia draft report blames Boeing for 737 MAX plane crash – sources
• US creates new envoy position to counter rising terrorism in Sahel
• Liberia suspends fuel importers’ licenses over gasoline shortages
• Some members of OPEC were insisting non-OPEC join production cuts – Iran oil minister
• Morocco to widen dirham band to 5% on March 9 – Finance ministry
• Nigeria fertilizer maker Notore eyes 40 bln naira capital increase
• Africa Oil – Traders reassesses market after steep price decline
• Moody’s cuts South Africa’s 2020 GDP growth forecast after coronavirus
• Cameroon, Togo confirm first cases of coronavirus
• Congo rape survivors re-enact trauma in new film
• ‘Spread the word!” Zambia buys artisanal gold to formalise unregulated mining
• Liberia suspends fuel importers’ licenses over gasoline shortages
• South Africa coronavirus case came via Dubai to Durban
• Coronavirus cases rise to 45 in Greece after group trip to Israel, Egypt
• Cameroon’s ‘Gurl Boss’ crew takes on male-dominated film world
• Kenya govt budgets losing credibility, parliamentary panel says
• South Africa’s Capitec says full-year profit to rise by up to 21%
• 12 coronavirus cases on Egypt cruise ship are all asymptomatic – WHO, health ministry
• Zambia president says church leaders inciting reprisals for chemical spray attacks
• Pepper spray and punches: South Africans ready for Women’s Day
• South Africa’s Anglo American Platinum declares force majeure cuts 2020 outlook
• Africa’s first elected female president to train ‘wave’ of women leaders
• Five wounded in suicide blast near US embassy in Tunis – local radio
• South Africa drugmaker Aspen sees no immediate impact of India’s decision to curb drug efforts
• South Africa – 3 AngloGold Ashanti miners dead after rockfall at Mponeng mine
• South Africa’s Sanlam warns full-year profits could fall by 25%
• Kenya shilling stabilises against the dollar
• Zimbabwe artist’s dynamic stone sculptures find global acclaim
• South Africa’s net foreign reserves rise to $45.4 bln in February

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