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