macroafricaintel Daily Brief | 12 Mar

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

Global Markets

  • Stocks plummet after Trump bans travel from Europe to contain coronavirus blow
  • Asian shares hit lowest level since early 2019
  • US stock futures down more than 4.5%
  • Markets expect ECB to cut rates despite side-effects worries

Oil Markets

  • Oil slumps as US bans travel from Europe over pandemic
  • Brent down 5.3% at $33.88 per barrel (0339GMT)
  • WTI down 5.3% at $31.24

Precious metals

  • Gold edges up as virus fears deepen after US travel ban
  • Spot gold up 0.1% at $1,636.37/oz. (0415GMT)
  • US gold futures down 0.4% at $1,636.30/oz.

Grains

  • Soybeans drop to 6-mth low, wheat eases for a second day
  • Soybean down 0.9% at $8.65 a bushel (0137GMT)
  • Corn down 0.9% at $3.71 a bushel
  • Wheat down 1% at $5.07-3/4 a bushel

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

  • Nigeria COVID-19 economic stimulus measures expected; after key stakeholders’ Buhari meeting yesterday
  • South Africa’s Eskom stage 4 loadshedding continues (until 13 Mar)
  • South Africa manufacturing production Jan-20 [fcst. -5.8% yy, prev. -5.9%]
  • South Africa mining production Jan-20 [fcst. -0.2% yy, prev. 1.8%]
  • Libya contact group meets in Congo (11-12 Mar); South Africa’s Ramaphosa attending
  • South Africa state capture inquiry continues
  • 22nd African forestry & wildlife commission (AFWC) in Kruger Park, South Africa; 9-13 Mar

Key African events or data releases yesterday & early a.m today

  • Egypt’s confirmed coronavirus cases increase to 67
  • Somalia allege US air strike killed six civilians; Africa command investigating
  • South Africa’s Eskom says power cuts to last until Friday
  • Africa Oil – Weaker on lower demand, Nigerian overhang
  • UN chief considers naming Algerian diplomat as new Libya envoy – diplomats
  • US blacklists Zimbabwe officials over human rights abuse
  • US team in Sudan to probe PM assassination attempt – minister
  • Ivory Coast confirms first case of coronavirus – health ministry
  • South Africa’s rand weakens as coronavirus worries weigh
  • US blacklists Zimbabwe officials over human rights abuse
  • Miscarriage of justice? Family of Libyan Lockerbie bomber can appeal conviction
  • East Libyan central bank says it will not lend to parallel govt any more
  • Scotland agrees to posthumous appeal of Libyan convicted of 1988 Lockerbie bombing
  • Zimbabwe to switch to managed float exchange rate in latest move
  • South Africa’s MTN Group CEO to step down in March next year
  • Nigeria bond spreads widen as investors fret over naira, oil price
  • Egypt jails prominent political figure for a year over “false news”
  • Uganda shilling holds steady due to low demand for dollars
  • South Africa business confidence sinks to 21-yr low – survey
  • Kenya shilling strengthens on non-governmental inflows
  • Co-op Bank Kenya seeks to fully acquire Jamii Bora Bank
  • New CEO of Absa to review strategy as South Africa economy hurts lenders
  • South Africa’s Absa reports 3% rise in full-year profit
  • Chief executive of South Africa’s MTN to step down in March next year

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

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