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

Global Markets

• World markets plunge deepens as virus panic worsens
• Nikkei down 10%
• Australia, S.Korea, Taiwan down 7%
• US futures negative
• Dow posts worst plunge since 1987

Oil Markets

• Oil falls a third day, Brent crude set for worst week since 1991
• Brent down 2% at $32.55 a barrel (0126GMT)
• WTI down 2.1% at $30.84

Precious metals

• Gold drops, set for worst weekly loss in 7 yrs on virus-induced rout
• Spot gold down 0.9% at $1,563.45/oz. (0320GMT)
• US gold futures down 1.7% at $1,563.20/oz.

Grains

• Soybeans fall to near 10-mth low as economic worries deepen
• Soybeans set to decline nearly 5% for the week
• Corn poised to lose more than 3% for the week
• Wheat set to fall nearly 3% for the week

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

• South Africa citizens due from China; all tested negative for COVID-19 but to be quarantined
• South Africa’s Eskom loadshedding continues
• South Africa state capture inquiry continues
• 22^nd African forestry & wildlife commission (AFWC) in Kruger Park, South Africa; 9-13 Mar

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

• Ghana, Gabon confirm first cases of coronavirus
• Ivory Coast leader backs PM Gon Coulibaly in presidential race
• Facebook, Twitter remove Russia-linked accounts in Ghana targeting US
• Nigeria central bank says market fundamentals do not support naira devaluation at this time – statement
• Libya’s oil production down to 97,508 bpd as March 11 – NOC Facebook
• Morocco agrees with Spain & Algeria to suspend flights
• War-stricken Libya free from coronavirus but at risk
• General seeking to unseat Uganda’s long-ruling president detained on treason charges
• Algeria protest movement faces new threats – coronavirus
• Zimbabwe offers land as compensation for 800 seized farms
• Egypt reports 13 new coronavirus cases including one death
• South Africa’s state asset manager needs major overhaul, inquiry finds
• Morocco suspends all flights and passenger ship traffic with Spain
• Sudan stops visas and flights for 8 countries including Egypt over coronavirus – statement
• South Sudan appoints Salvatore Garang as finance minister – state radio
• South Africa retracts comment about local transmission of coronavirus
• South Africa miner Exxaro looks beyond coal
• Coronavirus panic drives deepest South Africa stock dive since 1997
• Inquiry issues damning report on South Africa state asset manager
• Africa Oil – Sonangol said to sell Cabinda, Nigerian weak
• South Africa’s Investec abandons unit stake sale due to market volatility
• Kenya Airways suspends flights to and from Rome, Geneva due to coronavirus
• Uganda, Nigeria currencies seen soft, Tanzania’s firm; in week ahead
• Germany’s Merkel urges Libyan PM al-Sarraj to sign ceasefire
• Revision to GDP methodology gives boost to Ivory Coast’s reported economy
• Tanzania to raise spending 5% in 2020/21, finance minister says
• Uganda shilling weakens on strong demand for dollars by banks
• South Africa’s manufacturing output down 2% y/y in January
• South Africa wildlife breeders battled by new animal cruelty guidelines
• Tea and cocoa-loving Nigerians find new thirst for coffee
• South Africa’s Eskom says 4,000 MW power cuts to last until Friday
• Shell reports 41% rise in onshore Nigeria oil spills due to sabotage
• Kenya’s KCB to cushion borrowers from virus-related delays
• Kenya shilling unchanged against the dollar
• Kenya bars athletes from global travel over coronavirus worries
• South Africa’s ailing Eskom says power cuts to last indefinitely
• South Africa’s rand hammered by growing impact of coronavirus
• South Africa’s Sanlam FY earnings fall 19% in line with expectations
• OPEC+ technical panel may meet via video conference – Kazakh minister
• Kenya lender KCB Group’s full year pretax profit rises 7.5%

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