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
- 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
- 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
