macroafricaintel Daily Brief | 13 Mar

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

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