By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Global stocks drop as investors shun risk on coronavirus fears
- US stock futures down 3% in Asia after NY bounce
- Stimulus hopes outweighed by concerns about epidemic
- US yield curve steepens on $1 trln stimulus talk
- Dollar in demand due to liquidity fears
Oil Markets
- Oil steadies after testing new low as coronavirus chaos intensifies
- Brent up 1.2% at $29.07 a barrel (0238GMT)
- WTI up 0.5% at $27.08
Precious metals
- Gold inches up as US stimulus to combat virus stems rush for cash
- Spot gold up 0.1% at $1,529.69/oz. (0305GMT)
- US gold futures up 0.3% at $1,530.80/oz.
Grains
- Soybeans jump 1% but virus fears cap gains
- Soybeans up 1% at $8.33 a bushel (0121GMT)
- Corn unchanged at $3.44 a bushel
- Wheat little changed at $4.99-1/2 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- South Africa COVID-19 travel ban kicks off; 35 ports of entry closed
- South Africa inflation Feb-20 [fcst. 3.9% yy, prev. 4.5%]
- South Africa retail sales Jan-20 [fcst. 1.4% yy, prev. -0.4%]
- South Africa central bank MPC meeting; 17-19 Mar [fcst. 6.0%, prev. 6.25%]
- Ghana central bank MPC meeting; 18-20 & 23 Mar [fcst. 15.0%, prev. 16.0%]
Key African events or data releases yesterday & early a.m today
- Tunisia imposes curfew to counter coronavirus outbreak – President
- Morocco to use military field hospitals to help fight coronavirus
- Algeria bans street marches due to virus; some protesters unswayed
- Armed with lessons from ebola, Africa braces for coronavirus crisis
- South Africa quarantines cruise liner over suspected coronavirus case
- Sudan orders arrest of former foreign minister over 1989 coup
- Egypt cuts dividend tax and energy prices to soften coronavirus impact
- Egypt reports two coronavirus deaths, total cases reach 196 – health ministry
- Tunisia police break up ram fight that broke coronavirus crowd rules
- Africa Oil – Angola exports to rise in May
- World ‘woefully’ underestimating FGM, study finds
- Morocco’s central bank cuts benchmark interest rate to 2%
- Morocco sentences activist for criticising judge
- Egypt central bank emergency rate cut adds pressure to outflows
- South Africa’s rand, stocks claw back some lost ground
- Tunisia cuts benchmark rate by 100 bps to 6.75% – source
- “Preparing for war”: Africans scramble for groceries
- Libya truce would aid war on coronavirus, say western, Arab nations
- South Africa’s Sun International closes casinos and hotels in Latin America over COVID-19
- Lesotho leader’s wife’s murder trial postponed to April 14
- Egypt to keep airspace open to allow tourist departures
- South Africa’s Sibanye to provide processing facility to Amplats during force majeure
- Oman Air suspending flights to Egypt, Bahrain
- Uganda central bank sells dollars after shilling weakens
- Egypt suspends trading in 40 shares after they fall more than 5%
- Nigeria annual inflation edges up to 12.2% in February
- Kenya shilling edges down against the dollar
N.B. Full stories of above headlines are available on Reuters