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

Global Markets

• Cash is king as emergency stimulus fails to stop market panic
• ECB launches $850 bln bond buying programme
• US stock futures volatile, Asia markets bumpy
• RBA embarks on QE, cuts rates to record low
• Dollar surges as AUD, NZD collapse

Oil Markets

• Oil pares gains as investors wait to see if coronavirus stimulus works
• Brent up 1.1% at $25.25 a barrel (0355GMT); slumped 13% on Wed.
• WTI up 7.1% at $21.81 a barrel; surged nearly 20% earlier

Precious metals

• Gold falls more than 1% as investors resume cash stockpiling
• Spot gold down 1.3% at $1,466.20/oz. (0327GMT)
• US gold futures down 0.7% at $1,467.70/oz.

Grains

• Corn rebounds from lowest since Sept 2016 on oil price surge
• Corn futures up 1.1% at $3.39 a bushel (0126GMT)
• Soybeans up 1% at $8.34 a bushel
• Wheat up 1% at $5.13 a bushel

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

• South Africa central bank MPC meeting; 17-19 Mar [fcst. 6.0%, prev. 6.25%]

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

• Mauritius confirms first three cases of coronavirus
• Tunisia lets firms defer loans, propose new funds in face of coronavirus
• Egypt’s reported coronavirus cases increase to 210
• Morocco asks people to stay home over coronavirus fears
• Nigeria bans entry to arrivals from 13 countries to combat coronavirus
• Kenya, Rwanda banks offer relief to distressed borrowers, central banks
• Nigeria cuts gasoline prices, says official cap will fluctuate with oil
• Tunisia streets fall silent under coronavirus curfew
• Nigeria working on worst case scenario of $30 a barrel oil price for revised budget – finmin
• US blacklists China, South Africa companies over Iran oil trade
• South Africa regulator invites public comments on power procurement plans
• Nigeria launches “modulation mechanism” allowing crude oil price fall to cut petrol costs – presidency aide
• Nigeria cenbank to inject 1 trln naira to coronavirus-hit economy
• Ghana central bank cuts key rate to 14.5% due to coronavirus
• Africa Oil – Qua Iboe falls to discount on demand slump
• Nigeria’s central bank to inject 1 trln naira into manufacturing, imports – statement
• South Africa bans cruise ships with liner docked in port
• South Africa rand, stocks sink as coronavirus pummels markets again
• Nigeria to lower gasoline pump prices to 130 naira – sources
• Kenya’s horticulture exports drop 7% in 2019 to 142.72 bln shillings
• No water! No fear! Kenya’s community leaders step up to coronavirus challenge
• Uganda charges foe of president with treason, illegal weapons possession
• South Africa transport minister announces “total ban” on cruise ships
• Eastern Libya imposes curfew over pandemic
• Uganda central bank sells dollars after shilling weakens
• Athletics – Kenya orders closure of training camps and clubs over coronavirus worries
• Uganda central bank says is in market to sell dollars
• Nigeria bans entry to arrivals from 13 countries to combat coronavirus
• South Africa retail sales up 1.2% y/y in January
• Zambia’s health ministry confirms first two cases of COVID-19
• South Africa’s Adcock Ingram buys Plush Professional in push into homecare market
• Uganda shilling weakens as coronavirus hits tourism, remittances
• South Africa trade union dig in for fight over public sector wages
• Official Zimbabwe exchange rate falls by a third as central bank loosens grip
• Kenya shilling weakens against the dollar
• South Africa Airways cancels 162 flights due to coronavirus
• Kenya banks to offer relief to distressed borrowers – central bank
• South Africa consumer inflation rises to 4.6% y/y in February
• South Africa’s confirmed covid-19 cases rises to 116
• South Africa’s Libstar posts 10.9% rise in FY profit
• South Africa airline SA Express suspends operations, partly due to coronavirus
• Armed with lessons from ebola, Africa braces for coronavirus surge

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