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