macroafricaintel Daily Brief | 26 Mar

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

Global Markets

  • Stocks run out of steam on US job jitters, yen gains
  • US stimulus bill passed, jobless figures dreaded
  • Nikkei falls 4%
  • Dollar jumps vs Aussie & kiwi

Oil Markets

  • Oil prices mixed as demand shrinks, but stimulus hopes support
  • Brent up 0.4% at $27.51 a barrel (0018GMT)
  • WTI down 0.2% at $24.45

Precious metals

  • Gold falls on cash run
  • Spot gold down 0.6% at $1,604.16/oz. (0038GMT)
  • US gold futures up 0.3% at $1,639/oz.


  • Wheat retreats from 2-mth peak on profit-taking
  • Wheat hit a Jan 21 high of $5.83-1/4 on Wed.
  • Consumers rush for staples such as bread, supporting prices
  • Corn falls, soybeans edge lower
  • Wheat down 1.6% at $5.71 a bushel
  • Soybean down 0.7% at $8.75-3/4 a bushel
  • Corn down 0.9% at $3.45-1/2 a bushel

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

  • South Africa locks down for 21 days
  • Kenya flight ban now in force
  • South Africa producer inflation Feb-20 [fcst. 4.5% yy, prev. 4.6%]
  • G20 emergency video summit by chair Saudi Arabia

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

  • Algeria confirms jail sentences for two former PMs
  • Libya battles escalate as coronavirus arrives in country
  • War-ravaged, impoverished Somalia starts on road to debt relief
  • EU wheat resumes rally with Chicago despite small Algeria buy
  • IMF, World Bank clear Somalia for debt relief, normal ties to world
  • Africa Oil – As storage fills up, overhang lingers
  • Kenya announces tax cuts and curfew in battle with coronavirus
  • Nigeria army prepares for coronavirus lockdown, mass burials
  • Uganda, usually welcoming to refugees, bars all new arrivals to contain coronavirus
  • Nigeria central bank to stay open amid coronavirus outbreak
  • Sudan frees thousands of prisoners as coronavirus precaution
  • South Africa watchdog considers spectrum boost for telecoms companies
  • Tunisia coronavirus cases jump by around 50%
  • Zimbabwe nurses walk out, customs officials protest over coronavirus fears
  • Kenya to cut VAT to 14% to cushion economy over impact of virus – president
  • South Africa assets recover as central bank turns to QE
  • Egypt deep cleans pyramids site emptied of tourists
  • Guinea-Bissau confirms first two cases of coronavirus
  • Air Namibia suspends all flights until 20 April
  • Botswana hikes power tariffs by 22% to help loss-making utility
  • IMF says coronavirus to hit sub-Saharan Africa’s growth hard
  • South Africa prepares quarantine sites as coronavirus cases rise to 709
  • Libya commander says probe of seized tanker to start after quarantine
  • Militants kill nearly 100 Chad soldiers in attack
  • Zimbabwe customs officials walk out over coronavirus fears
  • Italy lends Tunisia 50 mln euros for coronavirus – sources
  • Taking QE route, South Africa central bank starts buying bonds
  • Zambia coronavirus cases increase to 12
  • MTN Uganda eliminates mobile money charges amid coronavirus outbreak
  • Mali reports first two cases of coronavirus – govt statement
  • In coronavirus, Senegal rappers find a new enemy to fight
  • South Africa reappoints Naidoo as central bank deputy governor
  • Afreximbank creates $3 bln pandemic credit facility for Africa
  • South Africa Eskom says coal stocks healthy ahead of lockdown
  • Sudan defence minister dies of heart attck in South Sudan
  • South Africa govt bonds jump after central bank launches bond buying
  • Kenya shilling strengthens on reduced dollar demand
  • South Africa largest refinery to minimise maintenance over coronavirus shutdown
  • [Militants] claim Mozambique attack close to gas projects

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

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