macroafricaintel Daily Brief | 30 Mar

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

Global Markets

  • Asia shares suffer virus chills, central banks offer what they can
  • S&P 500 & European futures call, Nikkei off over 3%
  • China, Singapore ease monetary policy
  • US extends social distancing guidelines to end of April
  • Treasury bonds rally further, yield curves flatten
  • Dollar down for the moment, oil under pressure

Oil Markets

  • Crude oil futures drop as pandemic pandemic darkens demand outlook
  • Brent down 6.7% at $23.25 a barrel (0249GMT)
  • WTI down 5.4% at $20.34

Precious metals

  • Gold gains as dollar weakens, fears of economic damage mount
  • Spot gold up 0.3% at $1,621.85/oz. (0029GMT)
  • US gold futures up 1% at $1,641.80/oz.

Grains

  • Wheat gains on world food supply concerns, soybeans up 1%
  • Wheat up 0.3% at $5.72-3/4 a bushel (0207GMT)
  • Corn down 0.5% at $3.44-1/4 a bushel
  • Soybeans up 1.1% at $8.90-3/4 a bushel

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

  • Nigeria locks down Lagos, Abuja & Ogun states for 14 days to curb covid-19 spread
  • South Africa M3 Feb-20 [fcst. 7.0% yy, prev. 7.0%]
  • South Africa PSCE Feb-20 [fcst. 5.0% yy, prev. 5.0%]
  • Nigeria FX reserves Mar-20 [prev. $36.38B]
  • South Africa balance of trade Feb-20 [prev. ZAR-1.87B]
  • Zimbabwe locks down for 21 days

Key African events or data releases over the weekend & early a.m today

  • South Africa records second coronavirus death as infections jump to 1,280
  • Nigeria orders 14-day cessation of movement in Lagos, Abuja to fight
  • Egypt’s banks told to limit withdrawals & deposits
  • Zimbabwe brings back foreign currencies ahead of coronavirus lockdown
  • South Africa sees IMF loan to fight coronavirus as last resort
  • South Africa could seek IMF loan to fight coronavirus
  • More coronavirus cases in Libya as fighting rages
  • Nigeria tightens offshore oil rules after vessel workers get coronavirus
  • Algeria says food stocks for months
  • South Africa announces tax relief for business hit by coronavirus
  • Angola to cut budget as fifth year of recession looms large
  • Mali holds election despite coronavirus and insurgency
  • Belly dancer keeps Tunisians entertained through coronavirus lockdown
  • South Africa may approach the IMF for “health funding” – Mboweni
  • Egypt’s central bank instructs banks to put temporary limits on daily withdrawals and deposits
  • New coronavirus cases confirmed in Libya as war escalates
  • 47-nation Africa has 2,650 confirmed coronavirus cases, 49 deaths – WHO
  • South Africa’s coronavirus infections rise at a slower rate
  • Tunisia gets 250 mln euros from EU to tackle coronavirus impact
  • Nambia suspends mining operations as coronavirus lockdown takes effet
  • South Africa billionaire Motsepe donates $57 mln to fight coronavirus
  • South Africa fuel prices to drop sharply in April
  • Algeria arrests leading journalist Drareni
  • Moody’s downgrades South Africa rating to ‘junk’, keeps negative outlook
  • Nigeria needs $330 mln for coronavirus battle, turns to private sector
  • Morocco to spend $200 mln to brace health system for coronavirus
  • South Africa struggles with lockdown as records first coronavirus death
  • Guinea referendum backs constitutional changes that may extend president’s rule
  • Zimbabwe orders total lockdown from Monday to combat coronavirus
  • Africa Oil – China provides a dim light as refiners shut
  • EU offers 450 mln euros to help Morocco counter coronavirus – statement
  • Zimbabwe billionaire offers health workers support in coronavirus fight
  • South Africa’s ARM receives force majeure from Impala Platinum following lockdown
  • South Africa’s AngloGold Ashanti cuts spending, suspends output guidance
  • Morocco to halt import duties on soft wheat, durum and grains – statement
  • South Africa tweaks rules for small-scale power producers
  • National Bank of Ethiopia to inject $450 mln as liquidity for private banks
  • Fight escalates in Libya despite coronavirus threat
  • Senegal’s graffiti artists join fight against coronavirus
  • Algeria extends curfew to nine more provinces over coronavirus outbreak
  • Nigeria eases to new low on spot market on FX scramble
  • Uganda shilling strengthens, buoyed by an interbannk sell-off
  • Some Kenya nurses refuse coronavirus patients in protest over shortages – union
  • Nigeria needs 120 bln naira for coronaviurs battle, turns to private sector
  • Zambia to suspend import duty on mineral concentrates, export duty on precious metals
  • Kenya shilling gains ground, helped by lacklustre dollar demand
  • South Africa’s Mediclinic names former Lloyd’s of London CEO as next chair
  • Anglo American expects South Africa lockdown to hit iron ore and coal
  • South Africa’s Amplats continues repairs on processing facilities despite lockdown
  • South Africa’s Vodacom chairman to retire in July

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

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