macroafricaintel Daily Brief | 2 Apr

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

Global Markets

  • Asian stocks slip as Trump warns of horrors to come
  • Trump warns of ‘horrific’ days ahead
  • Asian stocks slip, bonds rally, dollar firms
  • US jobless claims due at 1230 GMT, seen hitting fresh record

Oil Markets

  • Oil surges as Trump talks up hopes for truce in Saudi-Russia price war
  • Brent up 4% at $25.74 a barrel (0118GMT)
  • WTI up 3.7% at $21.06

Precious metals

  • Gold slips as dollar holds firm; US jobs data awaited
  • Spot gold down 0.4% at $1,584.50/oz. (0312GMT)
  • US gold futures up 0.4% at $1,597.20/oz.

Grains

  • Soybeans ease for 2nd session as coronavirus fears hit markets
  • Soybeans down 0.4% at $8.59-3/4 a bushel (0058GMT)
  • Wheat up 0.2% at $5.51-1/2 a bushel
  • Corn up 0.3% at $3.35-3/4 a bushel

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

  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by health authorities across the continent

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

  • Egypt’s health sector races to scale up coronavirus readiness
  • IMF has strong resources to deal with virus crisis, working to identify more – officials
  • South Africa needs ‘hundreds of thousands’ of virus tests – health minister
  • Africa seeks IMF, World Bank, EU backing on debt relief
  • Fidelity Bank cuts profit target as coronavirus hits Nigeria
  • Africa Oil – Sell tender awarded, Angolan diffs deeply negative
  • South Africa’s Eskom sends force majeure notices to wind farms
  • Tunisia banks to defer loan payments, suspend dividend distribution
  • Rand roiled by rising South Africa growth fears
  • Nigeria’s Fidelity Bank prepares eurobond coupon before due date – executive
  • South Africa insurer Discovery, Vodacom set up online virus consultation service
  • South Africa’s 2019/20 tax revenue at 1.4 trillion rand, short of target
  • Nigeria banks limit debit card withdrawals abroad
  • Somali doctor, veteran of many battles, girds for war with coronavirus
  • World Bank approves delayed $500 million education loan to Tanzania
  • South Africa says ports remain open despite lockdown
  • Coronavirus seen as trigger for mobile money growth in West Africa
  • Nigeria stocks hit new 8-yr low as coronavirus lockdown enters day two
  • Uganda doctors say anti-coronavirus measures could cause deaths
  • Uganda shilling holds steady due to reduced market activity
  • South Africa’s Eskom could buy less power from wind farms during lockdown
  • Kenya shilling under pressure from the dollar
  • Fitch, Moody’s downgrade South Africa banks to junk
  • Africa wants IMF, World Bank & EU support on debt relief – UNECA
  • South Africa Absa PMI contracts for 14th straight month
  • Glencore’s chrome joint venture in South Africa with Merafe declares force majeure
  • Ethiopia postpones August election due to coronavirus
  • US air strike killed civilians in Somalia, Amnesty International says
  • South Africa should seek IMF funding to deal with pandemic – IIF

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

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