macroafricaintel Daily Brief | 3 Apr

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

Global Markets

  • Oil, shares slip on doubts over Saudi-Russia deal
  • US oil futures drop 4.5% on doubts on output cut deal
  • Trump says has not offered US output cut
  • S&P 500 futures fall 0.7% after energy driven overnight gain

Oil Markets

  • Oil falls on scepticism over Trump’s Saudi-Russia output deal
  • Brent down 3.3% at $28.96 a barrel (0335GMT)
  • WTI down 4.5% at $24.19

Precious metals

  • Gold slips on firm dollar, poor US data limits losses
  • Spot gold down 0.1% at $1,610.64/oz. (0037GMT)
  • US gold futures down 0.1% at $1,635.50/oz.

Grains

  • Wheat set for biggest weekly drop since late February on economic woes
  • Wheat down 4% week thus far
  • Corn down 3% for the week already
  • Soybeans down 2.4% w/w

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

  • Bank of Uganda decides on interest rates [fcst. 8.0%, prev. 9.0%]
  • South Africa Standard Bank PMI Mar-20 [prev. 48.4]
  • Nigeria Stanbic IBTC PMI Mar-20 [prev. 55.0]
  • PMIs for Kenya, Ghana & other African countries due as well
  • Key African countries on lockdown; subdued economic activity
  • Covid-19 updates by authorities across the continent

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

  • Tunisia may impose exceptional taxes on firms to raise coronavirus funds – premier
  • Trump touts ‘great Saudi-Russia oil deal to halt price rout, but details unclear
  • Egypt reports 86 new coronavirus cases
  • World Bank approves initial $1.9 bln in emergency coronavirus funds
  • UN agency keeps Africa food aid flowing amid coronavirus
  • Africa Oil – Glut persists, weighing on differentials
  • Egypt central bank leaves rates unchanged
  • Egypt to increase strategic staple reserves to 6 months
  • Malawi records first three cases of coronavirus
  • Iraq supports calls for emergency OPEC+ meeting [Most members already indicated support as well]
  • South Africa rand hits new look on bleak economic outlook
  • Ethiopia signs $800 mln geothermal power purchase agreement
  • South Africa ARM says JV gets green light to load iron ore amid lockdown
  • South Africa Famous Brands pulls plug on Gourmet Burger Kitchen
  • No meeting set up for OPEC+, sources say after Saudi call for talks
  • South Africa’s Libstar to postpone final dividend due to coronavirus
  • French army reports four soldiers positive for coronavirus in West Africa
  • Coronavirus leaves Senegal’s street children more exposed than ever
  • Africa FX – African currencies seen under pressure from the dollar; in week ahead
  • OPEC’s daily basket oil price slides below $17 a barrel
  • Middle East, Africa governments need to act faster to protect airlines – IATA
  • Twitter removes accounts linked to Egypt, Saudi Arabia, other countries
  • From chatbots to online markets, Africans craft weapons against coronavirus
  • Morocco’s February trade deficit deepens 2%
  • Zambia records coronavirus death
  • Ethiopia opens up mobile money services to local non-financial firms
  • Wives rejoice and traders despair as coronavirus halts khat supply to Somalia
  • Kenya shilling weakens against the dollar
  • Africa govts team up with tech giants to fight coronavirus lies
  • Tightening liquidity helps to support Uganda shilling
  • Nigeria tells oil, gas companies to cut staff in pandemic fight
  • South Africa’s Quantum Foods warns of 38% drop in first-half profit
  • Senegal seeks $221 mln from IMF to mitigate coronavirus shock
  • Kenya’s push to harvest rainwater has a new payoff: battling coronavirus

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

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