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