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