By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Oil slips on oversupply fears, but stocks jump on virus slowdown hopes
- Oil prices fall after Russia-Saudi Arabia delay meeting
- British pound skids as PM Johnson admitted in hospital
- Equity investors focus on slowdown in COVID-19 deaths
Oil Markets
- Oil drops over $1 on oversupply after OPEC+ delays meeting
- Brent down 3.8% at $32.82 a barrel (0203GMT)
- WTI down 5.9% at $26.68
Precious metals
- Gold firms on safe-haven demand, but stronger dollar caps gains
- Spot gold up 0.2% at $1,619.03/oz. (0314GMT)
- US gold futures steady at $1,645.90/oz.
Grains
- Corn falls to 3-1/2-year low on bleak prospects for ethanol
- Corn futures down 0.5% at $3.29-1/4 a bushel
- Wheat up 1.2% at $5.55-3/4 a bushel
- Soybeans down 0.3% at $8.51-3/4 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- Nigerian finance minister Ahmed briefs on Covid-19 stimulus plan
- Bank of Uganda decides on interest rates [fcst. 8.0%, prev. 9.0%]
- Key African countries on lockdown; subdued economic activity
- Covid-19 updates by authorities across the continent
Key African events or data releases over the weekend & early a.m today
- Tripoli forces hit eastern Libya cargo plane near capital
- Libya revolution premier Jibril dies from coronavirus
- Africa could lose 20 mln jobs due to pandemic – AU study
- Egypt sees growth slowing to 4.5% in Q3, 1% in Q4 due to coronavirus
- Congo’s Chemaf mothballs copper-cobalt processing plant over coronavirus
- Ethiopia reports its first death of a COVID-19 patient
- South Africa arms firm Denel to produce ventilators in coronavirus fight
- South Sudan confirms first case of coronavirus
- Morocco to release 5,654 prisoners amid coronavirus outbreak
- Egypt non-oil private sector contracts faster as virus hits – PMI
- OPEC+ meeting delayed as Saudi Arabia & Russia row over oil price collapse – sources
- Algeria extends curfew as coronavirus cases rise
- Malawi’s president and ministers to take 10% salary cut to fight coronavirus
- Coronavirus hits Egypt’s administrative capital and grand museum
- Algeria to speed up customs procedures for food, health equipment over coronavirus
- Tunisia govt given special powers to handle coronavirus crisis
- Nigeria to set up $1.39 bln fund to fight coronavirus
- BAT South Africa urges govt to lift cigarette sale ban
- Egypt postpones launch of mega projects to 2021 due to coronavirus – presidency
- Senegal GDP growth to shrink to less than 3% due to coronavirus – president
- Zambia central bank establishes medium-term facility to ease liquidity crunch
- African migrants in Morocco wait for aid as coronavirus bites
- WHO opens door to broader use of face masks to limit spread of coronavirus
- Coronavirus spotlights risks of swelling slums in Africa’s cities
- Guinea-Bissau convicts 12 for smuggling record 1.8 tonnes of cocaine
- Fitch downgrades South Africa further into ‘junk’
- Brent crude jumps above $33 on hopes of oil output deal
- Africa Oil – Oversupply keeps offers at steep discount
- ArcelorMittal South Africa issues force majeure, cuts salaries
- Best-selling novel exposes life of child slaves in Nigeria
- Zimbabwe turns water cannon on coronavirus
- Deep OPEC+ cuts won’t be enough to prevent oil inventory build – IEA head
- Nigerians turn to rabbits for consolation during coronavirus lockdown
- Kenya shilling seen under pressure as economy reels from virus
- Ivory Coast pledges $500 mln to support commodities sectors
- South Africa, Turkey CDS surge to highest since financial crisis
- South Africa Transnet to resume transport of non-essential cargo during lockdown
- East Africa locust swarms gather as coronavirus curbs delay pesticides
- Uganda shilling holds steady against the dollar
- Kidnapped Mali opposition staff freed but leader still missing
- Medical aid marooned as Africa shuts borders amid coronavirus pandemic
- OPEC+ producers debating possible oil cuts of 10 mln bpd – OPEC source
- Kenya private sector activity plunges in March – PMI
- South Africa private sector activity falls to record low in March – PMI
- Rwanda secures $109 mln IMF loan to tackle coronavirus
N.B. Full stories of above headlines are available on Reuters