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