macroafricaintel Daily Brief | 6 Apr

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.


  • 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

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