macroafricaintel Daily Brief | 8 Apr

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

Global Markets

  • Asian shares turn cautious, oil rebounds in choppy trade
  • Asian markets turn choppy, give back some recent gains
  • Oil rebounds in Asia, after steep slide
  • US dollar holds steady, Aussie hit by rating change

Oil Markets

  • Oil prices jump on hopes for OPEC, Russia meeting on output cuts
  • Brent up 2.4% at $32.62 a barrel (0246GMT)
  • WTI up 5.5% at $24.93

Precious metals

  • Gold eases on firmer dollar, coronavirus slowdown signs
  • Spot gold down 0.2% at $1,644.99/oz. (0049GMT)
  • US gold futures down 0.7% at $1,671.30/oz.


  • Wheat falls for second straight session on US crops outlook
  • Wheat futures down 0.5% at $5.46-1/4 a bushel (0230GMT)
  • Soybeans up 0.3% at $8.57-1/4
  • Corn up 0.3% at $3.32-1/4

Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]

  • Ghana Covid-19 policy statement by finmin Ofori-Atta to parliament
  • Rwanda starts week-long never-again genocide commemoration
  • South Africa SACCI business confidence Mar-20 [prev. 92.7]
  • Glencore’s Mopani Copper shutters Zambia mines
  • Kenya locks down Nairobi (6 Apr) & Kilifi, Mombasa & Kwale (8 Apr)
  • 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

  • Iran doesn’t agree with holding OPEC+ meet without clear outcome – oil min
  • Kenya sees GDP growth slowing to 3% or less in 2020
  • Egypt foreign reserves drop to $40.1 bln in March –
  • US pushes back on call by OPEC+ to join big oil output cuts
  • Eastern Libya confirms first coronavirus case
  • IMF says considering Nigeria’s request for funds to fight pandemic
  • Egypt to ban Ramadan gatherings to counter coronavirus
  • Saudi call for OPEC+ meeting is an extension to its efforts to achieve market balance
  • Tunisia seeks donations to fund coronavirus facilities
  • Africa Oil – Stubborn Nigeria overhang weighs
  • Tanzania lets pregnant girls attend school with World Bank project
  • Algeria pushes ahead with Islamic finance plans
  • South Africa rand gains with other emerging currencies on coronavirus hopes
  • China must step up on Africa debt relief – Ghana finmin
  • Ethiopia airlines has lost $550 mln this year due to coronavirus – CEO
  • South Africa union takes govt to court over Covid-19 gear shortage
  • Algeria banks to defer payments for coronavirus hit firms
  • South Africa lenders rally as central bank clarifies dividend guidance
  • G20 energy minsters to meet to foster global cooperation – statement
  • Glencore’s Mopani copper mine shutters Zambia mines due to coronavirus
  • Ethiopia taps army of women health workers to fight coronavirus
  • Copper belt miners turn to Tanzania as South Africa lockdown hobbles ports
  • South Africa banking index reverses losses, rises over 10%
  • Under coronavirus lockdown, Rwandans remember genocide from home
  • Uganda shilling unchanged after central bank cuts lending rate
  • Lockdowns: Saving lives, but ruining livelihoods in Africa
  • Kenya shilling weakens amid thin activity, fewer trading hours
  • Zambia says Glencore declares force majeure at Mopani Copper Mines
  • Zambia plan to block Glencore plans to close copper operations
  • South Africa Standard Bank will consider central bank guidance on dividends
  • South Africa net foreign reserves fall to $44.7 bln in March

N.B. Full stories of above headlines are available on Reuters

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