macroafricaintel Daily Brief | 9 Apr

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

Global Markets

  • Asian stocks gain on hopes pandemic is approaching peak
  • Investors look for signs pandemic is slowing
  • Oil firm before OPEC+ meeting
  • Sterling resilient after PM Johnson hospitalisation

Oil Markets

  • Oil prices extend gains on hopes OPEC+ will cut output
  • Brent up 2.5% at $33.71 per barrel
  • WTI up 4.58% at $26.24

Precious metals

  • Gold inches up on weak dollar, pandemic peaking hopes cap gains
  • Spot gold up 0.1% at $1,646.81/oz. (0059GMT)
  • US gold futures down 0.1% at $1,682.70/oz.


  • Corn firms, market awaits USDA global supply-demand report
  • Corn up 0.4% at $3.31-1/4 a bushel (0250GMT)
  • Soybeans up 0.6% at $8.69-1/4
  • Wheat up 0.4% at $5.50-1/4

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

  • OPEC+ virtual meeting on production cuts
  • 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

  • World Bank says sub-Saharan Africa will enter recession in 2020
  • Trump says US producers have already cut back oil production
  • Zimbabwe reopens produce markets after protests by drought-hit farmers
  • Libya’s Serraj blames central bank amid oil blockade
  • Congo president’s chief of staff arrested amid graft probe
  • South Africa minister disciplined for ‘lockdown lunch’
  • UN Seeks $130 mln to prevent hunger catastrophe in Zimbabwe
  • Somalia records first death from coronavirus – health minister
  • Algeria energy minister says Thursday OPEC+ meeting will be ‘fruitful’ – state news agency
  • Sudan increases bread prices in Khartoum to help bakers
  • In Libya, water cuts add to misery of conflict and coronavirus
  • South Africa’s Naspers pushes its resilience even as some businesses hit by virus
  • Ethiopia & Liberia declare states of emergency to curb coronavirus
  • African Devpt Bank launches $10 bln Covid-19 response facility
  • Libya oil revenue was $1.3 bln in Q1 – central bank
  • Africa Oil – Trade quiet as traders wait for OPEC meeting outcome
  • Somalia has registered first death from coronaviurs – health minister
  • IMF says Morocco drew $3 bln from liquidity line to fight pandemic
  • South Africa stocks lose close to 2% as EM rally dissipates
  • Ivory Coast issues domestic bonds worth 110 bln CFA francs
  • Egypt extends nationwide night-time curfew to counter coronavirus
  • Uganda shilling weakens due to commercial bank dollar demand
  • South Africa business confidence index drops to 7-mth low in March
  • Egypt approves first issuance of sukuk by Talaat Mostafa subsidiary
  • Kenya shilling eases against the dollar, market activity slow
  • South Africa Sasol cuts production, sales target on coronavirus impact
  • Nedbank could nix future dividends after South Africa central bank guidance
  • Japan to pledge contribution to IMF trust for low-income countries hit by pandemic – finance ministry source

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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.