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

Global Markets

• Oil firmer on OPEC+ deal, equities unable to shake pandemic fears
• US stock futures fall over 1%
• Oil prices up in choppy trade
• Investors brace for bigger economic hit from virus

Oil Markets

• Oil climbs more than $1/barrel as OPEC, allied producers agree record output cut
• OPEC+ reaches deal to slash output by 9.7 mln bpd – sources
• Cuts equal to about 10% of global supply
• US output seen dropping by 2 mln bpd due to low prices
• Worldwide fuel consumption down 30% from coronavirus effects
• Brent up 3.9% at $32.71 a barrel (0058GMT)
• WTI up 6.1% at $24.15

Precious metals

• Gold falls on profit-booking, virus-led economic fears limit losses
• Spot gold down 0.4% at $1,681.49/oz. (0239GMT)
• US gold futures down 1.4% at $1,728.40/oz.

Grains

• Wheat rises for 2^nd straight day, US crop outlook caps gains
• Wheat up 1.2% at $5.63 a bushel (0146GMT)
• Corn up 0.2% at $3.32-1/2 a bushel
• Soybeans up 0.5% at $8.67-1/2 a bushel

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

• Easter holidays in some African markets
• Key African countries on lockdown; subdued economic activity
• Covid-19 updates by authorities across the continent

Key African events or data releases over the long weekend & early a.m today

• African ambassadors complain to China over ‘discrimination’ in Guangzhou
• Sudan bans inter-city passenger travel in bid to halt coronavirus
• Liberia coronavirus lockdown off to chaotic start
• South Africa coronavirus cases rise to 2,173
• Chad’s army says it will continue joint operations against [militants]
• Bosses of South Africa’s Vodacom, Absa donate some pay to coronavirus relief
• African Union appoints ex-Credit Suisse boss as envoy for virus support
• Congo records second ebola death in days – WHO
• Egypt postpones Banque du Caire stake sale due to coronavirus – chairman
• Kenya farmers battle fruit-fly menace as climate warms
• Egypt police disperse villagers who stopped burial of doctor killed by coronavirus
• Sudan health minister says country needs $120 mln to fight coronavirus
• Congo court denies bail to president’s chief of staff in fraud probe
• Glencore copper mine in Congo sends 350 contractors home
• Algeria says too early to talk of an oil price increase – TV
• Norway says still willing to cut oil output if OPEC+ plan implemented
• Congo governor condemns rising insecurity at mines in gold province
• No bed of roses: East Africa’s female flower workers lose jobs as coronavirus hits exports
• UN condemns water shutoff to Libya capital
• IMF says Tunisia economy expected to contract by 4.3 pct in 2020
• Egypt lowers 92-, 95-octane petrol prices by 3.2% – ministry of petroleum
• Nigeria rejects US senator’s query over $300 mln Abacha loot repatriation
• Ebola patient dies in Congo, first case in 50 days
• Tunisia secures $743 mln loan from IMF to counter effects of coronavirus
• WHO warns about dangers of premature lifting of COVID-19 restrictions
• Morocco companies begin ventilator production
• Lebanon seizes 25 tonnes of hashish to be smuggled to Africa
• Air Zimbabwe to put workers on unpaid leave over coronavirus
• Botswana lawmakers in supervised quarantine after breaching isolation order
• In parts of Africa, police are accused of excess force amid coronavirus lockdowns
• IMF approves $147 mln to help Gabon fight coronavirus – statement
• Kenya central bank to hold rate-setting meeting on April 27
• As Africa looks for clean power, nuclear interest grows
• Egypt authorises 42 Brazil meat plants for exports
• South Africa extends coronavirus lockdown for 2 weeks
• Migrant ship intercepted at sea is barred from disembarking in Libya – IOM
• Uber to give drivers millions of face masks to battle coronavirus
• Uganda leader, who once belted out a rap, releases workout video
• Child labour still prevalent in West Africa cocoa sector despite industry efforts – report
• Africa Oil – Trading remains in deep freeze, demand doubts persist
• South Africa rand rallies as investors see value after deep fall
• Shell declares force majeure on Nigeria Forcados crude
• Some African countries heading for coronavirus peak in 2 weeks – WHO
• In Uganda, mothers in labour die amidst coronavirus lockdown
• Uganda detains top officials for alleged coronavirus aid fraud
• Botswana entire parliament quarantined after coronavirus scare
• Kenya official charged with wilfully spreading coronavirus
• Nigeria pardons prisoners in coronavirus fight – presidential aide
• Egypt urban consumer inflation falls to 5.1% in March
• Regulator penalises Absa Kenya over anti money-laundering lapses
• Copper belt miners turn to Tanzania as South Africa lockdown hobbles ports
• Saipem-led consortium picked as preferred bidder for Egypt rail project
• Kenya specialty coffee growers hit as lockdowns close global coffee shops
• Uganda shilling unchanged amid flat importer and banks’ demand
• Africa leaders rally around WHO head after Trump criticism
• With tourists gone, Africa conservationists brace for the worst
• Kenya shilling weakens due to importer dollar demand
• Egypt annual headline inflation falls to 5.1% in March
• IMF completes talks with Chad over $115 mln in emergency funding – statement
• South Africa union pulls court case against govt over protective gear
• Sub-Saharan Africa to fall into recession in 2020, says World Bank
• South Africa’s Standard Bank reaffirms payment of 2019 dividend

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