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 2nd 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