macroafricaintel Daily Brief | 13 Apr

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.


  • 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

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