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

Global Markets

• Asian shares consolidate, China cuts another interest rate
• Nikkei, S&P futures ease after sharp rally
• China cuts medium term rates by 20 bps
• IMF flags worst global recession since 1930s
• Some US states looking to gradually restart business
• Oil steadies on talk of stockpile building

Oil Markets

• Oil rallies on bargain-hunting, hopes for stockpile purchases
• Brent up 1.3% at $29.98 a barrel (0201GMT)
• WTI up 1.8% at $20.47

Precious metals

• Gold hovers near 7-yr peak as coronavirus-led economic fears deepen
• Spot gold at $1,727.59/oz. (0042GMT)
• US gold futures down 0.9% at $1,752.20/oz.

Grains

• Soybeans edge higher, linger near 3-wk low
• Soybeans up 0.4% at $8.50-3/4 a bushel (0245GMT)
• Corn up 0.2% at $3.26-1/2 a bushel
• Wheat little changed at $5.49-1/2 a bushel

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

• Bank of Namibia decides on interest rates [fcst. 4.25%, prev. 5.25%]
• Nigeria inflation rate Mar-20 [fcst. 13.2% yy, prev. 12.2%]
• 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

• Egypt policemen, seven suspected militants killed in Cairo gunbattle
• Nigeria’s northern economic hub Kano imposes week-long lockdown over coronavirus
• Malawi joins other southern African nations in coronavirus lockdown
• Namibia extends partial coronavirus lockdown until May 4
• South Africa govt won’t give SAA more funds – rescue team
• South Africa’s Nedbank scraps financial guidance for 2020
• Zimbabwe president threatens 20 years jail over fake lockdown statement
• South Africa e-commerce leader Takealot takes $20 mln hit in 3-wk coronavirus shutdown
• Africa Oil – Nigerian, Angolan cargoes linger, OPEC+ agrees output cut
• South Africa ministry says still exploring options for struggling SAA
• South Africa rules out IMF programme despite budget woes
• South Africa rand dips after surprise rate cut
• South Africa coronavirus cases rise to 2,415, China donates equipment
• Uganda extends coronavirus lockdown for three more weeks
• Kenya parliament approves value-added tax cut in virus relief
• Egypt refiner Midor issues tender to sell gasoil
• Zimbabwe March inflation jumps to 676.39% y/y – Zimstat
• G20 eyes debt moratorium worth up to $14 bln for poor countries – official
• Malta calls for EU aid to avert Libya humanitarian crisis
• Safaricom sees 70% jump in data usage as Kenyans stay at home due to coronavirus
• Uganda loses power nationwide after hydropower dams clogged – ministry
• South Africa central bank delivers surprise rate cut and signals more to come
• South Africa not looking for covid-19 funding with structural reform conditions – finmin
• South Africa to revise budget as covid-19 hurts economy
• Absa Kenya has restructured 4.25% of loans to ease coronavirus impact
• South Africa central bank sees economy contracting 6.1% in 2020
• Medical supplies airlifted to Ethiopia for distribution in Africa – WFP
• Uganda shilling posts some gains as banks pare positions
• South Africa central bank cuts repo rate by 100 bps to 4.25%
• South Africa Capitec skips dividend, full-year profits rise 19%

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