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