By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Stocks slide as dire economic outlook weighs
- US retail sales plunge, IMF forecasts Asian growth halting
- Nikkei down 1.3%, ASX 200 falls 1.5%
- Dollar and bonds hold gains
Oil Markets
- Oil bounces back as rising stockpiles seen pointing to lower output amid coronavirus
- Brent up 2.5% at $28.38 a barrel (0102GMT)
- WTI up 2.8% at $20.43
Precious metals
- Gold ticks up on recession fears, firmer dollar caps gains
- Spot gold up 0.1% at $1,717.20/oz. (0036GMT)
- US gold futures up 0.3% at $1,745.70/oz.
Grains
- Corn recovers from 3-1/2-year low, gains capped by weakening ethanol demand
- Corn up 0.2% at $3.27-1/2 a bushel (0051GMT)
- Wheat up 0.1% at $5.41 a bushel
- Soybeans up 0.2% at $8.53-1/4 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- 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
- Libya internationally recognised govt imposes 24-hr curfew for 10 days from April 17
- UN concerned by alleged abuses, prison break in west Libya towns
- G20 countries agree debt freeze for world’s poorest countries
- Zambia plans to revoke Glencore’s Mopani Copper Mines licenses – letter
- US could still wield oil import tariffs if OPEC+ producers break deal – diplomat
- 12 dead or missing as migrants returned to Libya capital – UN agency
- South Africa watchdog sends mask manufacturer to court for suspected price-gouging
- Police boss says nowhere in northern Mozambique under surgent control
- South Africa rand tumbles as IMF stokes recession fears
- Africa Oil – Angola programmes awaited, Sonangol cargoes unsold
- IIF: Private creditors should grant poorest nations debt payment relief
- IMF’s Georgieva says wants to triple concessional financing for poor countries
- Poor Kenyans despair as coronavirus quarantine extended over unpaid bills
- G20 financial officials agree on debt suspension for world’s poorest countries
- South Africa Woolworths offers drive-through service to help shoppers avoid stores
- G20 debt relief deal to run through year-end – source
- Nigeria naira hits intra-day low of 388 per dollar on official market, later recovers
- AngloGold Ashanti expects Mponeng production to remaini suspended until April-end
- Russia’s Putin says important that everyone sticks to oil cuts commitments
- Africa may rebound in 2021, but coronavirus impact to endure – IMF
- Algeria suspends delay penalties on firms hit by coronavirus
- G20 debt moratorium should be followed by more measures – Germany’s Scholz
- Uganda shilling strengthens amid coronavirus-induced lockdown
- Kenya shilling remains unchanged against the dollar
- South Africa’s Vodacom to bolster network capacity during lockdown
- Egypt policeman, 7 suspected militants killed in Cairo gunbattle
- EM – South Africa rand falls most on surprise rate cut; stocks slip
- Tunisia tourism could lose $1.4 bln, govt seeks loan guarantee to issue bonds
- IMF board approves emergency support for Burkina Faso, Niger – statements
- South Africa’s Massmart 13-wk sales up marginally
N.B. Full stories of above headlines are available on Reuters