By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica
Global Markets
- Asia stocks fall after US crude collapses for second day
- Asian shares hit 2-wk low as caution grows on economy
- Brent falls below $20, June WTI at $13
- US treasury yields fall as investors seek shelter
Oil Markets
- Oil prices recover ground after market turmoil fuels price plunge
- Brent up 4 cents at $19.37 a barrel (0034GMT); settled down 24% in previous session
- WTI up 18% at $13.62
Precious metals
- Gold little changed as falling equities offset firm dollar
- Spot gold steady at $1,685.46/oz. (0041GMT)
- US gold futures up 0.9% at $1,703.60/oz.
Grains
- Corn edges higher but gains capped by weak ethanol outlook
- Corn futures up 0.2% at $3.18/bushel (0129GMT)
- Wheat futures down 0.7% at $5.42-1/4 a bushel
- Soybeans little changed at $8.41 a bushel
Key African events or data releases today
[Posts & comments at my Twitter handles @DrRafiqRaji, @macroafrica]
- South Africa’s Ramaphosa chairs AU virtual meet with African business leaders
- Nigeria state governors meet
- Nigeria’s Buhari chief of staff pick awaited
- South Africa inflation rate Mar-20 [fcst. 6.3% yy, prev. 4.6%]
- 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
- Saudi king Salman approves performing Tarawih in the two holy mosques
- Cameroon arrests soldiers for killing civilians in separatist war
- South Africa Ramaphosa pledges COVID-19 rescue package worth 10% of GDP
- World Health envoy warns of unrest in poor nations without action to combat virus
- Buhari asks Nigeria chief judge to free prisoners because of coronavirus
- South Africa aiming for new viable airline from SAA business rescue
- Ghana, Burkina Faso test easing of epidemic restrictions
- G20 agriculture ministers say corona measures should not disrupt food supply
- Africa Oil – Some Angolan clears but large overhang remains
- Some OPEC ministers discuss implementing agreed oil cuts immediately
- World Bank tells G20: Pandemic threatens food security of poor nations
- South Africa rand weakens as oil crash weighs, markets down
- Brent oil drops to near 2-decade lows on falling demand, storage woes
- Morocco prison becomes coronavirus hotspot
- Kenya central bank shifts its policy meeting to April 29
- Uganda detains prominent journalist for ‘subversive’ activities
- Kenya chiefs go door-to-door to stop FGM amid coronavirus
- Weary Algerians fear fresh economic turmoil as oil prices dive
- Wescoal says Eskom declares force majeure on coal supply agreements
- South Africa union federation calls for $53 bln stimulus plan
- Senegal – Stranded foreign students in Dakar live in coronavirus limbo
- Coronavirus very likely of animal origin, no sign of lab manipulation – WHO
- Kenya’s NCBA Bank pulls final dividend for 2019 due to coronavirus
- Congo artisanal cobalt programme expands with industry backing
- Hundreds of South Africa firms worry they lack resources to weather lockdown – survey
- Namibia president appoints new central bank governor
- Uganda shilling holds steady against the dollar
- Kremlin says OPEC+ ‘contacts’ can be set up if needed amid oil collapse
- South Africans volunteer to keep rhino orphanage going during lockdown
- Nigeria naira forwards hit record high after oil price tumble
- Nigeria annual inflation rises to 12.26% y/y in March
- Tullow Oil appoints Delonex chief Rahul Dhir as chief executive
- Debt relief for poor countries not as simple as it sounds – analysts
- Copper prices drop as Glencore plans to reopen Zambia mine operations
N.B. Full stories of above headlines are available on Reuters