macroafricaintel Daily Brief | 24 Apr

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

Global Markets

  • Asian shares fall on coronavirus drug, economic damage concerns
  • Investors looking for medical response to coronavirus
  • Oil prices extend tentative rebound
  • US business activity plumbs record lows

Oil Markets

  • Oil prices extend rebound on output cuts, still set to end tumultous week in the red
  • Brent up 2.8% at $21.93 a barrel (0133GMT)
  • WTI up 4% at $17.16

Precious metals

  • Gold dips on profit-taking, but eyes weekly gain on economic woes
  • Spot gold down 0.6% at $1,721.15/oz. (0345GMT)
  • US gold futures little changed at $1,744.70/oz.


  • Soybeans firms for fourth straight session on Chinese demand
  • Soybeans up 0.2% at $8.48-1/2 a bushel (0153GMT)
  • Soybeans up 0.7% for the week
  • Corn up 1.2% for the week
  • Wheat up 2.6% for the week

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

  • Nigeria manufacturing PMI Apr-20 [prev. 51.1]
  • Nigeria’s Buhari chief of staff pick awaited
  • 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

  • Algeria eases coronavirus lockdown for Ramadan
  • Egypt loosening some lockdown restrictions for Ramadan; coronavirus toll rises
  • South Africa to begin phased easing of lockdown on May 1
  • WHO to launch initiative to share COVID-19 drugs, tests & vaccines
  • Congo Republic sees economy shrinking 9% in 2020
  • African nations to get ventilators from Ma foundation, stress need for WHO help
  • UN agency calls for $1 trillion developing world debt write-off
  • AU envoy says virus outbreak would be a disaster for Africa
  • SEC drops inquiry into Shell’s OPL 245 deal, company says
  • South Africa Airways faces wind-down or liquidation as cash runs out
  • Africa Oil – Nigerian export programmes expected buyers elusive
  • Nigeria investigating jump in deaths in Kano city, coronavirus suspected
  • Libya turning into ‘experimental field’ for arms as war heats up – UN
  • Eni & Naturgy’s Damietta gas plant deal with Egypt falls through
  • 14 Congo seperatists killed in clashes with police, locals
  • South Africa’s Dis-Chem found to have hiked face mask prices by 261%
  • West Africa bloc recognises Embalo as Guinea- Bissau president
  • Egypt keeps night curfew for Ramadan – PM
  • South Africa’s Amplats targets $211 mln in savings to offset lockdown losses
  • South Africa – Crowds loot trucks in Cape Town a month into COVID-19 lockdown
  • Congo’s economy to shrink 2.2% because of coronavirus – IMF
  • West Africa countries to issue $1.4 bln in coronavirus bonds
  • Mideast, Africa govts failing to protect airlines – IATA
  • Nigeria governors to ban interstate movement to contiain coronavirus
  • Africa airlines could lose $6 bln in passenger revenue on 2020 – IATA
  • Liquidity mop-up by the central bank support Ugnada shilling
  • South Africa Village Main Reef says it will retrench some workers
  • Fears for Uganda zoo animals as cash dwindles in coronavirus lockdown
  • Kenya shilling holds steady against the dollar
  • South Africa itinerant wastepickers lose livelihood in lockdown
  • Botswana president, lawmakers out of quarantine after testing negative for coronavirus
  • Tullow exits Uganda project, sells stake to Total for $575 mln
  • Platinum producer Sibanye Stillwater pulls 2020 outlook, to resume South Africa ops
  • IMF approves $363 mln to help Congo fight coronavirus

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

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