* Mexican peso climbs as Banxico stands pat on rates * EM currencies under pressure from strong dollar (Updates with Banxico rate decision, comment; updates prices) By Medha Singh and Susan Mathew March 25 (Reuters) &#8211; Mexico&#8217;s peso strengthened further against the dollar on Thursday after the central bank left its key rate on hold, while Latin American stocks were weighed down by worries over a resurgence in the pandemic. The peso rose 1.4% to trade at 20.65 to the dollar, on pace to snap a five-day losing streak. Most other currencies in the region were pressured by a strong dollar. Mexico&#8217;s central bank (Banxico) kept its key interest rate steady at 4.0%, saying that in a highly uncertain environment, the risks for inflation, economic activity and financial markets pose major challenges for monetary policy. &#8220;The market was pretty split going into the meeting and the fact that the decision was unanimous means we are probably now at the end of the easing cycle and the bank would hold rates at 4% going forward,&#8221; said Christian Lawrence, senior market strategist at Rabobank in New York. The bank cut rates by 25 bps to 4% in February, flagging uncertainty over the outlook. Banxico&#8217;s move followed a decision by South Africa&#8217;s central bank earlier in the day to keep its policy level unchanged, bucking the trend of emerging markets raising borrowing costs. Policy makers in Brazil, Russia and Turkey delivered cumulative rate increases 300 basis points last week. A basket of Latin American currencies and stocks have hit two-week lows as a new wave of COVID-19 sweeps through the region. Chilean health officials extended a lockdown across the capital Santiago even as the South American nation continues to plow ahead with the world&#8217;s fastest per capita vaccination campaign. Peru set a record high of daily caseloads on Thursday. Brazil&#8217;s real, one of the worst performing EM currencies year-to date, fell another 0.8%. The country&#8217;s central bank trimmed its economic growth outlook for this year to 3.6% from 3.8%, citing &#8220;above-usual uncertainty&#8221; over a recovery amid the COVID-19 pandemic. Inflation in the country rose to new multi-year highs in the month to mid-March, data showed. Meanwhile, the stocks in Latin America&#8217;s largest economy bounced off two-week lows, helped by upbeat news in the utility sector. State power utility Eletrobras was up 3.8% after the Brazilian government appointed lawyer and economist Rodrigo Limp Nascimento as CEO, to replace Wilson Ferreira, who quit in January over what he called a lack of political support in Congress for privatizing the company. Chile&#8217;s peso extended losses to a fourth day as copper prices fell. Key Latin American stock indexes and currencies: Stock indexes daily % change Latest MSCI Emerging Markets 1288.28 -0.78 MSCI LatAm 2248.66 -0.24 Brazil Bovespa 113775.55 1.53 Mexico IPC 46665.63 -0.08 Chile IPSA 4767.71 -1.54 Argentina MerVal 46978.60 -3.367 Colombia COLCAP 1320.55 -0.36 Currencies daily % change Latest Brazil real 5.6661 -0.51 Mexico peso 20.6660 1.23 Chile peso 724.9 0.36 Colombia peso 3666.1 -0.53 Peru sol 3.7338 -0.29 Argentina peso (interbank) 91.7700 -0.14 (Reporting by Medha Singh and Susan Mathew in Bengaluru; Editing by Kirsten Donovan and Sonya Hepinstall) 
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EMERGING MARKETS-Mexican peso strengthens as c.bank keeps rate on hold

(Adds analyst comments, updates prices) * Dollar hits fresh four-month high * Silver drops to over two-month low * Palladium could rise to $3,000/oz this year -Commerzbank By Nakul Iyer March 25 (Reuters) &#8211; Gold fell on Thursday as U.S. Treasury yields nudged up and the dollar hit a four-month high, denting the non-yielding metal&#8217;s appeal. Spot gold fell 0.4% to $1,727.01 per ounce by 2:08 p.m. EDT (1808 GMT). U.S. gold futures settled down 0.5% at $1,725.10. U.S. benchmark Treasury yields were slightly up, increasing the opportunity cost of holding bullion. The dollar index gained 0.4%, having hit its highest level since Nov. 13 at 91.92 earlier in the session, making gold more expensive for other currency holders. &#8220;You&#8217;re seeing a big differential in government bond rates between the U.S. and other European countries and that is causing increased flows into the greenback and that is weighing on precious metals,&#8221; said Kitco Metals senior analyst Jim Wyckoff. &#8220;The momentum (for gold) is on the bearish side, so you&#8217;re going to have to see prices rebound a little bit for the bulls to gain some confidence that some kind of upward sustainability can be achieved.&#8221; Gold&#8217;s losses came despite sentiment in wider financial markets being weakened by a new round of coronavirus restrictions in the euro zone. Silver fell 0.3% to $25.01 an ounce, having earlier fallen to a more than two-month low of $24.39. Silver should find support around $24-$25 and then rise modestly over the course of April following a likely move up in gold and on investor hopes for stronger industrial fabrication demand metal, said Jeffrey Christian, managing partner of CPM Group. Palladium fell 0.8% to $2,612.48 and platinum slipped 1.4% to $1,151.00. While there could be more platinum supply from South Africa this year, rising auto demand will likely spur shortfalls in coming years, Commerzbank said in a note. Palladium will likely remain &#8220;severely undersupplied&#8221; this year, with prices as high as $3,000 &#8220;conceivable&#8221; the bank added, raising forecasts for both autocatalyst metals. (Reporting by Nakul Iyer in Bengaluru Editing by Bernadette Baum and Matthew Lewis) 
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PRECIOUS-Gold falls as yields tick up, dollar firms

LONDON, March 25 (Reuters) &#8211; Angola&#8217;s state oil firm, Sonangol, had not yet allocated its May cargoes on Thursday, with traders expecting all cargoes to go to term customers.

* Sonangol usually keeps a few cargoes to trade spot.
* Traders said the allocations delay was unusually long. They typically emerge within a few days of the programme. The May programme came out last week while an overhang of Angolan was slow to clear.
* Uruguay&#8217;s ANCAP was said to have bought a cargo of Nigerian Qua Iboe from Trafigura in its latest tender for mid-May arrival.
* China&#8217;s Unipec has sold some of the Angolan crude it has been offering for several weeks but still had Antan, Gindungo, Mostarda and Plutonio available.
* Two overhang cargoes of Angolan crude were sold to independent Chinese refiners. Equinor sold a March loading Hungo and BP sold a Mostarda.

RELATED NEWS
* Abu Dhabi National Oil Company (ADNOC) has deepened crude oil supply cuts to Asian customers in June to 10%-15% from 5%-15% in May, one week ahead of an OPEC+ meeting, several sources with knowledge of the matter said on Thursday.
* An Italian judge accepted on Thursday a request filed by energy group Eni with prosecutors to pay 11.8 million euros ($14 million) to settle an investigation into oil permits in Congo Republic.
* Nigeria&#8217;s parliament may pass the long-delayed Petroleum Industry Bill (PIB) in April, the country&#8217;s minister of state for petroleum said on Thursday. The measure, which is 20 years in the making, underpins everything from oil exploration to gas pipelines and fuel regulation. (Reporting by Julia Payne; Editing by Steve Orlofsky) ))
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W. Africa Crude-Angolan allocations slow to emerge

LONDON, March 25 (Reuters) &#8211; Benchmark northwest European gasoline margins rose above $7 a barrel on Thursday, a level last seen a year ago, as demand concerns due to the coronavirus pandemic weighed on crude oil prices this week. * A giant container ship blocking Egypt&#8217;s Suez Canal might be stuck for weeks, the salvage company said, throttling oil and fuel shipments connecting Europe, the Middle East and Asia. * As of Thursday, two middle distillate cargoes carrying diesel and jet fuel were waiting to travel into the Mediterranean, while two vessels carrying naphtha were waiting to start their journey east, tanker tracking firm Kpler said. * Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 2.4% to 1.41 million tonnes, helped by rising exports to West Africa, data from Insights Global showed. * Commodities broker Marex Spectron announced on Thursday the acquisition of Starsupply, a Rotterdam-based broker of physical oil products. * U.S. gasoline stocks rose last week by 203,000 barrels to 232.3 million barrels, the Energy Information Administration said on Wednesday.​ Gasoline (in tonnes) Trades Bids Offers Prev. Sellers Buyers (vol.) Trades Ebob $588 $603 Vitol Litasco Barges MOC Platts E5 (fob ARA) &lt;EUROBOB -ARA&gt; Ebob Barges E10 Platts(f ob ARA) Ebob WINTER: WINTER:$ Litasco Total, Barges $555.5 557.75 &#8211; , Shell Mabanaf Argus $570.25 t E5(fob SUMMER: AR) $605 SUMMER: $588.75 &#8211; $603.50 Ebob WINTER Barges $566 &#8211; E10 $582.75 Argus (fob AR) SUMMER $613 &#8211; $613.25 April $610.25 swap fob ARA Premium $600, Petroin Shell Unleaded $605 eos (fob ARA) &lt;PU-10PP -ARA&gt; Cargoes 1 cargo Vitol Shell (fob (fob MED) Milazzo) Cargoes (cif NWE) Naphtha (cif NWE) &lt;NAF-C-N WE&gt; Ebob crack (per barrel) $7.8 prev. $5.5 Brent futures Rbob Rbob crack &lt;RBc1-CLc1&gt; (Reporting by Shadia Nasralla, editing by Ed Osmond) 
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Europe Gasoline/Naphtha-Gasoline cracks soar above $7/bbl as crude weakens

* Official says private sector allowed to procure vaccines
* Government will not put price cap on inoculation
* Campaigners warn the poor will be left out
By Nita Bhalla
NAIROBI, March 25 (Thomson Reuters Foundation) &#8211; Kenya will let private hospitals charge for COVID-19 vaccinations and will not set a price limit on their cost &#8211; a measure charities warned would &#8220;price out the poor&#8221; and create greater inequalities in access.
The East African nation of more than 50 million people has so far received one million vaccine doses through the World Health Organization&#8217;s COVAX facility, and plans to procure another 11 million for the public sector in the coming months.
Patrick Amoth, acting director general at the Health Ministry, said on Thursday private hospitals would be permitted to import coronavirus vaccines, subject to the necessary approvals, and offer their own inoculation service.
&#8220;The private sector plays a critical role in health services and they cannot be excluded from the provision of vaccination services, which is part of the routine services that they do provide,&#8221; Amoth told the Thomson Reuters Foundation.
&#8220;They have been excluded so far because of the limited supply of vaccines, but as more vaccines come onto the platform, definitely they will have a role,&#8221; he said, adding that the private sector provided almost 48% of health services in Kenya.
Amoth said the government would not put a price cap on vaccines and would allow &#8220;market forces&#8221; to determine the cost. Those who cannot afford the vaccine will be able to get it free-of-charge from public hospitals, he added.
&#8220;We believe that if we allow many players in the market, the rules of supply and demand dictate that the prices will be reasonable,&#8221; he said.
Two vaccines &#8211; the AstraZeneca vaccine and Russia&#8217;s Sputnik V &#8211; have so far been granted emergency use by Kenya&#8217;s Pharmacy and Poisons Board.
Health ministry officials said on Wednesday private players would need to be granted registration by the board and that any vaccines entering the country will have met approval requirements.
&#8216;FREE FOR ALL&#8217;
Charities campaigning for equitable access of the vaccine criticised the decision, saying that placing procurement in the hands of the private sector would result in only the well-off being vaccinated.
&#8220;The move will be pricing out the poor,&#8221; said Joab Okanda, Pan Africa Just Economies and Inequality lead for Oxfam International.
&#8220;The public sector is not in a position to procure enough vaccines itself, so we will be leaving the vaccines to only those with money. Vaccines should be supplied by the government and be made free for all.&#8221;
Opening up the market to private players also raised safety concerns, said Okanda, as it would encourage unauthorised suppliers to sell unapproved vaccines on the black market.
Kenya recently extended a nationwide overnight curfew for a further 60 days as the country battles a third wave of infections.
East Africa&#8217;s biggest economy has so far recorded more than 120,000 coronavirus cases and 2,000 deaths, and positive test rates have risen to 16.5% in March compared with January&#8217;s 2%.
Njoki Njehu, Africa coordinator for the Fight Inequality Alliance, described Kenya&#8217;s vaccine move was &#8220;the worst decision the government has ever made&#8221; and dismissed claims that the cost of the vaccine would be reasonable.
&#8220;It&#8217;s ridiculous to believe the vaccines will be affordable. Private companies exist to profit and so the costs will naturally be high,&#8221; said Njehu.
&#8220;Kenyans have already suffered enough during this pandemic due to the lockdowns. It is the most marginalised who have lost the most. Bringing in the private sector will only exacerbate inequalities in our society.&#8221;
The Association of Private Hospitals in Kenya did not immediately respond to a request for comment.
Due to limited supply of the vaccines, most countries have restricted their private sector from procurement of vaccines.
Pakistan, one of the first countries in the world to allow private imports of COVID-19 vaccines, said it will receive shipments of China&#8217;s CanSino Biologics Inc&#8217;s vaccine this week.
Kenya plans to vaccinate 1.25 million people &#8211; including frontline heath workers, the elderly and teachers &#8211; by June and another 9.6 million in the next phase.
The Health Ministry said earlier this month the country plans to vaccinate about 15 million people nationwide by the end of June 2023. (Reporting by Nita Bhalla @nitabhalla; Editing by Helen Popper. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)
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‘Pricing out the poor’: Fears over COVID-19 vaccine access as Kenya lets in private sector

MOSCOW, March 25 (Reuters) &#8211; Urals crude oil differentials to dated Brent were unchanged on Thursday as traders waited for Surgutneftegaz&#8217;s tender results expected on Friday to get an understanding of the market&#8217;s price level.

TENDER
* Russia&#8217;s Surgutneftegaz has issued a spot tender to sell five 100,000-tonne cargoes of Urals crude loading from Primorsk and Ust-Luga ports in April, traders said on Thursday.
* The producer offers 300,000 tonnes of Urals oil loading from Primorsk on April 13-14, 22-23 and 25-26 and 200,000 tonnes loading from Ust-Luga on April 15-16 and 19-20.
* The tender closes on March 26 at 1400 Moscow time (1100 GMT).

PLATTS WINDOW
* There were no bids or offers for Urals, CPC Blend or Azeri BTC in the Platts window. NEWS
* Crude oil producers from Europe, Africa and the United States faced difficulties selling to Asia, especially China, as buyers took cheaper oil from storage while refinery maintenance has reduced demand, industry sources said on Thursday.
* A container ship blocking the Suez Canal like a &#8220;beached whale&#8221; may take weeks to free, the salvage company said, as officials stopped all ships entering the channel on Thursday in a new setback for global trade. (Reporting by Olga Yagova; editing by Jonathan Oatis)
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Med crude-Urals diffs stable ahead of Surgutneftegaz’s tender

(Repeats to media clients to indicate TV available, no change to text)
By Emma Farge
GENEVA, March 25 (Reuters) &#8211; African elephants living in forests and savannas are increasingly threatened with extinction, the Red List of species in trouble showed on Thursday, as conservationists called for an urgent end to poaching.
The new assessments by the International Union for Conservation of Nature underscore the persistent pressures faced by the two species of elephants in Africa due to poaching for ivory and human encroachment.
&#8220;We must urgently put an end to poaching and ensure that sufficient suitable habitat for both forest and savannah elephants is conserved,&#8221; said Bruno Oberle, IUCN Director General.
The Swiss-based body&#8217;s latest survey said the savanna elephant was &#8220;endangered&#8221; and the much smaller, lighter forest elephant was &#8220;critically endangered&#8221; &#8211; its highest category before extinction in the wild.
Previously IUCN had treated both elephants together which it considered as &#8220;vulnerable&#8221; but opted to separate them following genetic evidence that they are different species.
The IUCN cited data showing that the populations of Africa&#8217;s savanna elephants found in a variety of habitats had decreased by at least 60% over the last 50 years while the number of forest elephants found mostly in Central Africa had fallen by 86% over 31 years.
Combined, around 415,000 remain, it said.
Despite the overall decline, some populations of forest elephants were rebounding due to successful conservation measures such as those taken by Gabon and Republic of Congo. In Southern Africa&#8217;s Kavango–Zambezi Transfrontier Conservation Area, savanna elephant numbers were also stable or growing, IUCN said.
IUCN&#8217;s latest assessment &#8211; the first of three annual updates &#8211; assessed 134,425 species of plants, fungi and animals of which more than a quarter are threatened with extinction. (Reporting by Emma Farge; Editing by Nick Macfie)
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RPT-African elephants face growing risk of extinction – Red List

LONDON, March 25 (Reuters) &#8211; Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by 4% in the week to Thursday, data from Dutch consultancy Insights Global showed. * Gasoil inventories stood at 2.45 million tonnes due to higher imports from the Middle East and a drop in demand amid new lockdown measures in the region, particularly in Germany, said Insights Global&#8217;s Lars van Wageningen. * &#8220;There is no expectations for improvement in demand soon,&#8221; van Wageningen said. * Gasoline stocks rose by 2.4% to 1.41 million tonnes, helped by rising exports to West Africa. 25/03/2021 18/03/2021 26/03/2020 Gasoline 1,414 1,383 1,143 &lt;STK-GL-ARA&gt; Naphtha 328 301 343 &lt;STK-NAF-ARA&gt; Gasoil 2,450 2,356 1,883 &lt;STK-GO-ARA&gt; Fuel oil 1,716 1,743 1,291 &lt;STK-FO-ARA&gt; Jet fuel 921 986 451 &lt;STK-JET-ARA&gt; Incoming cargoes Outgoing cargoes Gasoline France, Ireland, Canada, Jamaica, Med, Portugal, Sweden, UK USA, WAF Naphtha Norway, Russia, UK None Gasoil Russia, Saudia Arabia, Ireland, Med, UK, WAF Sweden, USA Fuel oil Denmark, France, Saudi Arabia, WAF Latvia, Russia, Sweden, UK Jet fuel None UK *COPYRIGHT NOTICE* &#8211; Any unauthorised use, duplication or disclosure of ARA stocks data is prohibited without the prior approval of PJK International B.V. (Reporting by Ron Bousso;Editing by Elaine Hardcastle) 
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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ARA gasoil stocks rise by 4% – Insights Global

(New throughout, adds comments, updates prices) * Dollar hits fresh four-month high * Silver drops to over two-month low * Palladium could rise to $3,000/oz this year- Commerzbank By Nakul Iyer March 25 (Reuters) &#8211; Gold gained on Thursday as lower U.S. Treasury yields boosted the appeal of the non-yielding metal and eclipsed pressure from a strengthening dollar. Spot gold rose 0.3% to $1,739.60 per ounce by 10:22 A.M EDT (1422 GMT). U.S. gold futures were up 0.3% at $1,739.30 per ounce. U.S. benchmark Treasury yields continued their dip, translating into lower opportunity cost of holding bullion, after scaling one-year highs last week . &#8220;I don&#8217;t think it (gold) has much more downside and traders are looking for a bottom on the fact that short-term yields and the rise in the dollar are not sustainable,&#8221; said Bob Haberkorn, senior market strategist, RJO Futures. The dollar hit a four-month high versus rivals. Also aiding gold, sentiment in wider financial markets remained weak as investors grew wary following a new round of coronavirus restrictions in the euro zone. &#8220;(But) The momentum (for gold) is on the bearish side, so you&#8217;re going to have to see prices rebound a little bit for the bulls to gain some confidence that some kind of upward sustainability can be achieved,&#8221; said Kitco Metals senior analyst Jim Wyckoff. Gold&#8217;s gains were kept in check by data showing the number of Americans filing new claims for unemployment benefits dropped to a one-year low last week, a day after U.S. Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell expressed their confidence in the U.S. recovery. Silver rose 0.2% to $25.13 an ounce, having earlier fallen to a more than two-month low of $24.39. Palladium rose 0.4% to $1,172.04 and platinum gained 0.4% to $2,646.31. While there could be more platinum supply from South Africa this year, rising auto demand will likely spur shortfalls in coming years, Commerzbank said in a note. Palladium will likely remain &#8220;severely undersupplied&#8221; this year, with prices as high as $3,000 &#8220;conceivable&#8221; the bank added, raising forecasts for both autocatalyst metals. (Reporting by Nakul Iyer in Bengaluru Editing by Bernadette Baum) 
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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PRECIOUS-Gold gains in tug-of-war between lower yields and firm dollar

Mar 25 (OPTA) &#8211; Scores from the European Tour Kenya Savannah Classic on Thursday -17 Justin Harding (South Africa) 64 66 66 -14 Marcus Armitage (England) 65 67 67 David Drysdale (Scotland) 65 65 69 Darren Fichardt (South Africa) 65 66 68 Jazz Janewattananond (Thailand) 66 68 65 Kristoffer Reitan (Norway) 69 65 65 Danie Van Tonder (South Africa) 65 64 70 -13 Ashley Chesters (England) 67 68 65 Louis De Jager (South Africa) 71 65 64 Gonzalo Fernandez Castano (Spain) 66 66 68 Calum Hill (Scotland) 67 68 65 Sam Horsfield (England) 66 68 66 -12 Aaron Cockerill (Canada) 69 68 64 Victor Dubuisson (France) 67 66 68 Liam Johnston (Scotland) 66 69 66 James Morrison (England) 70 65 66 Garrick Porteous (England) 69 68 64 Darius Van Driel (Netherlands) 70 62 69 -11 Steven Brown (England) 68 67 67 Alejandro Cañizares (Spain) 64 71 67 Masahiro Kawamura (Japan) 67 64 71 Jacques Kruyswijk (South Africa) 70 64 68 Niklas Lemke (Sweden) 66 65 71 Joost Luiten (Netherlands) 64 68 70 Matthias Schwab (Austria) 66 70 66 Toby Tree (England) 67 71 64 -10 Gaganjeet Bhullar (India) 70 67 66 Jonathan Caldwell (Northern Ireland) 65 68 70 Rhys Enoch (Wales) 67 67 69 Matthieu Pavon (France) 66 71 66 Lee Slattery (England) 66 68 69 -9 Maverick Antcliff (Australia) 67 69 68 Sebastian Garcia Rodriguez (Spain) 70 67 67 Julien Guerrier (France) 70 64 70 Mathiam Keyser (South Africa) 65 70 69 Ondrej Lieser (Czech Republic) 72 66 66 Jack Senior (England) 67 69 68 Clément Sordet (France) 64 70 70 -8 Nino Bertasio (Italy) 67 70 68 Maximilian Kieffer (Germany) 68 69 68 Hurly Long (Germany) 69 65 71 Adrian Otaegui (Spain) 68 70 67 Aaron Rai (England) 70 68 67 Richie Ramsay (Scotland) 71 66 68 Jayden Schaper (South Africa) 69 67 69 Robin Sciot-Siegrist (France) 66 69 70 Sebastian Soderberg (Sweden) 68 67 70 -7 Wil Besseling (Netherlands) 67 69 70 Jens Fahrbring (Sweden) 67 69 70 Søren Kjeldsen (Denmark) 74 64 68 Romain Langasque (France) 67 65 74 Lorenzo Scalise (Italy) 70 66 70 Scott Vincent (Zimbabwe) 67 67 72 -6 Emilio Cuartero Blanco (Spain) 66 70 71 Nicolai Von Dellingshausen (Germany) 70 68 69 Ben Evans (England) 68 68 71 Shubhankar Sharma (India) 69 69 69 Cormac Sharvin (Northern Ireland) 65 72 70 Julian Suri (USA) 66 70 71 Daniel Young (Scotland) 73 65 69 -5 Lucas Bjerregaard (Denmark) 69 68 71 David Coupland (England) 70 68 70 Scott Hend (Australia) 66 70 72 David Howell (England) 70 67 71 Ricardo Santos (Portugal) 68 68 72 Lars Van Meijel (Netherlands) 68 68 72 David Wakhu (Kenya) 66 68 74 -4 Sihwan Kim (Korea Republic) 68 70 71 -3 Martin Leth Simonsen (Denmark) 70 68 72 Dale Whitnell (England) 70 67 73 -1 Jose-Filipe Lima (Portugal) 68 70 74 0 Daan Huizing (Netherlands) 68 70 75 Ross McGowan (England) 65 71 77 
(c) Copyright Opta Sports Data 2021. All Rights Reserved
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European Tour Kenya Savannah Classic Scores

* South African central bank holds rate as expected
* MSCI emerging market currency index slips to two-week low
* Developing world stocks hit lowest level so far in 2021 (Adds South Africa c.bank decision)
By Sagarika Jaisinghani
March 25 (Reuters) &#8211; South Africa&#8217;s rand pared early gains on Thursday after the central bank kept interest rates unchanged, while a stronger dollar put an index of emerging market currencies on track for its longest losing streak this year.
The rand was up 0.2% as the South African Reserve Bank (SARB) kept its key lending rate unchanged at 3.5%, as widely expected, with governor Lesetja Kganyago saying inflation was expected to be well contained in 2021.
The high-yielding currency, which has also come under pressure this month from rising U.S. bond yields, was up about 0.5% before the rate decision.
Focus turns to Mexico&#8217;s central bank policy outcome later in the day, with signs of quickening inflation raising expectations that the bank will hold interest rates. The Mexican peso was up about 0.3%.
Earlier, the Philippine central bank kept key interest rates steady, balancing the need to support an economy facing renewed challenges from fresh coronavirus curbs with concerns about rising inflation. The peso was flat.
The MSCI index of developing world currencies fell about 0.3% to a two-week low as expectations of stronger U.S. economic growth, rising U.S. bond yields and new COVID-19 lockdowns in Europe lifted the dollar.
&#8220;A stronger dollar will dampen demand for emerging markets commodities and make their dollar-denominated debt challenging to service, especially with rising longer-term interest rates,&#8221; said Hussein Sayed, chief market strategist at FXTM.
&#8220;So far, this risk seems insignificant but another sharp spike in yields and the dollar will increase the probability of a sovereign debt crisis in the EM world.&#8221;
The Turkish lira eased about 0.6%, barely budging after the central bank published its weekly data on foreign exchange reserves as it covered the week before the plunge in the currency caused by the shock ouster of the central bank chief.
The currency fell 7.5% on Monday after President Tayyip Erdogan replaced Naci Agbal with a critic of high interest rates, sparking fears of a reversal of rate hikes that had revived the currency amid Turkey&#8217;s depleted forex reserves.
The Russian rouble rebounded 0.8% after hitting its lowest so far this year on Wednesday on fears of new U.S. sanctions.
A basket of emerging market stocks slid to its lowest level this year, with Chinese and Hong Kong equities slipping as the U.S. securities regulator moved to impose measures that could de-list some Chinese firms from U.S. exchanges. For GRAPHIC on emerging market FX performance in 2021, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see https://tmsnrt.rs/2OusNdX

For TOP NEWS across emerging markets
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see
(Reporting by Sagarika Jaisinghani and Sruthi Shankar in Bengaluru; Editing by Kim Coghill and Emelia Sithole-Matarise)
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EMERGING MARKETS-EM FX on longest losing run this year, rand eases after c.bank decision

* Thai rates widen to $500-$518/tonne as drought worries loom
* Bangladesh approves purchase of 100,000 tonnes of rice
* More ships docking at Ho Chi Minh City &#8211; trader
* Indian rates stable at $398 to $403 per tonne
By Bharat Gautam
March 25 (Reuters) &#8211; Vietnam&#8217;s rice export prices hit a more than nine-year high this week as fresh orders trickled in, while rates for the Indian variety held near a one-month peak on healthy demand from buyers in other Asian countries and Africa.
Vietnam&#8217;s 5% broken rice &lt;RI-VNBKN5-P1&gt; prices rose to $515-$520 per tonne on Thursday, their highest since December 2011, from $510-$515 last week.
&#8220;Demand is picking up and we&#8217;re seeing more ships docking at Ho Chi Minh City port for rice loading,&#8221; said a trader, adding that: &#8220;prices are expected to stay high as global demand for the grain is still strong amid the coronavirus pandemic.&#8221;
Traders said on Wednesday the Vietnam Southern Food Corp had won a contract to export 50,000 tonnes of 5% broken rice to Bangladesh, which is traditionally the world&#8217;s third-biggest rice producer but has turned to imports after repeated floods.
A food ministry official in Bangladesh said the country had approved the purchase of 100,000 tonnes of rice, 50,000 tonnes each from India and Vietnam.
In top rice exporter India, prices for the 5% broken parboiled variety were unchanged at their highest since mid-February, at $398-$403 per tonne.
&#8220;Buyers have increased purchases for April and May shipments,&#8221; said an exporter based at Kakinada in the state of Andhra Pradesh.
Thailand&#8217;s benchmark 5% broken rice was offered at $500-$518 a tonne, versus $505-$513 last week.
Some traders attributed the price change to a fluctuation in the exchange rate. The baht has dipped 2.9% versus the U.S. dollar since the start of the month.
Others who quoted prices higher than last Thursday said export rates reflected a rise in domestic prices, which they attributed to tighter domestic supply concerns on anticipation of drought.
&#8220;There could be less supply this year, so stockpiling has pushed up domestic prices,&#8221; a trader said. (Reporting by Rajendra Jadhav in Mumbai, Khanh Vu in Hanoi, Patpicha Tanakasempipat in Bangkok and Ruma Paul in Dhaka; Editing by Subhranshu Sahu)
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ASIA RICE-Vietnam rates scale more than 9-year high on strong demand

JOHANNESBURG, March 25 (Reuters) – South Africa’s central bank left its repo rate unchanged at 3.5% in a unanimous decision on Thursday, saying that overall risks to the inflation outlook appeared to be balanced in the near and medium term.



The Reserve Bank (SARB) has now kept rates on hold at its last four meetings, resisting pressure to match rate hikes by other emerging market central banks.



The decision was in line with a Reuters poll last week, where all but one of the 25 economists polled expected unchanged rates.



South Africa’s consumer inflation rate slowed to 2.9% in February, a touch below consensus, its lowest in eight months and below the central bank’s target range of between 3% and 6%



Subdued price-growth has been largely due to weak economic activity, with Africa’s most advanced economy shrinking by a record 7% last year.



The bank said it sees gross domestic product of 3.8% in 2021, up from its January forecast of 3.6%, and inflation averaging 4.3%, up from January’s forecast of 4%.



Governor Lesetja Kganyago said the pace of economic recovery would depend on the rollout of COVID-19 vaccines and the appearance of a likely third wave of infections. He said lower inflation, seen below the mid-point its range, supported accommodative rates.



“The overall risks to the inflation outlook appear to be balanced. A more appreciated nominal exchange rate in recent months, and generally low pass-through, is expected to continue to moderate some inflationary pressure,” said Kganyago.



“Unless the risks outlined earlier materialise, inflation is expected to be well contained in 2021, before rising to around the midpoint of the inflation target range in 2022 and 2023.” 



(Reporting by Mfuneko Toyana Editing by Gareth Jones, Kirsten Donovan)

Closing Day Of The World Economic Forum (WEF) 2020

South African central bank holds repo rate at 3.5%

By Emma Farge
GENEVA, March 25 (Reuters) &#8211; African elephants living in forests and savannas are increasingly threatened with extinction, the Red List of species in trouble showed on Thursday, as conservationists called for an urgent end to poaching.
The new assessments by the International Union for Conservation of Nature underscore the persistent pressures faced by the two species of elephants in Africa due to poaching for ivory and human encroachment.
&#8220;We must urgently put an end to poaching and ensure that sufficient suitable habitat for both forest and savannah elephants is conserved,&#8221; said Bruno Oberle, IUCN Director General.
The Swiss-based body&#8217;s latest survey said the savanna elephant was &#8220;endangered&#8221; and the much smaller, lighter forest elephant was &#8220;critically endangered&#8221; &#8211; its highest category before extinction in the wild.
Previously IUCN had treated both elephants together which it considered as &#8220;vulnerable&#8221; but opted to separate them following genetic evidence that they are different species.
The IUCN cited data showing that the populations of Africa&#8217;s savanna elephants found in a variety of habitats had decreased by at least 60% over the last 50 years while the number of forest elephants found mostly in Central Africa had fallen by 86% over 31 years.
Combined, around 415,000 remain, it said.
Despite the overall decline, some populations of forest elephants were rebounding due to successful conservation measures such as those taken by Gabon and Republic of Congo. In Southern Africa&#8217;s Kavango–Zambezi Transfrontier Conservation Area, savanna elephant numbers were also stable or growing, IUCN said.
IUCN&#8217;s latest assessment &#8211; the first of three annual updates &#8211; assessed 134,425 species of plants, fungi and animals of which more than a quarter are threatened with extinction. (Reporting by Emma Farge; Editing by Nick Macfie)
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African elephants face growing risk of extinction – Red List

* European shares extend losses, down 0.8%
* Cineworld slumps on plans to raise debt ceiling
* Giant container ship stranded in Suez Canal
* U.S. stock futures turn negative
March 25 &#8211; Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com


DEFICITS AND THE DOLLAR (1252 GMT)
The United States has just posted its widest current account deficit since 2008, at 3.1% of GDP. The $1.9 trillion stimulus package (and talk of another $3 trillion in infrastructure spending) should further blow out its &#8220;twin&#8221; current account and budget deficits.
FX markets have been aflutter for months, betting the deficits will pummel the dollar. But instead such bets have taken a hit as the greenback has rallied 3% year-to-date.
Stephen Jen, CIO of the Eurizon SLJ fund and the proponent of the Dollar Smile thesis, is not surprised, however.
A reminder here of what the Dollar Smile theory is about. Suggested by Jen years ago when he was an economist at Morgan Stanley, it holds that whenever the U.S. economy outperforms or lags others, the dollar strengthens. Regardless of deficits or valuations.
But when the US economy runs with the rest of the world, the dollar becomes vulnerable. We wrote here https://www.reuters.com/article/us-usa-markets-dollar-idUSKBN2A517V on the subject recently.
If Jen&#8217;s theory is valid, the dollar could strengthen as the U.S. economy pulls ahead of others. And the current account gap? It simply doesn&#8217;t matter, Jen says, adding:
&#8220;The ratio of global stock of assets to GDP is now more than 10 times. A U.S. current account deficit of 5% of GDP would require merely 0.1% of global liquid assets to finance.&#8221;
Jen reminds us investors shrugged off U.S. deficits in the 1980s, when high Fed rates boosted the dollar so much, it led to the 1985 Plaza Accord where countries agreed measures to weaken the greenback.
And while deficits do matter for developing countries, they are less important for one which prints the world&#8217;s reserve currency, many argue.
Oliver Allen at Capital Economics says while positive risk appetite is a catalyst for dollar losses, the correlation has been overwhelmed by surging Treasury yields.
Yields have slipped this week but Allen points out that unlike other central banks in Japan and the eurozone, the Fed seems less inclined to act against higher yields.
(Sujata Rao)
*****


THE (PRICEY) COST OF THE SUEZ CANAL BLOCKAGE (1133 GMT)
A vessel almost as long as the Empire State Building is high is blocking traffic in one of the world&#8217;s busiest shipping channels for oil and other products, pushing down shares of top shipping companies.
AP Moller-Maersk stocks fell about 9.4%, while Hapag Lloyd shares dipped 16.5% this week as efforts to dislodge the 400 m (430 yard) long container vessel that has blocked The Suez Canal continued for a third day.
The incident is proving to be pricey for the industry, with Saxo Bank estimating that there’s almost $10 billion worth of daily marine traffic halted by The Ever Given vessel, owned by Japanese ship-owner Shoei Kisen.
Reports suggests it could even take weeks to free the waterway from the vessel that is now blocking transit in both directions through the busy shipping channel linking Asia and Europe.
ING says ship-owners will be forced to decide whether to wait out the clearing of the stuck vessel or to go around the Cape of Good Hope.
&#8220;The Suez Canal is a vital point for global trade, including energy markets,&#8221; they say citing that around 10% of global seaborne oil trade and around 8% of global LNG trade passes through the canal.
Despite the supply difficulties, oil prices are falling as a new round of coronavirus restrictions in Europe revived worries about demand.
But &#8220;clearly, the longer this disruption lasts the more likely we see refiners/buyers having to turn to the spot market to ensure supply from elsewhere,&#8221; ING says.

(Joice Alves)
******


WHEN COVID RESTRICTIONS SUPPORT HIGH YIELDS (1106 GMT)
The third wave of the pandemic is messing up also corporate credit, with investment grade suffering from more downgrades, while high yield bonds continue their positive momentum.
The high yield (HY) segment, “which is heavily exposed to the manufacturing cycle, is benefiting from the ongoing mini boom in the sector,” BofA analysts say, recalling that German PMI manufacturing hit a record high this month.
Besides, rating agencies may have rushed to excessively downgrade HY-rated firms last year, so the year-to-date upgrades could be driven by a &#8220;balancing act&#8221;, restoring the fair credit rating of some issuers, they add.
The HY segment which is now recording “its fastest start to an upgrade cycle ever,” is likely to continue its positive momentum in the next few months.
But investment grade (IG) debt owners, concerned by a new wave of downgrades triggered by new lockdowns, should keep calm, as the long-awaited European credit rating upgrade cycle “has not fully started yet.”
A meaningful acceleration in the vaccine rollout and the lifting of economic restrictions “will allow a broad and sustained wave of upgrades across all European credit markets.”
(Stefano Rebaudo)
*****



WHAT&#8217;S HOT (0929 GMT)
As spring kicked in with much of the Continent confined at home facing a third wave of COVID-19, the world is watching the speed at which people are getting a vaccine.
And as about 500 million doses of the vaccine have been given to people globally, Jefferies has revised its coverage to identify the European stocks with potential to surprise in the next fiscal year.
Bearing in mind that &#8220;the pace of vaccinations by region remains the single biggest determinant of the recovery trajectory,&#8221; Jefferies analysts say.
Earnings positive vibes could come from the following five names as the market has yet to price in a full earnings recovery on these Buy rated companies: ABI, BBVA, Jet2, SAP and Societe Generale. While positive dividend surprises could be seen in Centamin , Glencore and Travis Perkins.
Here is a list of Jefferies recommendations:
(Joice Alves)
*****

GOOD MORNING BROKEN CORRELATIONS! (0838 GMT)
European bourses have opened in the red in a session which is already loaded with contradictions, broken correlations and unusual patterns.
First and foremost, it&#8217;s worth noting that while the STOXX 600 is down about 0.2% in early trading, Wall Street futures are still trading in the black, 0.3% for the S&amp;P and 0.5% for the Nasdaq. It&#8217;s worth noting that S&amp;P 500 fell 0.5% ahead of close yesterday.
Second, while PMIs are one of the key indicators watched by equity strategists, it&#8217;s fair to say that yesterday&#8217;s good surprise had little positive effect.
Looking at oil prices, it&#8217;s another weird one with prices edging down despite the Suez Canal being blocked and disrupting part of the oil trade. Rising Covid cases might be weighing?
So quite counter intuitively, the oil and gas sector is the worst performing one, losing 1.3% at the moment.
Also while growth and tech stocks had been tracking U.S. Treasury yield, the correlation seems broken at the moment if you look at the Nasdaq which yesterday fell along borrowing costs.
There&#8217;s no spillover it seems from the overnight fall of Chinese tech shares due to concerns some may have to delist from U.S. markets.
Today in Europe, the tech sector is down 0.2%, which is just a tad lower than the broader market.
What seems to be the market focus today is how Europe deals with the third wave of the pandemic and whether a vaccine war with the UK can be averted.

(Julien Ponthus)
*****










COVID, MISSILES AND TANKER TAILBACKS (0816 GMT)
Plenty to chew over in what&#8217;s shaping up to be a busy session.
First to note is a sharp fall in dual-listed Chinese company shares after the U.S. securities regulator adopted measures that would kick foreign companies off American stock exchanges if they do not comply with U.S. auditing standards.
Another reason for markets to stay in risk-off mode perhaps was North Korea which launched two ballistic missiles into the sea near Japan. All that weighed on stocks earlier in Asia and now European stock futures are a tad softer.
But the session looks set to brighten up as U.S. equity futures point to a higher open for Wall Street.
They might seek some reassurance from the host of central bankers due to speak later in the day, including the ECB&#8217;s Christine Lagarde. The Swiss National Bank also meets and should keep interest rates at -0.75%, where it&#8217;s been for over six years. Central banks meet in South Africa and Mexico too.
Vaccine rollouts and supplies could be high on the agenda at an EU summit later on. The bloc on Wednesday tightened its oversight of coronavirus vaccine exports, giving it greater scope to block shipments to countries with higher inoculation rates such as Britain.
While German Chancellor Angela Merkel has made a U-turn over imposing a full 5-day lockdown over Easter, concerns about the euro area economy continue to pressure the euro, which is languishing near 4-month lows around $1.18.
Those worries also pulled crude prices more than 1% lower despite the oil tanker tailbacks caused by the stranded container ship in the Suez Canal. Key developments that should provide more direction to markets on Thursday: &#8211; ECB President Christine Lagarde, Bundesbank President Jens Weidmann, and Bank of England governor Andre Bailey, participate in a virtual central bank event hosted by BIS. &#8211; Sweden&#8217;s Ingves, Bank of Canada’s Macklem, ECB’s Weidman, ECB&#8217;s Villeroy de Galhau, New York Fed&#8217;s Williams also due to speak. &#8211; U.S. Treasury to auction 7-year bonds; 5-year bonds sold Wednesday with a sold bid (Full Story) &#8211; Italy to launch BTP short-term, a new government bond that will replace CTZ notes &#8211; Final iteration of US Q4 GDP

(Dhara Ranasinghe)
*****


ALONE IN THE RED (0641 GMT)
European futures are currently trading in the red at the same pace as their Wall Street peers are cruising in the black: that&#8217;s about 0.2% give or take.
Tension is building up ahead of the virtual summit at which EU&#8217; leaders will discuss new rules which would allow the bloc vaccine shipments to countries which are not sharing doses they produce.
The threat of a vaccine war adds up to concerns about Europe&#8217;s sluggish vaccination campaign and the new round of lockdowns implemented to keep the third wave of COVID-19 infection under control.
Among other factors weighing on the market today is the selloff in Chinese technology shares due to concerns they could be de-listed from U.S. bourses.
(Julien Ponthus)
*****
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LIVE MARKETS-Deficits and the dollar

LUSAKA, March 25 (Reuters) &#8211; Zambia and Uganda&#8217;s currencies are expected to weaken under the pressure of the U.S. dollar next week as Nigeria and Tanzania&#8217;s hold steady.

ZAMBIA
The kwacha will likely continue trading under pressure from the dollar next week due to continued high demand for hard currency and a diminished supply.
On Thursday, commercial banks quoted the currency of Africa second largest copper producer down at 22.0100 per dollar from 21.9800 at the close of business last Thursday.
&#8220;It still remains anchored on our high level of indebtedness and the need for imports, such as fuel and agriculture inputs,&#8221; independent financial analyst Maambo Hamaundu said.
Zambia&#8217;s debt includes around $3 billion in outstanding Eurobonds and another $3 billion owed to China and Chinese entities. Tensions between those two groups of creditors have so far stymied attempts to restructure Zambia&#8217;s debt.

UGANDA
The Ugandan shilling is seen mildly weakening next week because of demand pressure from merchandise importers.
At 0944GMT commercial banks quoted the shilling at 3,660/3,670, unchanged from last Thursday&#8217;s close.
&#8220;As usual, some merchandise importers are anticipated to be active on the buying side,&#8221; a trader at one commercial bank said in reference to end of month demand.
He said the local currency will likely oscillate between 3,660-3,685 against the dollar.
NIGERIA
The naira is seen unchanged next week after the central bank governor this week denied it was changing its currency regime to a flexible exchange rate rather than a pegged one.
The currency eased slightly to 486 per dollar on the black market on Thursday, from 485 naira a week ago.
It traded within a range of 407 to 410 naira on the spot market but remained flat on the official market backed by the central bank at 381 naira since last July.
Dollar shortages have plagued Nigeria as COVID-19 weakened oil prices. The central bank has maintained a currency regime that has created multiple quotes on the naira and deterred foreign investment.

TANZANIA
Tanzania&#8217;s shilling is expected to hold steady next week as traders delay taking positions while monitoring for possible policy changes from the new president Samia Suluhu Hassan.
On Thursday, commercial banks quoted the shilling at 2,314/2,324, the same levels recorded a week earlier.
&#8220;We are waiting to see if the new president will employ any policy changes that will strengthen the currency,&#8221; an FX trader in one of the commercial banks in Dar es Salaam said.
Hassan took over as president last Friday after the death of John Magufuli, urging the east African country to look forward with hope and confidence. (Reporting by Chris Mfula, Elias Biryabarema, Chijioke Ohuocha and Nuzulack Dausen; Compiled by Chris Mfula; Editing by Barbara Lewis)
(c) Copyright Thomson Reuters 2021. Click For Restrictions &#8211; https://agency.reuters.com/en/copyright.html
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WEEKAHEAD-AFRICA-FX-Zambia, Uganda currencies under pressure

LJUBLJANA, March 25 (Reuters) &#8211; Slovenia&#8217;s superb 1-0 victory over more heralded neighbours Croatia in World Cup qualifying showed they are more than just a nation of Alpine skiers, defender Petar Stojanovic said on Thursday.
The Slovenians outplayed the 2018 World Cup runners-up on Wednesday at the start of Group H qualifying for next year&#8217;s tournament in Qatar and Stojanovic, who plays his club football for Croatian champions Dinamo Zagreb, was delighted.
It was also Slovenia&#8217;s first win in 10 competitive and friendly games against Croatia, having suffered six defeats in the previous nine, offering some rare local bragging rights to a country more famed for producing skiers, such as double Olympic gold medallist Tina Maze.
&#8220;We&#8217;ve been told many times that we are just a skiing nation but we showed that we have a great national soccer team too,&#8221; the 25-year-old right back was quoted as saying by Croatia&#8217;s Index website (www.index.hr).
&#8220;It&#8217;s fantastic to start the qualifiers with a win against the previous World Cup&#8217;s runners-up and now we must keep up the good work.&#8221;
Slovenia, a nation of two million which gained independence from the former Yugoslavia in 1991, last qualified for the World Cup in 2010 in South Africa when they narrowly missed out on a place in the knockouts.
The victory over Croatia completed a memorable week for Stojanovic, who featured in Dinamo&#8217;s stunning 3-2 aggregate win over Tottenham Hotspur in their last-16 Europa League tie last Thursday.
Having stifled Tottenham&#8217;s forwards in the 3-0 return leg win, when Croatia winger Mislav Orsic bagged a hat-trick, Stojanovic brought his Dinamo team mate back down to earth on Wednesday with another superb display.
&#8220;Saying that I am delighted would be an understatement because winning a game for Slovenia is a special feeling and notably so against a team of Croatia&#8217;s quality,&#8221; he said.
&#8220;Hats off to (Croatia&#8217;s) Orsic and Ivan Perisic, they are outstanding players and I could not have contained them on my flank without my team mates&#8217; help. We always put our bodies on the line for each other.&#8221;
Slovenia next visit Russia on Saturday and Cyprus on Tuesday and Stojanovic stressed they needed to avoid the early jitters they had against the Croatians.
&#8220;The first thing the coach told us after the match is that we must not repeat the poor start to the game that we had against Croatia,&#8221; he said.
&#8220;It was a whole lot of respect for the Croatians, but we have a big heart and we fear no one.&#8221;
(Writing by Zoran Milosavljevic; Editing by Toby Davis)
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EMERGING MARKETS-Mexican peso strengthens as c.bank keeps rate on hold

PRECIOUS-Gold falls as yields tick up, dollar firms

W. Africa Crude-Angolan allocations slow to emerge

Europe Gasoline/Naphtha-Gasoline cracks soar above $7/bbl as crude weakens

‘Pricing out the poor’: Fears over COVID-19 vaccine access as Kenya lets in private sector

Med crude-Urals diffs stable ahead of Surgutneftegaz’s tender

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ARA gasoil stocks rise by 4% – Insights Global

PRECIOUS-Gold gains in tug-of-war between lower yields and firm dollar

European Tour Kenya Savannah Classic Scores

EMERGING MARKETS-EM FX on longest losing run this year, rand eases after c.bank decision

ASIA RICE-Vietnam rates scale more than 9-year high on strong demand

South African central bank holds repo rate at 3.5%

African elephants face growing risk of extinction – Red List

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