Daily Market Commentary – 1 July

·       Month-end flows cause significant flattening of the SAGB yield curve, long-end yields lower

·       Markets trade positively on good news from the G20

·       Oil jumped to a five-week high after Saudi and Russia signalled their support for an extension of OPEC+ output cuts and a U.S.-China agreement to restart trade talks improved the demand outlook

·       Our local bourse remained range bound as investors squared off before quarter end and the G20 meeting between the US and China

·       SA trade and budget balances post positive surprise in May; US PCE eases, Eurozone inflation remains unchanged

If you are looking for more relevant market commentary, have a look at our other Markets and Research.