Daily Market Commentary: 31 July 2019

·       SAGB curve maintains steepening bias as fiscal woes fester after the Eskom results announcement

·       All eyes on the outcome of the FOMC tonight

·       Oil extended its longest rally in three weeks as lingering Iran tensions stoke concerns over the stability of Middle East energy flows, while U.S. crude stockpiles continue to tighten

·       Global stocks are on the backfoot as a mix of bad earnings, poor macro data and Trump comments on China keep investors on the sidelines into the FED minutes

·       SA unemployment rate worsens, fiscal woes persist as revenue collection slows

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