Daily Market Commentary Flash Note 8 June 2020

Fixed Income

Sharply steeper SAGB yield curve in thin liquidity, driven by swap payers in the long-end

Currencies

The rand holds steady around 16.8000

Commodities

Oil climbed following a sixth weekly increase after OPEC and its allies agreed to extend production curbs

Equities

MSCI EM had its best week since 2011; positive sentiment is poised to continue as global economies recover

 

Date Region Event Actual/Expected/Prior Implications
09/06 EZ GDP –/-3.8%/-3.8% Negative growth expected due to activity disruptions caused by lockdown restrictions
10/06 US

CPI

–/0.3%/0.3%

Further disinflation expected on account of the Covid-19 outbreak, but to a lesser extent then in April

11/06 SA Manufacturing Production –/-52.5%/-2.1%

April manufacturing production expected to have dropped 52.2% on a monthly basis at the back of lockdown restrictions imposed

11/06 US PPI

–/-1.3%/-1.2%

Core producer prices remain under pressure, the recovery in oil prices during the month of May will limit the decline in the headline

12/06 EZ

Industrial production

–/-28.3%/-12.9%

Sharp decline expected in industrial production, resultant from lockdown restrictions imposed

12/06 UK GDP

–/-10.1%/0.1%

Expected to drop by 17% on the month, due to effects of the coronavirus pandemic

12/06

UK

Industrial Production

–/-19.3%/-8.2%

Industrial production expected to have slowed to -19.3% on an annual basis due to the covid-19 pandemic

12/06 UK

Manufacturing Production

–/-19.9%/-9.7%

Expected to have slowed to 19.9% on an annual basis

Nedbank CIB Market Commentary | CIBMarketComm@Nedbank.co.za | +27 11 537 4091

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Source: Nedbank

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By | 2020-06-22T10:02:42+02:00 June 8th, 2020|Markets and Research|0 Comments

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