Daily Market Commentary Flash Note - 30 July 2020

Currencies

Rand loses ground as Fed warns of challenges.

Commodities

Oil held gains in Asia following the biggest drop in stockpiles this year.

Equities

Corporate earnings, company news and the FOMC shifted focus away from COVID-19 and geopolitical tensions.

Date

Region

Event

Actual/Expected/Prior

Implications

29/07

CPI

2.2%/2.2%/2.1%

Consumer inflation rose at the back of easing restrictions on household consumption of goods and services.

30/07

GDP

–/-35.0%/-5.0%

Economy expected to have slowed by 35%, attributed to slowing consumer spending and low trade levels.

31/07

GDP

–/-12.0%/-3.6%

Expected that the economy will contract by 12% at the back of covid-19 containment measures.

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

Source: Nedbank

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Daily Market Commentary Flash Note – 30 July 2020