Daily Market Commentary Flash Note - 6 July 2020

Currencies

Rand recovers over the weekend, currently trading at 16.9500.

Commodities

Gold climbed as investors sought haven assets amid the rise in coronavirus cases.

Equities

Nigeria devalued the naira by 5.3%, which would normally see MTN/SHP sell off, but seems priced in.

Date

Region

Event

Actual/Expected/Prior

Implications

07/07

Consumer Confidence

–/-12/-9

Consumer confidence expected to drop even further to -12, reflecting the effects of the covid-19 pandemic.

07/09

Manufacturing Production

–/-46.6%/-5.4%

A decline of 46.6% expected on an annual basis due to the lockdown restrictions imposed.

07/09

PPI

–/0.1%/-0.1%

Core PPI expected to increase to 0.1%.

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

Source: Nedbank

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Daily Market Commentary Flash Note – 6 July 2020