Daily Market Commentary Flash Note – 28 August 2020

Currencies Rand recovers some losses after a tumultuous session.
Commodities

Gold headed for a third weekly drop; Oil edged lower after Hurricane Laura swept through Louisiana and Texas.

Equities

European markets end the session lower, while the US Federal Reserve’s new inflation stance boosts the Dow and S&P 500.

 

Date Region Event Actual/Expected/Prior Implications
27/08 SA SA PPI MoM

1,2%/ 0,8%/ 0,5%

Producer inflation came in higher than expected as the demand starts to pick up as a result of lockdown restriction easing.

27/08

US Pending Home Sales MoM 5,8%/ 2,0% /15,8% U.S. pending home sales rose in July by more than forecast to the highest level since 2005, signalling the housing market’s sharp recovery will continue with borrowing costs to stay low for the foreseeable future.

27/08

US Continuing Jobless Claims 14535k/ 14400k/ 14758k Jobless benefit claims higher than expected however still indicating the labour market’s gradual recovery is back on track as Covid-19 infections ease from a surge in the prior two months.

01/09

SA ABSA Manufacturing PMI -/ 51,3/ 51,2 PMI expected to improve as the economy opens up following lockdown restrictions easing.

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

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Source: Nedbank

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By | 2020-08-28T09:40:53+02:00 August 28th, 2020|Markets and Research|0 Comments

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