Daily Market Commentary Flash Note - 30 September 2020

Currencies

The rand closes sub-17.0000.

Commodities

Oil extended its decline below $40 a barrel.

Equities

S&P futures slide from earlier highs after betting odds for Democrat Joe Biden to win the US election rise following the first debate.

Date

Region

Event

Actual/Expected/Prior

Implications

29/09

Unemployment

23.3%/34.9%/30.1%

Q2 unemployment rate fell to 23.3%.

30/09

CPI

–/3.1%/3.2%

Slowing inflation reflecting drop in oil prices over the year.

30/09

GDP

–/-20.4%/-20.4%

Reopening of the economy to push recovery.

02/10

CPI

–/0.3%/-0.4%

Cut in Germany’s VAT rate and low fuel prices.

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

Source: Nedbank

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Daily Market Commentary Flash Note – 30 September 2020