Daily Market Commentary Flash Note - 10 November 2020

Currencies

The rand savours a bullish risk environment.

Commodities

Spot gold was down 4.8%; Oil surged about 8% on Monday.

Equities

Global markets trade higher on Pfizer’s COVID-19 vaccine, despite the US Senate signalling a smaller-than-expected stimulus package.

Date	Region	Event	Actual/Expected/Prior	Implications

10/11

Manufacturing production

–/-7.7%/-10.8%

Expected to drop by 7.7% y/y.

12/11

CPI

–/1.3%/1.4%

Expected to increase by 1.3% y/y at the back of lower gasoline retail prices.

12/11

GDP

–/15.7%/-19.8%

Economy is expected to grow by 15.7% in Q3.

12/11

Industrial production

–/0.7%/0.7%

Industrial production expected to increase by 0.7% driven by a rebound in Germany.

12/11

Unemployment

–/31%/23.3%

Unemployment expected to rise to 31% in Q3.

13/11

PPI

–/0.2%/0.4%

Deceleration expected in October due to depressed service prices.

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

Source: Nedbank

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Daily Market Commentary Flash Note – 10 November 2020