Daily Market Commentary Flash Note – 11 November 2020

Currencies

The rand consolidates around the 15.5000 level.

Commodities

Oil extended gains toward $42 a barrel; Gold advanced for a second day.

Equities

Lockdown winners were sold off again as the rotation into SA Inc. continued.

Economics Manufacturing output set to emerge from multi-quarter contraction.

 

Date Region Event Actual/Expected/Prior Implications

10/11

SA

Manufacturing production

-2.8%/-7.7%/-11.1%

Manufacturing output contracted by 2.6% y/y in September, better than consensus of -7.7%.

12/11

US CPI

–/1.3%/1.4%

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

12/11

UK GDP

–/15.7%/-19.8%

Economy is expected to grow by 15.7% in Q3.

12/11

EZ Industrial production

–/0.7%/0.7%

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

12/11

SA Unemployment

–/31%/23.3%

Unemployment expected to rise to 31% in Q3.

13/11

US 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

8010C048-E36A-452A-ADFB-1FF12E0EC18A

Source: Nedbank

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By | 2020-11-11T09:15:17+02:00 November 11th, 2020|Markets and Research|0 Comments

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