Fixed IncomeWe start the week off with risk-off sentiment dominating in Asia, and SAGB yields likely to drift higher as a result.
CurrenciesThe rand on the back foot as risk trades weaker.
EquitiesGlobal markets trade higher on better-than-expected economic date and hopes of more stimulus in the US.

Manufacturing PMI


PMI weighed down by weak business activity and new sales orders.
12/01SAManufacturing production–/-1.7%/-3.4%Output is expected to remain weak, as indicated by the PMI.
13/01SARetail sales–/-2.3%/-1.8%Consumer spending is still impacted by the pandemic, limiting retail spending.
13/01USCPI–/1.3%/1.2%Inflation will remain subdued due to lack of demand pull inflation, core remains low.
15/01UKManufacturing production–/-4.8%/-7.1%Output weak, driven by lockdown restrictions and pandemic.
15/01USRetail sales–/0%/-1.1%Consumer spending limited by the pandemic and low confidence.

Nedbank CIB Market Commentary | | +27 11 537 4091

Source: Nedbank

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