Daily Market Commentary Flash Note January 11, 2021

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

Date	Region	Event	Actual/Expected/Prior	Implications
08/01	SA	Manufacturing PMI	50.3/52.6/–	PMI weighed down by weak business activity and new sales orders.
12/01	SA	Manufacturing production	–/-1.7%/-3.4%	Output is expected to remain weak, as indicated by the PMI.
13/01	SA	Retail sales	–/-2.3%/-1.8%	Consumer spending is still impacted by the pandemic, limiting retail spending.
13/01	US	CPI	–/1.3%/1.2%	Inflation will remain subdued due to lack of demand pull inflation, core remains low.
15/01	UK	Manufacturing production	–/-4.8%/-7.1%	Output weak, driven by lockdown restrictions and pandemic.
15/01	US	Retail sales	–/0%/-1.1%	Consumer spending limited by the pandemic and low confidence.