Daily Market Commentary Flash Note January 12, 2021

Fixed Income	Yields marginally higher across the curve, in line with a weaker ZAR as risk-off dampens sentiment towards EM assets.
Currencies	The rand breaches above 15.5000, opening move to 16.0000.
Commodities	Oil prices slipped as investors remained concerned about climbing coronavirus.
Equities	Surging coronavirus cases across Europe weigh on markets, with evidence of profit taking following last week’s record closes in the US.

Date	Region	Event	Actual/Expected/Prior	Implications
12/01	SA	Manufacturing production	–/-2.2%/-3.4%	Output is expected to remain weak, as indicated by the PMI.
13/01	SA	Retail sales	–/-2.6%/-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.