Daily Market Commentary Flash Note – 10 February 2021

CurrenciesThe rand posts gains as the USD remains on the back foot.
Commodities Oil was steady after the longest run of gains; Gold prices edged up.
EquitiesThe SA market relinquished its initial gains but still managed to close marginally higher.
EconomicsJapanese labour cash earnings dropped by -3.2% y/y in December; The NFIB Small Business Optimism index dropped to 95 points.
DateRegionEventActual/Expected/PriorImplications
02/10SASACCI Business confidenceLikely to remain below average due to tighter lockdown restrictions and load-shedding impacting on manufacturing.
02/10USCPI–/1.5%/1.4%Due to higher fuel prices.
02/11SAMining Production–/-5.2%/-11.6%Stricter lockdown restrictions in export countries could hamper on production. Electricity supply constraints.
02/11SAManufacturing production–/-1.0%/-3.5%Effects of the pandemic continue to weigh down on industries. Electricity supply constraints.
02/12UKGDP–/0.5%/16%GDP rose 0.6% in October and dropped by 2.6% in November; December will be impacted by the tightening of restrictions towards the later part of the month.

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

Source: Nedbank

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By | 2021-02-10T08:38:43+02:00 February 10th, 2021|Markets and Research|0 Comments

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