Daily Market Commentary Flash Note February 17, 2021

Currencies	Rand loses ground as risk assets lose their appeal.
Commodities	Oil hovered near $60; Gold headed for a fourth decline.
Equities	Global markets have paused their recent rally as investors weigh up the move higher in US yields and what it means for risk assets.
Economics	Preliminary data showed that Eurozone GDP declined by 0.6%; Growth in Eurozone employment eased to 0.3%.

Date	Region	Event	Actual/Expected/Prior	Implications
16/02	EZ	GDP	-5.0%/-5.1%/-5.1%	Economy contracted by 0.6% in Q4.
16/02	EZ	Employment	0.3%/–/1%	Eased to 0.3% in Q4.
17/02	SA	CPI	–/3.3%/3.1%	Driven by a recovery in oil prices.
17/02	SA	Retail Sales	–/-2.3%/-4.0%	Reduced consumer spending over the festive season.