Daily Market Commentary Flash Note – 2 February 2021

CurrenciesThe rand holds steady around the 15.0000 level.
Commodities Oil settled after jumping the most in three weeks; Gold little changed.
EquitiesTop40 +0.62%. US tech names bounced off recent lows, NPN +1.5% and PRX well bid throughout the day, with Tencent’s share price the main driver as the company continues to attract Chinese retail investor buying.
EconomicsManufacturing PMI surprises to the upside in January 2021.
DateRegionEventActual/Expected/PriorImplications
01/02SAABSA Manufacturing PMI50.9/50.0/50.3Rose in January driven by a small rise in new sales orders.
01/02SANaamsa Vehicle Sales-13.9%/-9%/-10.1%New vehicle sales fell by 13.9% to 34784 units in January.
01/02USISM Manufacturing PMI58.7/60.0/60.7Edged lower to 58.7.
02/02EZGDP–/-5.3%/-4.3%Contraction in growth expected in the fourth quarter at the back of covid-19 restrictions.
04/02UKBOE Bank Rate–/0.1%/0.1%No change expected.
05/02USUnemployment–/6.7%/6.7%Unemployment forecast at 6.7%.

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

Source: Nedbank

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By | 2021-03-23T23:14:48+02:00 February 2nd, 2021|Markets and Research|0 Comments

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