Daily Market Commentary Flash Note 26 Apr 2021

Fixed Income	UST yields continue to trade in a narrow range with the 10yr currently yielding 1,572%; SAGBs likely to be impacted by higher volatility levels this week.
Currencies	Rand remained resilient into the week’s close.
Commodities	Oil below $62/bbl. as Indian Covid-19 resurgence worsens.
Equities	Top40 +0.48%, market rebounds from session lows with demand in property +2.5% and industrial metals +1.5% ongoing.

Date	Region	Event	Actual/Expected/Prior	Implications
27/04	US	Consumer confidence	–/112/109.7	Consumer sentiment will be lifted as a result of the stimulus being provided to households, as well as the improvement in economic activity in the US.
27/04	JN	BoJ policy rate	–/-0.1%/-0.1%	No change expected as the BoJ remains accommodative.
28/04	US	FOMC rate decision	–/0.25%/0.25%	Fed to keep rate steady and signal continued support to the economy.
29/04	US	GDP – Q1	–/6.9%/4.3%	Growth to be boosted by better demand in Q1.
30/04	EZ	GDP – Q1	–/-0.8%/-0.7%	Lockdown restrictions in the 2^nd wave of the pandemic will likely keep growth muted in Q1.
30/04	SA	Various	—	SA’s trade balance likely to post a surplus in March, driven by exports, while the monthly budget balance may produce a deficit of around R50bn in March, as per the preliminary data.