Daily Market Commentary Flash Note – 30 April 2021

Currencies The rand again fails to extend or consolidate its gains.
CommoditiesBrent crude oil remains above $68 per barrel whilst Copper breached $10,000 per metric ton for the first time since 2011.
EquitiesUS markets end a choppy session higher, with the S&P 500 closing at a record high, boosted by solid earnings from Facebook.
DateRegionEventActual/Expected/PriorImplications
29/04SAPPI YoY5,2%/ 4,5%/ 4%Main upside drivers of PPI in March were food and beverages, metal and machinery and petroleum and chemical prices. Higher Producer input costs will feed through to consumer prices in coming months resulting in higher inflation rates around mid-year and year end.
30/04SATrade Balance Rand-/ 26.0b/ 29.0bSA’s trade balance likely to post a surplus in March, driven by exports.
29/04USAInitial jobless claims553k/ 539k/ 547kJobless claims came in above initial estimates. However, the claims do not equate to unique individuals as backlogs and improper payments are also behind both the elevated level and week to week volatility.
29/04USAGDP annualised Q0Q6,4%/ 6,7%/ 4,3%GDP came in broadly in line with BBG forecasts.
29/04USAPending home sales MoM1,9%/ 4,4%/-10,6%Lak of available properties is keeping some buyers side-lined even though demand for homes remains strong.
03/05SAABSA Manufacturing PMI-/-/ 57,4Low restrictions and Covid-19 cases to improve manufacturing output.

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

Source: Nedbank

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By | 2021-04-30T09:40:49+02:00 April 30th, 2021|Markets and Research|0 Comments

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