Currencies Market focus today will be firmly on the outcome of the MPC.
CommoditiesPGM’s are better bid; Benchmark crude oil contracts remain under pressure on rising supply concerns.
EquitiesTop40 -2.3%; European equities fell on Wednesday; Wall Street’s S&P 500 index moderated losses late in the trading day but still closed 0.3% lower in New York, solidifying its third consecutive day of falls; Equities fluctuated in Japan.
EconomicsSA retail sales growth disappoints in March; SA CPI surges in April due to low base effects and sharply higher transport costs.
05/19SACPI4.4%/4.3%/3.2%SA CPI surged to 4.4% y/y in April, from 3.2% in March, ahead of consensus of 4.3%.
05/19SARetail sales-2.5%/2.5%/2.2%Retail sales contracted by 2.5% y/y and 3.7% m/m in March, from 2.2% and 6.9% respectively previously.
05/20SASARB MPC–/3.5%/3.5%The repo rate is expected to remain unchanged.
05/21UKRetail Sales–/36.8%/7.2%Driven by a further reopening of the economy and increased household savings.

Nedbank CIB Market Commentary | | +27 11 537 4091

Source: Nedbank

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