Daily Market Commentary Flash Note – 27 May 2021

Currencies The rand extends its gains to reach levels last seen in 2019.
CommoditiesBrent crude oil has dipped below $68.50 per barrel; Gold has fallen back below $1,900 per ounce.
EquitiesNearly all major industry groups in the S&P 500 pushed higher, while the Nasdaq rallied past its 50-day moving average thanks to a rebound in Apple +2.1%, Tesla +4.1% and Microsoft +1.4%.
DateRegionEventActual/Expected/PriorImplications
05/27SAPPI–/6.7%/5.2%High y/y price movements due to the low base in 2020; during April, inflation will be driven by higher oil and transport costs.
05/28SAMonthly Budget Balance–/-55.0b/-29.8bThe monthly budget deficit is expected to widen in April, given that revenue collection in April is typically weaker.

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

Source: Nedbank

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By | 2021-06-07T11:20:59+02:00 May 27th, 2021|Markets and Research|0 Comments

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