Daily Market Commentary Flash Note – 28 May 2021

Currencies After posting initial gains, the rand trades marginally on the back foot.
CommoditiesBrent crude oil moved back above $69,50.
EquitiesOur market saw domestics squeeze hard yesterday on the back of earnings from MRP and PPH, with a few odd moves given the MSCI rebalance flows; We expect a slow start, calling flat to +0.25%.
EconomicsThe US GDP Second estimate for the first quarter of 2021 was unchanged at 6.4% y/y; SA PPI rose to 6.7% y/y in April, from 5.2% previously.
DateRegionEventActual/Expected/PriorImplications
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 | 2021-05-28T09:18:24+02:00 May 28th, 2021|Markets and Research|0 Comments

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