Daily Market Commentary Flash Note – 31 May 2021

Currencies The rand has largely maintained its recent gains despite demand for USD.
CommoditiesGold is back above $1,900 per ounce while Brent crude oil has moved back above $69 per barrel.
EquitiesChinese macro data shows that the world’s post-pandemic recovery is on track albeit at a slower pace than equity investors would have hoped for, so stocks are losing momentum into month-end.
EconomicsEconomic confidence in the Eurozone improved; In the US, the PCE deflator increased to 3.6% y/y while sentiment dropped; The SA monthly budget deficit widens in April.
DateRegionEventActual/Expected/PriorImplications
05/28USUniversity of Michigan Sentiment82.9/83/82.8Confidence in both future and current economic conditions declined in May.
05/28USPCE Deflator3.6%/3.5%/2.4%Increased to 3.6% y/y and by 0.7% m/m in April.
05/28EZEconomic Confidence114.5/112.3/110.5Increased confidence levels mainly driven by improved optimism in services.
05/31SATrade Balance–/37.5b/52.8bThe trade surplus is expected to ease in April given typical reductions in trade activity associated with public holidays during the month; this effect should be offset by the impact of higher commodity prices and increased demand.
06/01SAUnemployment–/33.4%/32.5%Unemployment expected to increase to 33.4%.
06/01SAAbsa Manufacturing PMI–/55.5/56.2PMI expected to drop to 55.5 points in May.

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

Source: Nedbank

If you are looking for other relevant market commentary, you might find Markets and Research relevant as well.

By | 2021-06-07T11:36:09+02:00 May 31st, 2021|Markets and Research|0 Comments

Leave A Comment