
Currencies | The rand has largely maintained its recent gains despite demand for USD. |
Commodities | Gold is back above $1,900 per ounce while Brent crude oil has moved back above $69 per barrel. |
Equities | Chinese 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. |
Economics | Economic 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. |

Date | Region | Event | Actual/Expected/Prior | Implications |
05/28 | US | University of Michigan Sentiment | 82.9/83/82.8 | Confidence in both future and current economic conditions declined in May. |
05/28 | US | PCE Deflator | 3.6%/3.5%/2.4% | Increased to 3.6% y/y and by 0.7% m/m in April. |
05/28 | EZ | Economic Confidence | 114.5/112.3/110.5 | Increased confidence levels mainly driven by improved optimism in services. |
05/31 | SA | Trade Balance | –/37.5b/52.8b | The 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. |
06/01 | SA | Unemployment | –/33.4%/32.5% | Unemployment expected to increase to 33.4%. |
06/01 | SA | Absa Manufacturing PMI | –/55.5/56.2 | PMI expected to drop to 55.5 points in May. |
Nedbank CIB Market Commentary | CIBMarketComm@Nedbank.co.za | +27 11 537 4091
Source: Nedbank
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