Currencies The new month opens with the rand trading at the recent lows.
CommoditiesPGM’s are higher; Benchmark crude oil prices are better bid.
EquitiesTop40 +0.7%; European equities dropped on Monday; Export data helped South Korean stocks to a modest gain.
EconomicsSA’s trade balance recorded a surplus of R51.2bn in April; SA private sector credit extension declined by 1.8% y/y in April.
05/31SAPrivate Sector Credit-1.76%/-0.8%/-1.52%SA private sector credit extension declined by 1.8% y/y in April, from -1.5% in March, worse than consensus estimates of -0.8%.
05/31SATrade Balance51.2b/37.5b/52.6bThe narrower surplus can be explained by a 4.6% (or R5.3 billion) decline in imports to R110.23 billion while exports declined by 3.9% (R6.6 billion) to R161.47 billion.
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 | | +27 11 537 4091

Source: Nedbank

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