Daily Market Commentary Flash Note – 2 June 2021

Currencies The rand relinquishes its gains as local unemployment data disappoints.
CommoditiesGold and PGM’s better offered while benchmark crude oil prices are better bid.
EquitiesJapanese stocks led modest regional gains, while Hong Kong and China slipped.
EconomicsSA unemployment rate remains elevated in Q1; SA manufacturing PMI surprises to the upside in May.
DateRegionEventActual/Expected/PriorImplications
06/01SAUnemployment32.6%/33.5%/32.5%The unemployment rate rose to 32.6% in 1Q21, from 32.5% in 4Q20, better than consensus forecast of 33.5%.
06/01SAAbsa Manufacturing PMI57.8/55.5/56.2The SA manufacturing PMI rose to 57.8 points in May, from 56.2 in April, better than consensus forecasts of 55.5.
06/01USMarkit Manufacturing PMI62.1/61.5/61.5Supported by stronger output and new orders.
06/01UKMarkit Manufacturing PMI65.6/66.1/66.1Stronger output growth and new orders as well as improved labour conditions.
06/01EZMarkit Manufacturing PMI63.1/62.8/62.8Improved output growth and new orders.

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

Source: Nedbank

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By | 2021-06-07T11:36:47+02:00 June 2nd, 2021|Markets and Research|0 Comments

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