Daily Market Commentary Flash Note – 29 June 2021

Currencies The rand trades on the back foot as local factors weigh on the currency.
CommoditiesBrent crude oil has fallen back below $74,50 per barrel; Gold is marking a touch above $1,775 per ounce.
EquitiesUS banks rush to increase dividends and introduce new buybacks after the success of the latest stress tests, which along with Facebook’s success against the FTC lawsuit, sees markets at new highs.
DateRegionEventActual/Expected/PriorImplications
28/06SABER Consumer Confidence-13/–/-9.0Consumer confidence dropped to -13 in 2Q21 due to a deterioration in the economic outlook (dropped to -14 from -5) and time to by durable goods (dropped to -36 from -32) sub-indices.
29/06JNJobless Rate3.0%/2.9%/2.8%The jobless rate accelerated to 3% in May as less people search for jobs given the extended state of emergency; the increase in unemployment can also be explained by the increase in people giving up their jobs on a voluntary basis.
01/07SAAbsa Manufacturing PMI–/56.0/57.8Adverse effects from load shedding might weigh on the index.

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

Source: Nedbank

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By | 2021-06-29T10:21:27+02:00 June 29th, 2021|Markets and Research|0 Comments

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