Daily Market Commentary Flash Note

Currencies	The rand recovers into the close of the week; currently, it trades in the mid-14.40s.
Commodities	Benchmark crude oil prices retreated as OPEC+ agreed to increase supply into 2022; Gold traded close to $1,815 per ounce.
Equities	We should follow global markets lower as we take stock of the damage caused by our looters last week.
Economics	US Retail sales increased by 0.6% m/m in June, from -1.7%; In the Eurozone, CPI rose by 1.9% y/y in June, from 2.0%y/y in May; The BoJ left its policy rate unchanged at -0.1%.

Date	Region	Event	Actual/Expected/Prior	Implications
07/16	EZ	CPI	1.9%/1.9%/1.9%	CPI rose by 1.9% y/y in June, from 2.0%y/y in May
07/16	US	Retail Sales	0.6%/-0.3%/-1.7%	US Industrial production rose by 0.4% m/m in June, down from 0.7% m/m in May.
07/21	SA	CPI	–/4.8%/5.2%	Inflation expected to ease in June. Inflation in May was higher given the lower base in 2020 when fuel prices slumped.
07/22	SA	MPC	–/3.5%/3.5%	Rates expected to be on hold.
07/22	EZ	ECB Main Refinancing Rate	–/0.0%/0.0%	Rates expected to be on hold.