Currencies The rand loses ground as the MPC leaves local rates unchanged.
CommoditiesBrent crude oil is marking a touch above $73.50; Gold remains above $1,800 per ounce.
EquitiesAsian markets have not followed their US counterparts higher as broad-based selling of defensives and cyclical names weigh on their markets. There has been a renewed push towards global tech, but regulatory headwinds in China are excluding Chinese tech from the rally.
EconomicsSA CPI rose by 4.9% y/y in June, down from 5.2% y/y in May.
07/22SASARB MPC3.5%/3.5%/3.5%SARB kept the repo rate unchanged at 3.5%.
07/22EZECB Main Refinancing Rate0.0%/0.0%/0.0%Main refinancing rate unchanged at 0.0%.

Nedbank CIB Market Commentary | | +27 11 537 4091

Source: Nedbank

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