Currencies The rand continues to trade within limited ranges and currently holds steady in the 14.70s.
CommoditiesBenchmark crude oil prices are stronger; Gold has risen.
EquitiesChinese regulators scrambled to ease concerns on future US IPOs, which sees Chinese tech rebounding +7%; The Fed has started discussing tapering, but it still seems like an end-of-2022 discussion; Mixed results from Alphabet and Facebook see US futures slightly lower in Asian trade.
EconomicsUS fed kept interest rates unchanged at the upper bound of 0.25% in July.
28/07USFOMC Meeting0.25%/0.25%/0.25%Rates unchanged.
29/07USGDP (1st print)–/8.5%/6.4%Better business and consumer confidence will boost growth.
29/07SAPPI–/7.3%/7.4%PPI expected to slow in June.

Nedbank CIB Market Commentary | | +27 11 537 4091

Source: Nedbank

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