Daily Market Commentary Flash Note – 2 July 2021

Currencies The rand loses ground and market focus shifts to US data.
CommoditiesBenchmark crude oil contracts are little changed while gold and platinum are having a decent start for the month of July.
EquitiesThe S&P 500 Index closed at an all-time high for a sixth consecutive day, as value and cyclical sectors recovered some strength following a rotation into tech and growth stocks in June.
DateRegionEventActual/Expected/PriorImplications
01/07SAAbsa manufacturing PMI57.4/56.0/57.8Manufacturing PMI came in slightly stronger than consensus.
01/07USInitial Jobless claims364k/388k/411kJobless claims came in lower than expected, however doesn’t really paint a positive picture since it is uncertain whether those who no longer claim are in fact now employed.

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

Source: Nedbank

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By | 2021-07-02T10:27:25+02:00 July 2nd, 2021|Markets and Research|0 Comments

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