Daily Market Commentary Flash Note – 3 August 2021

https://cib.nedbank.co.za/2021/07/daily-market-commentary-flash-note-2-august-2021/
Currencies The rand posts steady gains despite disappointing local data.
CommoditiesGold remains above $1,810 per ounce while PGM’s are mixed with platinum marking a touch above $2,680 per ounce.
EquitiesAsian stocks fell, dragged down by a plunge in heavyweight Tencent Holdings and concerns that the Delta variant of the virus will dim global growth prospects.
DateRegionEventActual/Expected/PriorImplications
02/08SAAbsa Manufacturing PMI43.5/ 54/ 57.4PMI plunged in July, in stark contrast to consensus expectations. This suggests that the manufacturing industry would have started the third quarter off on a very negative footing, with a combination of load shedding, social unrest, port and logistical delays, and the limitations provided by the third wave of Covid infections in July proving too much of a brunt to bear for the industry.
02/08SANaamsa vehicle sales YoY1.7%/10,5%/20.2%Naamsa vehicle sales YoY came in materially lower than consensus. Lockdown restrictions and social unrest added to the poor sales results.
02/08USAISM Employment51.7/ 51.4/ 49.9ISM employment came roughly in-line with consensus.
05/08SAGross reserves-/ 54.60b/ 54.47bGross reserves consensus at $54.60b.
05/08SAInitial jobless claims-/ 384k/ 400kJobless claims expected to decline from previous levels.

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

Source: Nedbank

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By | 2021-08-04T08:54:06+02:00 August 3rd, 2021|Markets and Research|0 Comments

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