https://cib.nedbank.co.za/2021/07/daily-market-commentary-flash-note-2-august-2021/
Currencies The rand ended last week firmly on the back foot; although it has recovered from its worst levels, it remains vulnerable to further weakness.
CommoditiesBrent crude oil moved north of USD86 per barrel; Spot gold is hovering at USD1799 per ounce.
EquitiesAsian stocks fluctuated while US and European futures gained as traders weighed inflation risks, China’s outlook and upcoming earnings reports from big tech firms.
DateRegionEventActual/Expected/PriorImplications
10/26SALeading indicator–/–/122,0The leading indicator has previously, during the month of July, contracted by 2,5%, with nine of ten subcomponents posting contractions.
10/26USConsumer Confidence–/108,5/109,3High inflation weighing on consumer confidence.
10/28SAPPI–/7,3%/7,2%Inflation expected to tick up slightly to 7,3% in September; in August, inflation was driven by higher fuel prices and supply chain-related issues – these remain key issues.
10/28EZMain refinancing rate–/0,0%/0,0%Rates expected to remain unchanged.
10/29SATrade balance–/R35,3bn/R42,4bnTrade surplus expected to narrow in September.

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

Source: Nedbank

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