Daily Market Commentary Flash Note

Currencies	The rand was again largely on the back foot yesterday before a minor recovery into the close; it is likely to remain cautious heading into the close of the week.
Commodities	Oil prices are heading for a monthly gain; gold edged higher.
Equities	Asian equities headed for their third day of declines as disappointing results weighed on big-tech stocks and financials fell as bond yield curves continued to flatten.
Economics	SA producer price inflation accelerated by 7,8% yoy in September; the ECB kept its main refinancing rate unchanged at 0,0%; US GDP growth slowed to 2,0% in 3Q21.

10/29	SA	Trade balance	–/R35,3bn/R42,4bn	Trade surplus expected to narrow in September.
10/29	SA	Private sector credit extension	–/2,1%/1,2%	Credit demand remains weak, particularly among corporates.
10/29	EZ	CPI and GDP	—	CPI expected to rise to 3,7% yoy in October, while growth will likely slow marginally in 3Q.
10/29	SA	Budget and trade balances	—	SA’s trade surplus is expected to narrow in September due to lower exports, while the budget deficit may narrow on better revenue.
10/29	US	PCE deflator	–/4,4%/4,3%	Inflationary pressures in the US remain elevated and are expected to rise further as a result of higher fuel costs.