https://cib.nedbank.co.za/2021/07/daily-market-commentary-flash-note-2-august-2021/
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.
CommoditiesOil prices are heading for a monthly gain; gold edged higher.
EquitiesAsian 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.
10/29SATrade balance–/R35,3bn/R42,4bnTrade surplus expected to narrow in September.
10/29SAPrivate sector credit extension–/2,1%/1,2%Credit demand remains weak, particularly among corporates.
10/29EZCPI and GDPCPI expected to rise to 3,7% yoy in October, while growth will likely slow marginally in 3Q.
10/29SABudget and trade balancesSA’s trade surplus is expected to narrow in September due to lower exports, while the budget deficit may narrow on better revenue.
10/29USPCE 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.

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

Source: Nedbank

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