https://cib.nedbank.co.za/2021/07/daily-market-commentary-flash-note-2-august-2021/
CurrenciesThe rand trades on the back foot as broad-based USD buying triggers stop losses and the USD posts gains across the board.
CommoditiesBenchmark crude oil prices retreated overnight on increased US stockpiles.
EquitiesThe S&P 500 fell by the most since 4 October after a hotter-than- expected October CPI reading raised concerns that higher inflation could dampen consumer demand and affect the Federal Reserve’s timeline to taper asset purchases.
EconomicsUS CPI accelerated by 6,2% yoy in October, driven by higher energy and vehicle prices.
11/10USCPI6,2%/5,9%/5,4%
Higher energy prices coupled with supply chain- related constraints.
11/11SAManufacturing production–/-1,3%/1,8%Growth in manufacturing production is expected to ease to 1,2% m/m in September and contract by -1,3% yoy, as indicated by the manufacturing PMI.
12/11EZIndustrial production–/4,1%/5,1%Supply chain bottlenecks driving down vehicle manufacturing.

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

Source: Nedbank

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