|Currencies||The rand traded on the back foot as the USD recovers; top-side risk now towards the 16,000 level.|
|Commodities||Brent crude oil remains below USD79 per barrel; gold is higher.|
|Equities||Covid cases are driving up fast across Europe which will add to the volatility into the last week of November. Mixed markets in Asia provide no real read-through, all eyes in SA on NPN/PRX numbers that have just hit the tapes.|
|11/23||EZ||Manufacturing PMI||–/57,3/58,3||Manufacturing PMI is expected to ease in November, given higher energy prices, supply chain issues, and rising COVID-19 infections.|
|11/24||US||PCE Deflator||–/5,1%/4,4%||The PCE deflator is expected to accelerate by 5,1% yoy after accelerating by 4,4% previously.|
|11/25||SA||PPI||–/8,0%/7,8%||Driven by higher fuel prices and supply chain bottlenecks.|
Nedbank CIB Market Commentary | CIBMarketComm@Nedbank.co.za | +27 11 537 4091
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