CurrenciesThe rand traded on the back foot as the USD recovers; top-side risk now towards the 16,000 level.
CommoditiesBrent crude oil remains below USD79 per barrel; gold is higher.
EquitiesCovid 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.
11/23EZManufacturing PMI–/57,3/58,3Manufacturing PMI is expected to ease in November, given higher energy prices, supply chain issues, and rising COVID-19 infections.
11/24USPCE Deflator –/5,1%/4,4%The PCE deflator is expected to accelerate by 5,1% yoy after accelerating by 4,4% previously.
11/25SAPPI –/8,0%/7,8%Driven by higher fuel prices and supply chain bottlenecks.

Nedbank CIB Market Commentary | | +27 11 537 4091

Source: Nedbank

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