South Africa
The JSE all-share index closing the day at 68 156 from its opening price of 68 587.
On Thursday the South African equity markets saw Workforce Holdings Ltd. (WKF) being the biggest loser of the day with a -13.33% loss moving from R1.50 to close the day at R1.30, whilst AYO Technology Solutions Ltd. (AYO) saw a 116.33% gain moving from R3.00 to R6.49, making it the biggest winner in the equity market.
The Rand regained some ground against the US Dollar on Thursday, moving from R15.25 to R15.22
USDZAR – dipped early on Friday on elections results, after a volatile week during which it swung back and forth on domestic politics and US monetary policy. – ANC took 46% of the vote, its worst result since taking power at the end of white minority rule in 1994
Commodities
Gold moved from 1 769.84 USD/oz to close on 1 792.82 USD/oz.
Platinum closed Thursday at 1 028.82 USD/oz from its opening price of 1 032.53 USD/oz
Copper closed on 9 699.00 USD/t from its opening price of 9 648.50 USD/t
Brent Crude took a knock moving from 81.99 USD to close on 80.54 USD
Global Markets
Yields have backed up with the 10-year Treasury yield at 1.53%, but bonds across the Asia-Pacific region still caught up with yesterday’s rally, and the JGB rate is down -1.1 bp at 0.06.
Equities were mostly firmer Thursday as well, with the USA100, USA500, GER30, and CAC40 all at record highs. – The equity rally started to stall today. Hang Seng and CSI 300 are currently down -1.2 and -0.3% respectively, JPN225 has lost -0.7%.
China’s rising Covid-19 case numbers and problems in the country’s property sector remained in focus as developer Kaisa Group Holdings Ltd. and its Hong Kong listed units were suspended from trading.
The RBA’s quarterly policy statement with updated projections sounded upbeat on the recovery, but cautious on wage growth, which backs official assertions that rates won’t rise for a long time to come.
USOil down at $78 lows after dropping sharply yesterday in the wake of the OPEC+ agreement to stick with the gradual 400K barrels a day increase in production, which boosted speculation that countries will tap their strategic reserves to keep a lid on prices.
Today – The focus turns to the October employment report, where we expect non-farm payrolls to rise 380k versus the 194k in September. Hourly earnings should rise 0.4% after jumping 0.6% previously, while the average work week is seen dipping slightly to 34.7 from 34.8. The unemployment rate is pencilled in at an unchanged 4.8%. September consumer credit is due late in the session.
– Hotforex Market Analyst, Andria Pichidi
Things to watch today
Vice-President of the European Central Bank Luis De Guindos Speaks, France Non-Farm Payrolls QoQ, U.S. Nonfarm Payrolls, U.S. Unemployment Rate, Canada Employment Change, Canada Ivey Purchasing Managers Index (PMI)
Earnings
Reports are due from Berkshire Hathaway, Toyota, Enbridge, Dominion Energy, Johnson Controls, Honda, Sempra, TELUS, Magna International, Ventas, and DraftKings. Next week the refunding auctions are on tap with $120 bln in 3-, 10-, and 30-year paper for sale.
Disclaimer
All prices captured are taking from the previous business day. The material is provided for a general information purpose and does not constitute independent investment research. Nothing in this market wrap contains, or should be considered as containing investment advice or an investment recommendation, or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance.
