Friday 08 October 2021 iDaily Market Wrap | US Nonfarm Payrolls expected Today

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South Africa
The JSE all-share index closing the day at 65 158 from its opening price of 64 301.

On Thursday the South African equity markets saw Rex Trueform Group Ltd. (RTO) being the biggest loser of the day with a -25.85% loss moving from R13.50 to close the day at R10.01, whilst Calgro M3 Holdings Ltd. (CGR) saw a 42.46% gain moving from R2.52 to R3.59, making it the biggest winner in the equity market.

The Rand continued on its recovery trajectory against the US Dollar on Thursday, moving from R14.97 to R14.96.

Commodities
Commodities continued with their mixed reaction on Thursday with some of our listed commodities closing lower than their opening prices while others showed strong signs of recovery.

Gold took a slight dip, moving from 1 762.74 USD/oz to 1 755.78 USD/oz.

Platinum closing at 983.70 USD/oz from its opening price of 989.50 USD/oz.

Copper showed strong signs of recovery, closing Thursday on 9 289.50 USD/t from its opening price of 9 052.60 USD/t

Oil prices slightly recovered with Brent Crude extending above the 80.00 USD mark. Brent Crude moved from 81.08 USD to close at 81.95 USD.

Global Markets
The US Dollar Index still holds at highs amid the NFP data coming out today, Stocks & Oil move higher testing key technical – Yields the driver (5yr at 1.0416% – Feb 2020 high) US debt ceiling extended by $480bn, Weekly Claims and Challenger Job cuts both better than expected. China back at work & big beat for Services PMI (returning to growth at 53.4 from 46.7) – adding to the bid but Taiwan tensions increase. There is no update on Evergrande today.

Equities moved higher into close. USA500 +36.0 (+0.83%) at 4399 (testing 20-day MA) USA500.F higher for 4th day – but below cash close 4386. Asian equities higher supported by China. VIX closed at 20.00 – trades up at 20.17 now.

USOil back to test highs, trades at $79.12, despite inventory surprise on Wednesday.

The December 10-yr Bund future down -22 ticks, slightly underperforming versus Treasury futures, after EZ bonds outperformed yesterday. Markets will now be focusing on the NFP this afternoon, as markets adjust their rate expectations. UK Inflation warnings saw Gilts underperforming yesterday & while Asian stock markets managed to mostly move higher, DAX & FTSE 100 futures are down -0.2% & -0.1% respectively, while US futures are narrowly mixed, with the NASDAQ underperforming.

Things to watch today
India Interest Rate Decision, Germany Trade Balance, South Africa Business Confidence, U.S. Nonfarm Payrolls, U.S. Unemployment Rate, Canada Employment Change, Canada Unemployment Rate, European Central Bank Panetta Speaks,

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.



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