Monday 27 September 2021 iDaily Market Wrap

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South Africa

The JSE all share index closing the day at 64 049 from its opening price of 63 353.

The Rand slightly closed Thursday with a slight recovery against the US Dollar, moving from R14.81 to R14.75

According to Ridhwaan Suliman of the council for scientific and industry research, South Africa exits the third wave of Covid-19 infections as positive tests across the country have dropped. The president is expected to move the country to adjusted risk level 1 soon.

Commodities

Gold slipped, move from 1 768.16 USD/oz to 1 742.76 USD/oz.

Platinum slightly slipped as well, closing at 992.26 USD/oz from its opening price of 999.81 USD/oz.

Oil prices continued to recover, with Brent Crude moving from 76.19 USD to closing at 77.25 USD.

Global Markets

The US Dollar Index weakened on open but holds as reflation trade gains momentum.

Equities rallied but closed flat, Evergrande worries persist (HSBC, UBS & Blackrock – exposed to a total of $875m). Total offshore exposure – $20bln of the $300bln. USA500 +6.5 (+0.15%) at 4455 & over a key technical level. USA500.F higher at 4468. Asian equities higher, ASX leads at +0.6%. VIX closed below 20.00 Friday – trades at 19.32 now.

USOil rally continues (October 2018 highs) +1.0% today & gapped at open, catalyst – Supply disruptions & inventory drawdowns – $74.88 – GS raised year-end target to $87, higher, if there is a cold winter.

December 10-yr Bund future up 27 ticks, DAX & FTSE 100 futures up 0.6% & 0.7% respectively

Things to watch today

Bank of Japan Governor Kuroda Speaks, German Bundesbank Beermann Speaks, European Central Bank President Lagarde Speaks, U.S. Core Durable Goods Orders, Bank of England Governor Bailey Speaks

Disclaimer

All prices captured are taking from the previous business day. The material is provided for a general information purpose and do not constitute an independent investment research. Nothing in this market wrap contains, or should be considered as containing, an 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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