South Africa
The JSE all-share index closing the day at 66 013 from its opening price of 65 988.
On Wednesday the South African equity markets saw African Media Entertainment Ltd. (AME) being the biggest loser of the day with a -24.95% loss moving from R35.99 to close the day at R27.01, whilst Hulamin Ltd. (HLM) saw a 16.42% gain moving from R2.74 to close the day at R3.19, making it the biggest winner in the equity market.
The Rand continued on its recovery trajectory against the US Dollar on Wednesday, moving from R14.98 to R14.81
Commodities
Gold was down yesterday with a move from 1 734.01USD/oz to 1 726.37 USD/oz.
Platinum slipped by -1.4%, closing at 954.33 USD/oz from its opening price of 967.62 USD/oz.
Copper took a -1.2% knock, closing Wednesday with 9 174.00 USD/t from its opening price of 9 281.10 USD/t
Oil prices slightly slipped with Brent Crude moving from 79.09 USD to close at 78.64 USD.
Global Markets
Traders continue to mull recovery hopes and central bank policies, after the Fed minutes yesterday signalled tapering could start as early as November. The market is starting to price in a Fed rate lift off into September 2022 from December previously.
The Bank of England no longer seem to be concerned by the spike in inflation. Officials believe that the spike will be temporary and markets are concerned that an early move would stifle a still fragile recovery, especially as Brexit Britain is facing severe delivery problems and shortages of staff in key areas that could have longer lasting economic consequences.
US Treasury yield has lifted 1.6 bp to 1.55%. A stellar, record-setting 30-year bond reopening evinced continued strong demand for yields.
Equities are up with the JPN225 gaining 1.4% while GER30 and UK100 futures are still up 0.4% and 0.5% respectively. The NASDAQ 100 gained by 0.5% USA100
The December 10-year Bund future is down -10 ticks and US futures are also lower, while in cash markets the US Treasury yield has lifted 1.6 bp to 1.55%. EGBs rallied yesterday, led by Gilts, although yields closed up from session lows yesterday, as the move was mainly fueled by stagflation concerns with money markets increasingly
Things to watch today
Australia Employment Change, China Consumer Price Index (CPI) YoY, China Producer Price Index (PPI) YoY, India Wholesale Price Index (WPI) Inflation YoY, Switzerland Producer Price Index (PPI) MoM, U.S. Initial Jobless Claims, U.S. Crude Oil Inventories, New Zealand Business NZ Purchasing Managers Index (PMI).
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.
