The JSE all-share index closing the day at 70 938 from its opening price of 70 091.
On Tuesday the South African equity markets saw eMedia Holdings Ltd. (EMH) being the biggest loser of the day with a -18.50% loss moving from R4.00 to close the day at R3.26, whilst Primeserv Group Ltd. (PMV) saw a 20.88% gain moving from R0.91 to R1.10, making it the biggest winner in the equity market.
The Rand slipped against the US Dollar on Tuesday, moving from R15.25 to R15.51
The US Dollar Index is up and currently settled around 96.25, after hawkish Fed’s Bullard and strong retail sales, production and trade prices.
The UK Inflation at the highest in a decade due to energy costs (4.2% y/y VS 3.9% y/y) & strong labour data add pressure on the BoE to deliver the long flagged rate hike at the December meeting.
Bund futures are fractionally lower, on central bank’s dovish stance. – ECB’s Rehn still sees inflation easing next year.
FED, BoE and the BoC seem to be on the same road to rate hikes sooner than many expected!
China’s developers also remain in focus with local media reporting that Evergrande’s online sales platform has closed some units. Authorities could ease restrictions on funding of developer.
Treasury Secretary Yellen warned there is little time left for lawmakers to agree on a debt limit deal, reiterating a possible December 3 drop-dead date.
Equities: Asian shares, which were dragged by worries about COVID-19 and higher costs. Topix lost -0.4%. Consumer discretionary initially paced the gains after Walmart (-2%) and Home Depot beats (+6%), but the USA100 took the baton into the finish and rose 0.76%. The USA500 was up 0.39% with the USA30 0.15% higher. GER30 and UK100 futures are down -0.2% and -0.4% respectively.
Solid data, along with bullish equity outlooks from Goldman Sachs and JP Morgan have all aided sentiment yesterday.
USOil down to 78.86 floor from 80.66 following US gasoline stocks dropped more than expected last week, potentially heightening pressure on the Biden administration to release oil from emergency reserves to cap soaring fuel prices.
– Hotforex Market Analyst, Andria Pichidi
Things to watch today
South Africa Consumer Price Index (CPI) MoM, South Africa Core Consumer Price Index (CPI) MoM, U.S. Crude Oil Inventories, Canada Core Consumer Price Index (CPI) MoM, U.S. Building Permits, Eurozone Consumer Price Index (CPI) YoY, South Africa Core Consumer Price Index (CPI) MoM, South Africa Consumer Price Index (CPI) MoM, U.K. Consumer Price Index (CPI) YoY, European Central Bank President Lagarde Speaks
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