Wednesday 29 September 2021 iDaily Market Wrap

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South Africa

The JSE all share index closing the day at 63 784.41 from its opening price of 64 197.

The Rand continued taking a knock against the US Dollar breaking the R15 mark, moving from R14.96 to R15.11

Commodities

Gold slightly lost its grip on Tuesday with a slight move from 1 750.16 USD/oz to 1 734.01 USD/oz.

Platinum took a slight knock, closing at 967.62 USD/oz from its opening price of 983.70 USD/oz.

Oil prices slipped, with Brent Crude moving from 79.53 USD to closing at 79.09 USD.

Global Markets

The surge in Treasury rates was a major catalyst behind the steep drop on Wall Street, though the looming debt limit and potential government shutdown on October 1, and more importantly the threat of default, weighed heavily on US assets.

Yields stabilised (30-year closed to 2.10% and the 10-year hit 1.565% before dipping late in the session as some dip buyers stepped forward).

Evergrande worries are back as China stepped in to buy a stake in a regional bank from the developer. Hong Kong’s central bank has reportedly asked lenders to report their exposure to the Group while Fitch Ratings downgraded the developer’s rating to C from CC.

Testimony from Fed Chair Powell and Treasury Secretary Yellen did not do the markets any favours by adding to the overall uncertainties emanating from Capitol Hill.

Equities extended losses in Japan, JPN225 down -2.6%. USA500 was off -2.0% at 4355, USA100 paced the plunge in the indexes, tumbling -2.8%, below 15,000. USA30 was -1.6% lower.

USOil dropped back below the $74 mark, after reaching a high of 74.87.

Things to watch today

Spain Consumer Price Index (CPI), Spain Harmonised Index of Consumer Prices (HICP), Germany 10-Year Bund Auction, Canada Raw Materials Price Index (RMPI), Vice-President of the European Central Bank Luis De Guindos Speaks, U.S. Pending Home Sales, U.S. Crude Oil Inventories, Bank of England Governor Bailey Speaks, U.S. Fed Chair Powell Speaks, European Central Bank President Lagarde 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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