The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.
SOUTH AFRICAN MARKETS
South African stocks rebounded sharply on Tuesday, along with global markets, on new stimulus from the U.S. Federal Reserve and resource firms soared on higher palladium and platinum prices following the announcement of a 21-day lockdown.
Asian shares extended their rally on Wednesday in the wake of Wall Street’s massive rebound as the U.S. Congress appeared closer to passing a $2 trillion stimulus package to mitigate the economic blow from the coronavirus pandemic.
The Dow soared on Tuesday to its biggest one-day percentage gain since 1933, after U.S. lawmakers said they were close to a deal for an economic rescue package in response to the coronavirus outbreak, injecting optimism following the biggest selloff since the financial crisis.
Gold prices inched up in volatile trade on Wednesday, as growing hopes for a massive U.S. economic stimulus package to stem the coronavirus outbreak’s economic toll offset liquidation by investors looking for cash and to cover losses in other assets.
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Some of the main stories out in the South African press:
– Public sector unions suspend wage strike due to Covid-10 lockdown