JOHANNESBURG, July 1 (Reuters) – The following economic events, debt and currency market moves may affect South African markets on Wednesday.
SOUTH AFRICAN MARKETS
South Africa’s rand fell against the U.S. dollar on Tuesday as data showed the domestic recession deepened in the first quarter of this year – before the coronavirus pandemic hit the country and put further strain on the economy.
Asian stocks struggled for headway on Wednesday as the second half of the year got underway, with improving economic data offset by worries that surging coronavirus cases in the United States could derail the world’s recovery before it properly begins.
The S&P 500 rallied on Tuesday to secure its biggest quarterly percentage gain in more than two decades as improving economic data bolstered investor beliefs that a stimulus-backed rebound for the U.S. economy was on the horizon.
Gold prices firmed near an eight-year peak on Wednesday, as the metal’s safe-haven demand was boosted by worries about the global economic impact of surging coronavirus infections around the world.
For the top emerging markets news, double click on
– – – –
Some of the main stories out in the South African press:
– Ninety One says Reserve Bank can cut rates another 50 bps
– ArcelorMittal feels heat from activists at AGM
– Transnet tackles paralysis at Cape Town port
(Compiled by Alexander Winning)