Views Article – Sharenet Wealth

Africa, Forex

South African Markets – Factors to watch on August 7

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Friday.

ECONOMIC EVENTS

– July foreign exchange reserves. 0600 GMT

– Central bank balance sheet data. 0600 GMT

COMPANIES

– No major releases

SOUTH AFRICAN MARKETS

– South Africa’s rand fell to its lowest in 10 weeks on Thursday, as investors’ risk appetite dwindled and the dollar found some support after data showed U.S. jobless claims fell slightly in the latest week.

The FTSE/JSE All Share Index .JALSH rose 0.05% to end the day at 57,657 points while the FTSE/JSE Top 40 Companies Index .JTOPI rose to an almost two-year high in intraday trading before ending the day up 0.13% to 53,351 points.

GLOBAL MARKETS

World stock markets tumbled on Friday after U.S. President Donald Trump ratcheted up already-heightened tensions with Beijing by banning U.S. transactions with two popular Chinese apps, Tencent’s WeChat and ByteDance’s Tiktok.

WALL STREET

Shares on Wall Street shrugged off a sluggish start and closed higher on Thursday, with the Nasdaq ending the session above 11,000 for the first time as investors hoped for a new fiscal stimulus package.

GOLD

Gold smashed a record high on Friday as a safety rush fuelled by the worsening coronavirus pandemic and its mounting economic toll gathered pace and put bullion on track for its longest weekly winning streak in nearly a decade.

EMERGING MARKETS

For the top emerging markets news, double click on

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Some of the main stories out in the South African press:

BUSINESS DAY

– Glencore says Eskom’s price increases threaten its smelter business and employment in South Africa.


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