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Africa, Forex

South African Markets – Factors to watch on May 4

The following scheduled economic events, equity and currency market moves may affect South African markets on Tuesday.

ECONOMIC EVENTS

– South African finance minister Tito Mboweni speaks to lawmakers on parliament’s oversight role to ensure accountability in public expenditure.

– South Africa’s Treasury auctions long-term bond notes.

SOUTH AFRICAN MARKETS

The South African rand gained on Monday, helped by the U.S. dollar falling as Treasury yields retreated and economic data disappointed.

On the stock market, the All-share index closed down 0.52% at 66,586 points, and the blue-chip Top-40 index ended down 0.53% at 60,770 points.

GLOBAL MARKETS

Asian share markets advanced marginally on Tuesday as investors looked to signs of recovery from the coronavirus pandemic as major economies around the world reopen.

WALL STREET

The S&P 500 and the Dow indexes ended higher on Monday amid a largely upbeat earnings season, while the Nasdaq came under pressure from declines in some high-flying growth stocks, as the rotation into cyclical and “economy reopening” stocks continued.

GOLD

Gold prices retreated from a more than two-month high on Tuesday due to an uptick in the dollar, although weaker-than-expected U.S. economic data stoked concerns over recovery and limited losses for the safe-haven metal.

EMERGING MARKETS

For the top emerging markets news, double click on (Compiled by Olivia Kumwenda-Mtambo)


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