The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Wednesday.
– Statistics South Africa to publish retail sales data for July.
– Epp NV reports first-half results.
– Arrowhead properties issues full-year trading statement.
SOUTH AFRICAN MARKETS
The South African rand slumped on Tuesday afternoon, bringing to a halt a recent rally as investment bank JPMorgan recommended selling the currency.
Shares listed on the Johannesburg Stock Exchange (JSE) slipped on Tuesday after a strong start to the week, as weak platinum prices pulled down the mining companies which had spearheaded most of the gains earlier.
Asian shares fell on Wednesday as weak Chinese economic data reinforced worries about slowing growth globally as well as in the world’s second-biggest economy amid fraught nerves over a still-dominant pandemic and tapering of central banks’ stimulus.
Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.
Gold held above the key psychological level of $1,800 on Wednesday, after a tamer-than-expected rise in U.S. inflation led to uncertainty on when the U.S. central bank would begin tapering its asset purchases.
For the top emerging markets news, double click on (Compiled by Olivia Kumwenda-Mtambo)