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Africa, Forex

South African Markets – Factors to watch on May 20

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


– South Africa’s treasury holds its weekly auction of inflation-linked bonds.

– South Africa’s Treasury holds weekly auction for 3-month, 6-month 9-month and 1-year treasury bills.


The South African rand firmed further against the dollar on Thursday after the central bank hiked its prime lending rate by 50 basis points to 4.75%, its biggest hike in more than six years, in a move to rein in inflation.

Shares on the Johannesburg Stock Exchange (JSE) slumped heavily on Thursday as a batch of corporate commentary from U.S. retailers fanned worries of inflation eating into the profits of companies and as shares of tech companies in Hong Kong fell.


Asian shares jumped in early trade on Friday after China cut a key lending benchmark to support a slowing economy, but a gauge of global equities remained set for its longest weekly losing streak on record amid investor worries about sluggish growth.


Wall Street ended lower after a volatile session on Thursday, with Cisco Systems slumping after giving a dismal outlook, while investors fretted about inflation and rising interest rates.


Gold edged lower on Friday but prices were still set for their first weekly gain since mid-April, as the dollar receding from two-decade highs and mounting concerns over U.S. economic growth revived safe-haven demand.


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

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