Views Article – Sharenet Wealth

Africa, Forex

South African Markets – Factors to watch on June 20

June 20 (Reuters) – The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Monday.

ECONOMIC EVENTS

Data on foreigners’ buying and selling of South African bonds and stocks during the previous week.

SOUTH AFRICAN MARKETS

South Africa’s rand weakened on Friday as fears of recession spread around the world following decisions by several central banks to raise interest rates to tame inflation.

On the stock market, the Top-40 index fell 3.4% while the broader all-share index dropped 3.13%.

GLOBAL MARKETS

Asian shares were unable to sustain a rare rally on Monday as Wall Street futures shed early gains amid worries the U.S. Federal Reserve would this week underline its commitment to fighting inflation with whatever rate hikes were needed.

WALL STREET

U.S. stocks closed with a modest bounce on Friday but still suffered the biggest weekly percentage decline in two years as investors wrestled with the growing likelihood of a recession while global central banks tried to stamp out inflation.

GOLD

Gold prices edged higher in choppy trade on Monday as a weaker dollar buoyed bullion demand, with a U.S. holiday expected to lead to thin trading during the day.

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

– Implicated ministers in crosshairs as Ramaphosa tipped for October reshuffle

– Absa plans to keep the lights on with solar-powered branches

(Compiled by Anait Miridzhanian)


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