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Africa, Forex

South African Markets – Factors to watch on June 23

June 23 (Reuters) – The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Thursday.

SOUTH AFRICAN MARKETS

South Africa’s equity market slumped and the rand strengthened somewhat on Wednesday after a bigger-than-expected inflation spike in May raised concerns the Reserve Bank may continue to tighten its policy.

The All-share index dropped 1.55% to 65,712 points. The blue-chip index of top 40 companies sunk 1.59% to 59,414 points.

GLOBAL MARKETS

Asian shares wobbled while commodity prices fell on Thursday as mounting worries about the risks of a global recession amid aggressive rate hikes by the Federal Reserve kept broad investor sentiment fragile.

WALL STREET

Wall Street’s main indexes ended with slim losses on Wednesday after choppy trading as energy shares weighed and investors digested Federal Reserve Chair Jerome Powell’s comments on the central bank’s aim to bring down inflation.

GOLD

Gold prices inched lower on Thursday, pressured by expectations of aggressive interest rate hikes after the U.S. Federal Reserve chief doubled down on the central bank’s fight against inflation.

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

– Farmers fear fallout of Tiger Brands’ looming closure of canning factory

– Zondo report: investigate Arthur Fraser for ‘prima facie criminal acts’

– Health minister cancels COVID-19 face masks and travel certificates

FIN 24

– Zondo says banking laws must change to allow clients to be heard before shutting accounts

– Zondo slams Zuma, Ramaphosa for not supporting Prasa board’s fight against corruption (Compiled by Anait Miridzhanian)


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