Views Article – Sharenet Wealth

Africa, Forex

South African Markets – Factors to watch on July 20

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

ECONOMIC EVENTS

Statistics South Africa to publish June consumer price inflation figures at 0800 GMT.

SOUTH AFRICAN MARKETS

South Africa’s rand firmed on Tuesday, as the dollar fell due to cooling expectations for a full percentage-point Federal Reserve Bank interest rate hike next week.

On the Johannesburg Stock Exchange, the All-Share index rose 1.15% to 67,785 points, while the Top-40 index closed 1.22% higher at 61,499 points.

GLOBAL MARKETS

Asian shares extended a global rally on Wednesday as strong U.S. corporate earnings and the expected resumption of Russian gas supply to Europe helped lift sentiment and ease fears of a recession, while the dollar was mired near two-week lows.

WALL STREET

U.S. stocks closed with sharp gains on Tuesday as more companies joined big banks in reporting earnings that beat forecasts, offering respite to investors worried about higher inflation and a tightening Fed denting the corporate bottomline.

GOLD

Gold was little changed on Wednesday as it failed to make the most of a pullback in the dollar, with demand for bullion being restrained amid prospects of aggressive monetary policies and rising U.S. bond yields.

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

– Adcock Ingram misses out on main ARV tender despite state’s localisation goal

– Tongaat Hulett suspended from the JSE

– Super Group flags higher earnings despite unrest

FIN 24

– Sasol, CEF to open new ‘gas bridge’ to Mozambique

– Fuel forecast: Petrol and diesel may be cut next month, if oil weakness lasts

– Eskom denies discouraging the switch to solar with stiff new tariffs (Compiled by Anait Miridzhanian)


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