Views Article – Sharenet Wealth

Africa, Forex

South African Markets – Factors to watch on Aug 4

JOHANNESBURG, Aug 4 (Reuters) – The following equity and currency market moves may affect South African markets on Thursday.


The South African rand gave up gains on Wednesday after the dollar recovered on a surprise pick up in the U.S. service sector in July, supporting views that the U.S. economy was not in recession.


Asian stocks rose on Thursday, taking cues from a strong rally on Wall Street after robust economic data and upbeat corporate guidance boosted investor appetite.


Wall Street ended sharply higher on Wednesday, with strong profit forecasts from PayPal and CVS Health Corp lifting sentiment and helping elevate the Nasdaq to its highest level since early May.


Gold prices edged higher on Thursday, supported by a pullback in U.S. Treasury yields, while cautious investors awaited a non-farm payrolls report due this week for more clues on the Federal Reserve’s rate-hike stance.


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Some of the main stories out in the South African press:


– Numsa headed for motor-sector strike over higher wages

FIN 24

– Treasury boss wants SA firms to stop business with Bain

(Compiled by Alexander Winning)

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