JOHANNESBURG, March 24 – The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Wednesday.
Statistics South Africa is due to release inflation data for February at 0800 GMT.
SOUTH AFRICAN MARKETS
South Africa’s rand weakened in on Tuesday as caution prevailed ahead of a closely watched testimony by top U.S. policymakers, with investors looking out for comments on the rise of bond yields.
Asian shares hit a two-week low on Wednesday, oil weakened further and the dollar neared four-month highs as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite, leading to a flight to safety.
U.S. stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden’s $1.9 trillion relief bill weighed on investors who also fear further downside in the market.
Gold prices rose on Wednesday as U.S. Treasury yields held close to one-week low, with bullion shrugging off strength in the dollar following Federal Reserve Chairman Jerome Powell’s reassurance that inflation would not spiral out of control.
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Some of the main stories out in the South African press:
– Lesotho moves to cancel Netcare hospital contract
– Not selling their sole: Former Tekkie Town owners to vote against Steinhoff’s offer to settle
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