The following scheduled economic events, company announcements, equity and currency market moves may affect South African markets on Wednesday.
– South Africa’s February trade balance published by revenue service. 1200 GMT
– No major releases.
SOUTH AFRICAN MARKETS
South Africa’s rand and stocks firmed in late trade on Tuesday, ahead of President Cyril Ramaphosa’s address to the nation on the country’s response to the COVID-19 pandemic.
Stocks also firmed, with the Johannesburg All-Share index .JALSH up 0.3% to 67,291 points while the Top-40 index .JTOPI climbed 0.24% to 61,589 points.
Asian stocks were on the backfoot on Wednesday while the safe-haven dollar held near a one-year high as Treasury yields resumed their upward march, hitting sentiment even as Chinese data underpinned signs of a solid global economic recovery.
U.S. stocks ended down slightly on Tuesday, with investors selling tech-related growth shares after U.S. Treasury yields hit a 14-month high.
Gold prices fell on Wednesday to their lowest in more than three weeks as elevated U.S. Treasury yields and a rising dollar kept the metal on track for its biggest quarterly drop in over four years.
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Some of the main stories out in the South African press:
– Land Bank and lenders strive to find debt solution Talks on debt restructuring continue on eve of March 31 deadline to repay Standard Chartered.
– SA to seek 120 billion rand by 2030 for climate change initiatives.
– Over 600 SABC employees lose jobs in a ‘difficult and emotionally charged’ restructuring process.
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