JOHANNESBURG, Aug 5 (Reuters) – The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.
ECONOMIC EVENTS
South Africa’s Johannesburg Stock Exchange will release data on foreigners’ buying and selling of bonds and stocks during the previous week.
South Africa’s government will hold its weekly auction for Treasury bills.
SOUTH AFRICAN MARKETS
The South African rand firmed on Friday as U.S. economic data showed a slowdown in jobs growth in July and a rise in the unemployment rate, boosting bets of a September rate cut in the world’s biggest economy and pressuring the dollar.
On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 1.7% down. South Africa’s benchmark 2030 government bond was stronger, with the yield down 9.5 basis points at 9.25%.
GLOBAL MARKETS
Share markets tumbled and bonds rallied in Asia on Monday as fears the United States could be heading for recession sent investors rushing from risk assets while wagering that rapid fire rate cuts will be needed to rescue growth.
WALL STREET
U.S. stocks sold off for a second straight session on Friday, and the Nasdaq Composite confirmed it was in correction territory after a soft jobs report stoked fears of an oncoming recession.
GOLD
Prices of safe-haven gold were flat on Monday as some profit-taking partially offset support from U.S. recession jitters and rising expectations of a September rate cut from the Federal Reserve.
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Some of the main stories out in the South African press:
BUSINESS DAY
– Engineering economic recovery set to take centre stage at ANC lekgotla
– SA can create up to 275,000 green jobs by 2030, report shows
(Compiled by Tannur Anders)
