JOHANNESBURG, July 31 (Reuters) – The following scheduled economic event, equity and currency market moves may affect South African markets on Wednesday.
ECONOMIC EVENT
Statistics South Africa to release June trade balance data
SOUTH AFRICAN MARKETS
The South African rand gained on Tuesday as markets waited on the outcome of a U.S. Federal Reserve meeting on Wednesday which could give hints on its rate-cut timeline.
On the Johannesburg Stock Exchange, the Top-40 index closed 0.3% higher.
GLOBAL MARKETS
Asian stocks surged on Wednesday and the yen was volatile after the Bank of Japan raised interest rates in a hawkish pivot, while investors assessed contrasting results from Microsoft and chipmaker AMD that suggested a divide in the AI landscape.
WALL STREET
The S&P 500 and Nasdaq stumbled to close lower on Tuesday, weighed down by weak chip and megacap shares ahead of earnings from heavyweight tech companies this week, but the Dow managed modest gains.
GOLD
Gold prices firmed on Wednesday, heading for a monthly gain on the back of growing optimism about U.S. interest rate cuts and the killing of Hamas leader Ismail Haniyeh in Iran, while traders shifted focus to the Federal Reserve’s policy verdict.
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Some of the main stories out in the South African press:
BUSINESS DAY
– Nersa rejects Eskom’s bid to reserve grid capacity for renewable energy projects
– Coronation warns water-shedding a risk to investment
(Compiled by Bhargav Acharya)
