South African Markets

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JOHANNESBURG, July 5 (Reuters) – The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.

ECONOMIC EVENTS

South Africa June reserves data

Inflation-linked bond auction

The South African rand extended its gains against the dollar on Thursday after the U.S. currency slipped on rising expectations that U.S. interest rate cuts are on the way.

On the stock market, the Top-40 index closed more than 0.4% higher.

GLOBAL MARKETS

Asian share markets scaled new highs on Friday as investors sized up U.S. rate cuts for September and the mood was upbeat, while the euro hit a three-week peak ahead of French elections.

WALL STREET

The S&P 500 index and technology-laden Nasdaq rose on Wednesday to post record high closes, as data pointing to a softening economy raised hopes the Federal Reserve could cut interest rates in September.

GOLD

Gold prices firmed on Friday and were set for a second straight weekly gain, while traders awaited U.S. employment data to gauge the trajectory of the Federal Reserve’s potential interest rate cuts.

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

BUSINESS DAY

– Bank of America says GDP to grow 2% if Eskom maintains momentum

– Former Tongaat CFO denies responsibility for accounting fraud

(Compiled by Bhargav Acharya)

ECONOMIC EVENTS