The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.
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- Day two of the South African Reserve Bank’s monetary policy committee meeting.
- Statistics South Africa releases October CPI data. 0800 GMT
- Annual results for Tiger Brands and Nampak
Stocks were marginally stronger on Tuesday, as gains by platinum miners were partially offset by weak retailers such as Woolworths.
The rand softened against the dollar on Tuesday, mirroring moves by the euro, and was seen in tight ranges ahead of Thursday’s decision on interest rates by the Reserve Bank which is expected to leave them on hold at 40-year lows.
Asian shares eased on Wednesday as investors refocused on the euro zone debt crisis after European officials failed to reach a deal on a bailout for Greece, while Federal Reserve Chairman Ben Bernanke highlighted the dangers of a U.S. fiscal crisis.
Wall Street halted its two-day rally on Tuesday, after Federal Reserve Chairman Ben Bernanke said the central bank lacks tools to cushion the U.S. economy from the impact of the “fiscal cliff.”
Gold traded steady on Wednesday, lacking conviction to move out of its recent trading range as investors eye truce talks over Gaza and discussions on how to avert a fiscal crisis in the world’s top economy.
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Some of the main stories out in the South African press:
- PPC plans $200 mln plant in Zimbabwe
- ANC trying to rush through e-tolls bill
- No profit for African airlines (Compiled by Helen Nyambura-Mwaura)