The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.
- South Africa August inflation. 0800 GMT
- South Africa Retail Sales. 1100 GMT
- Afrimat trading update.
- Gemfields trading update.
- Full Year 2019 RMB Holdings< RMHJ.J> Earnings Release.
- Full Year 2019 Clover Industries Earnings Release.
South Africa’s rand extended its losses on Tuesday to a one-week low as heightened tensions in the Middle East after the weekend attack on Saudi Arabia’s crude oil facilities soured risk demand globally.
In equities, stocks weakened with the broader All-share index .JALSH down 1.66% to 56,895 points, while the benchmark Top-40 index .JTOPI declined 1.79% to 50,873 points.
Oil prices cooled on Wednesday as Saudi Arabia said full oil production would be restored by month’s end while caution ahead of an expected U.S. interest rate cut kept wider financial markets in tight ranges.
Wall Street ended higher on Tuesday as the impact of weekend attacks on Saudi Arabia’s biggest oil refinery faded and investors awaited a widely expected Fed interest rate cut on Wednesday.
Gold prices were little changed on Wednesday amid cautious mood as investors awaited cues on the U.S. central bank’s stance on monetary easing, while a drop in crude prices dented demand for safe-haven bullion.
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Some of the main stories out in the South African press:
- Revenue service Sars to blacklist corruption linked firms
- Trade union federation Cosatu lashes Finance Minister Mboweni over economic strategy paper
- ABInBev relaunches Asian spin-off.