May 12, 2020 / 5:50 AM / 22 days ago

South African Markets - Factors to watch on May 12

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Tuesday.

COMPANIES

Retailer Pick N Pay will publish its full-year results.

SOUTH AFRICAN MARKETS

South Africa’s rand weakened on Monday as optimism over the global economic recovery faded, with investors turning back to safe haven assets as a second wave of novel coronavirus infections hit South Korea and Germany.

GLOBAL MARKETS

Asian shares tumbled on Tuesday on growing worries about a second wave of coronavirus infections after the Chinese city where the pandemic originated reported its first new cases since its lockdown was lifted.

WALL STREET

The S&P 500 closed barely higher, eking out a nominal gain on Monday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business.

GOLD

Gold rose on Tuesday as the metal’s safe-haven appeal was boosted by growing worries about a second wave of coronavirus infections after some countries reported a jump in new cases, although a stronger dollar capped the gains.

EMERGING MARKETS

For the top emerging markets news, double click on

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

BUSINESS DAY

- Cosatu joins calls for government to ease Covid-19 lockdown

- BNP Paribas sees below-target SA inflation paving way for lower rates

BUSINESS REPORT

- SAB, government agree on transportation of beer

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