The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Monday.
- S&P Global Ratings downgraded South African local currency debt to “junk” territory on Friday, citing a further deterioration in the country’s economic outlook and public finances, sending the rand tumbling.
South Africa’s biggest consumer foods maker, Tiger Brands, on Monday reported a 1.6 percent rise in full-year profit.
South Africa’s rand was weaker against the dollar on Friday ahead of ratings decisions that could see the country’s debt downgraded to junk and kicked-out of global indices, triggering a massive selloff of local assets.
Asian stocks gave back earlier modest gains and fell back from a decade high on Monday, weighed by weakness in the Chinese and South Korean markets, while the euro reached a two-month top against the dollar.
Technology stocks led the S&P 500 and Nasdaq to record closing highs on Friday, with the S&P ending above 2,600 points for the first time, while Amazon and retail stocks got a boost from signs of a strong start to the holiday shopping season.
Gold prices crept up on Monday as the dollar held close to a two-month low hit in the previous session, with investors noting the U.S. Federal Reserve’s cautious view of inflation.
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Some of the main stories out in the South African press:
- Downgrade made stall Zuma’s free-fees plan.
Compiled by Ed Stoddard