The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.
– FNB/BER first-quarter Consumer Confidence Index to be released later in the day.
South African Markets
South Africa’s rand weakened on Tuesday, following in the footsteps of its emerging markets peers on looming threats about tighter global monetary conditions.
Stocks posted modest gains, led by gold mining shares .JGLDX thanks to weaker rand, which boosts dollar-denominated profits when brought back home.
Asian shares gained on Wednesday after Wall Street managed to weather a fresh twist in the controversy over U.S. President Donald Trump’s alleged connection with Russia, while investors looked ahead to Federal Reserve Chair Janet Yellen’s comments.
U.S. stocks ended little changed on Tuesday in a session marked by knee-jerk reactions to events in Washington that drove investors to first worry then hope about prospects for the Trump administration’s economic agenda.
Gold edged up for a third day on Wednesday on a weaker U.S. dollar while investors awaited testimony from U.S. Federal Reserve Chair Janet Yellen and central bank officials expressed caution about further interest rate hikes.
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Some of the main stories out in the South African press:
– SAP disputes claim of Gupta kickbacks
– SA property investors find value in 25 countries
– Country paying for road carnage
– South Africa’s fragile economic climate highlighted