On September 23, there are some key factors to keep an eye on in the South African markets. Foreigners’ trading in South African bonds and equities, as well as the weekly treasury bill auction, are important economic events to monitor.
The South African rand saw a slight softening on Friday, following a week of strong gains driven by interest rate cuts from both the U.S. Federal Reserve and the South African Reserve Bank, along with a local inflation print. The Johannesburg Stock Exchange’s blue-chip Top-40 index closed relatively unchanged.
Looking at global markets, world stocks are hovering around record highs as investors await potential rate cuts from central banks in China and Switzerland, following the recent move by the U.S. Federal Reserve. Wall Street saw minimal movement on Friday, with U.S. stocks closing nearly unchanged after a strong rally in the previous session. Nike’s gains helped push the Dow to a record high.
Gold prices continued to climb on Monday, reaching a record high. This increase is attributed to the momentum from the Federal Reserve’s interest rate cut and heightened safe-haven demand due to geopolitical tensions in the Middle East.
In South African press, some of the main stories include the boost in motorbike sales due to home deliveries, and a survey showing increased business confidence in the property market thanks to the Government National Unity. Additionally, there are discussions about the SABC household levy, with calls for support from entities like SARS and MultiChoice for collection.
Overall, it will be important to keep an eye on these economic events and market movements to gauge the impact on the South African markets on September 23. Stay tuned for updates and potential developments in the coming days.