South African Markets – Factors to watch on July 8
JOHANNESBURG, July 8 (Reuters) – The following scheduled economic events, equity and currency market moves may affect South African markets on Monday.
South Africa’s Johannesburg Stock Exchange will release data on foreigners’ buying and selling of bonds and stocks during the previous week.
South Africa’s government will hold its weekly auction for Treasury bills.
South Africa’s rand extended its gains against a weaker dollar on Friday, fuelled by expectations that the Federal Reserve will cut interest rates later this year.
On the stock market, the Top-40 index closed 0.35% higher. South Africa’s benchmark 2030 government bond was stronger, as the yield fell 2.5 basis points to 9.76%.
Asian stocks inched higher on Monday as investors grew more confident about a September U.S. rate cut, while the euro grappled with political uncertainty as French elections pointed to a hung parliament.
Wall Street stock indexes closed firmer on Friday, with the tech-heavy Nasdaq and benchmark S&P 500 hitting record highs, as new data showing U.S. labour market weakness boosted expectations for interest rate cuts as early as September.
Gold prices slipped on Monday, as investors booked profits after bullion hit a more than one-month high in the previous session on rising bets of U.S. interest rate cuts in September.
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Some of the main stories out in the South African press:
– SA faces tough times ahead amid global economic uncertainties