African markets

South African Markets – Factors to Watch December 3

The following scheduled economic events, stock market and currency movements could affect South African markets on Friday.

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South Africa’s Department of Health is holding its weekly briefing on COVID-19 infections and vaccine deployment in the country.

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ECONOMIC EVENTS

– The IHS Markit Purchasing Manager’s Index (PMI) for November will be released at 07:15 GMT.

– The South African Treasury holds its weekly auction of inflation-linked bonds.

– The South African Treasury holds weekly auctions for 3-month, 6-month, 9-month and 1-year Treasury bills.

SOUTH AFRICAN MARKETS

The South African rand rebounded against a weaker dollar on Thursday after crossing the 16.00 mark again in the previous session, with the Omicron coronavirus variant establishing itself as the dominant strain in South Africa.

Stocks paused, however, reversing gains from previous sessions as some uncertainty persisted over Omicron and South Africa saw an increase in COVID-19 re-infections due to the new variant.

WORLD MARKETS

Shares fell on Friday after Chinese ridesharing giant Didi announced it would be delisting in New York City, rekindling concerns over US-China tensions and tech regulation, as oil headed for a sixth Back-to-back weekly drop on Omicron and concerns about rate hikes.

WALL STREET

A large rally sent Wall Street to a significantly higher close on Thursday, regaining ground lost in recent sessions as market participants struck some bargains while digesting the implications of an evolving pandemic.

GOLD

Gold prices rose on Friday, but a more hawkish stance by U.S. Federal Reserve officials on cutting stimulus and rising interest rates put the metal on track for a third weekly cut consecutive.

EMERGING MARKETS

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Compiled by Olivia Kumwenda-Mtambo

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