AVENG:  2   0 (0.00%)  19/09/2019 00:00

South African Markets - Factors to watch on August 7

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.

ECONOMIC EVENTS

- The South African Reserve Bank to publish July reserves data.

- The South African Chamber of Commerce and Industry (SACCI) business confidence.

COMPANIES

- Aveng Ltd says to sell Aveng Duraset Alrode.

- Distell full-year trading statement.

SOUTH AFRICAN MARKETS

South Africa's rand weakened to two-month lows in late afternoon trade on Tuesday, giving up gains earlier in the session, after ratings agency Moody's said power utility Eskom urgently needs a turnaround plan as its capital structure is unsustainable.

On the bourse, stocks snapped a two-session losing streak as a rout in global markets eased.

GLOBAL MARKETS

Shares in Asia fell for an eighth straight session on Wednesday on lingering worries over the escalating U.S.-China trade war, but losses and nerves were soothed somewhat by White House assurances that it wants to press ahead with negotiations.

WALL STREET

U.S. stocks jumped more than 1 percent on Tuesday, bouncing back from a sharp sell-off the previous day as China stepped in to stabilize the yuan, easing concerns that currencies would be the next weapon in the U.S.-China trade war.

GOLD

Gold prices touched a more than six-year high on Wednesday, as the trade war between China and the United States showed no signs of abating, boosting the appeal of safe-haven assets.

EMERGING MARKETS

For the top emerging markets news, double click on

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Some of the main stories out in the South African press:

BUSINESS DAY

- Nedbank CEO: South Africa is running out of time

- Mkhwebane eases back in fight with Ramaphosa (Compiled by Olivia Kumwenda-Mtambo)

2019-08-07 07:28:57

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