A cold and wet east coast, with parts of KZN experiencing flooding and hail over the weekend! This is not the end, the worse is still ahead with torrential rains in the forecast for Wednesday and Thursday this week. Be safe out there on the roads.
In the markets, today is a US Bank holiday, so movement of same day funds is not available.
By the close of trade on Friday, the South African rand had weakened against the US dollar.
- Eskom implemented stage 2 power cuts, which reignited worries about the South African economy.
- The greenback gained ground, after data showed that US consumer sentiment improved in November.
- On the trade front, the US White House Trade Adviser, Peter Navarro, stated that there was no agreement to withdraw tariffs on Chinese imports.
- The yield on benchmark government bonds ended mixed on Friday. The yield on 2020 bond declined to 6.88% while that for the longer-dated 2026 issue rose to 8.46%.
In early trade on Monday, the US dollar is trading 0.3% higher against the South African rand at R14.8948, while the euro is trading 0.4% higher at R16.4181. The British pound has gained 0.3% against the South African rand to trade at R19.0439.
By the close of trade on Friday, the euro has mostly advanced against most of the major currencies.
- The European Commission President, Jean-Claude Juncker, stated that there will not be any auto tariffs from the US on Europe next week. This was further confirmed by the US President, Donald Trump.
- On the data front, German trade surplus widened in September.
In early trade on Monday, the euro has marginally advanced against the US dollar to trade at $1.1023, while it has weakened 0.1% against the British pound to trade at GBP0.8619.
Today we remember those servicemen from all around the World that paid the ultimate sacrifice as the First World War came to an end on 11/11 at 11h00. We further remember all those other millions that have died in conflicts that followed. Salute.