LOCKDOWN LEVEL 1

TOTAL DAYS 594 – 07 HOURS 30 MINUTES 

Vaccine rollout day 243
New cases  245
New Deaths  35
Recovery Rate 96,4%
Vaccines Administered 23,402,284

By the close of trade on Tuesday 9th November 2021, the South African rand weakened against the US dollar.

  • In the US, the producer price index (PPI) accelerated in October, buoyed by rising costs for gasoline and motor vehicle trade, indicating that higher inflation is likely to persist for a while, amid tight global supply chains on account of the COVID-19 pandemic.
  • The US Federal Reserve Chairman, Jerome Powell stated that the central bank looks at a wide range of indicators to measure labour market disparities. Federal Reserve Governor Lael Brainard was interviewed for the top job at the U.S. central bank when she visited the White House last week, according to people familiar with the discussions, signaling that Chair Jerome Powell has a serious rival as President Joe Biden considers who will lead the Fed for the next four years. Powell and Brainard are the only people who have publicly surfaced as being in the running for chair. Powell’s current term in that post expires in February and Biden said on Nov. 2 that he’d make a decision “fairly quickly.”
  • Famous short seller Michael Burry of The Big Short game briefly emerged from a his latest self-imposed twitter exile to offer his thoughts on why Elon Musk might now all of a sudden be in the mood to start selling stock. Shortly thereafter, on Tuesday, Tesla shares plunged 10% in just minutes, leading many to speculate as to whether or not Elon Musk had started selling his personal stock. Burry jabbed at Musk this week, suggesting that the Tesla CEO may need to sell his shares because he had 88 million of them pledged as loan collateral.
  • Botswana is moving ahead to ring-fence business activities for locals. The protected list has 21 business crafts, ranging from bread and confectionery to furniture.
  • The yield on benchmark government bonds fell yesterday. The yield on 2026 bond fell to 7.87%. Further, the yield on 2023 bond declined to 5.30%, while that for the longer-dated 2030 issue fell to 9.26%.

In early trade on Wednesday 10th November 2021, the US dollar is trading higher against the South African rand at R15.07696, while the euro is trading higher at R17.4684.   The British pound has gained against the South African rand to trade at R20.4456.

By the close of trade on Tuesday 9th November 2021, the euro advanced against most of the major currencies.

  • In Germany, trade surplus narrowed in September, as supply constrains lead to a shortage of raw materials and components. Investor sentiment advanced in November, amid expectations of a drop in prices at the beginning of 2022. Adjusted current account surplus in Germany expanded in September.
  • In the eurozone, economic sentiment boosted more than expected in November.
  • The European Central Bank (ECB) board member, Isabel Schnabel indicated that the ECB’s policy cannot ignore a surge in property prices that has led to a potentially dangerous overvaluation.
  • Costs for businesses are continuing to go “through the roof” according to the preliminary ANZ Business Outlook survey results for November. The net percentage of firms experiencing higher costs has now hit a stratospheric 89%, up from 87.2% in October. 12-month-out inflation expectations soared to 4.33% following the recent release of actual inflation figures showing a 4.9% annual rate. The number of firms expecting to hike their prices remained at around two thirds.

In early trade on Wednesday 10th November 2021, the euro slipped against the US dollar to trade at $1.1596, while it has weakened against the British pound to trade at GBP0.8572.