T – 36 HOURS TILL LOCKDOWN

By the close of trade on Tuesday, the South African rand strengthened against the US dollar.

  • US stocks rose on Tuesday, rebounding from a more than three-year low on Monday, as investors anxiously awaited a sweeping coronavirus economic relief package that’s in its final stages of approval.
  • On the data front, the US manufacturing PMI dropped in March, while the services sector index declined to its lowest level recorded since data became available in October 2009.
  • New residential home sales fell more-than-expected on a monthly basis in February.
  • The yield on benchmark government bonds dropped yesterday. The yield on 2021 bond declined to 5.08% while that for the longer-dated 2030 issue fell to 12.38%.

In early trade on Wednesday, the US dollar is trading 0.2% higher against the South African rand at R17.5625, while the euro is trading 0.4% higher at R18.9855.  The British pound has gained 0.7% against the South African rand to trade at R20.7310.

By the close of trade on Tuesday, the euro declined against most of the major currencies.

  • This week, G20 leaders will convene virtually to discuss the COVID-19 crisis. One hopes that the emergency summit marks the beginning of a thoughtful collective response to this grave challenge. If so, the meeting may turn out to be even more consequential than the London summit hosted by British Prime Minister Gordon Brown in April 2009, which created the framework for a coordinated multilateral response to the global financial crisis.
  • The preliminary reading of German business activity index declined more-than-expected in March.
  • For the same month, the eurozone business activity index also dipped.
  • However, manufacturing PMI throughout the eurozone came in better-than-expected for March.

In early trade on Wednesday, the euro has advanced 0.2% against the US dollar to trade at $1.0809, while it has weakened 0.2% against the British pound to trade at GBP0.9158.

NOVEL CORONAVIRUS STATS

414,991 confirmed cases

18,589 reported deaths  (4.47%)

66,907 recovered*

South Africa

Confirmed 554

Dead 0

Recovered 4

Contracted Today 0

Died Today 0

Last updated Mar 25, 2020

 PLEASE NOTE THAT THE BANKING SECTOR, AS AN ESSENTIAL SERVICE WILL REMAIN OPEN DURING LOCKDOWN.  MERCANTILE TRADES CAN BE BOOKED AS NORMAL VIA BOTH LINDA OR MYSELF.