The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Wednesday.
- August whole economy purchasing manager’s index (PMI) by Markit. 0715 GMT
- Full Year 2019 Discovery Earnings Release.
- Full Year 2019 Wilson Bayly Holmes Earnings Release.
- Half Year 2019 Libstar Holdings Earnings Release.
South Africa’s rand firmed on Tuesday, buoyed by data showing the economy grew more than expected in the second quarter after a shock contraction previously.
On the bourse, stocks were flat with the broader All-Share index .JALSH down 0.08% to 54,742 points, while the blue chips Top-40 index .JTOPI closed 0.03% weaker to 48,873 points.
Asian stocks bounced on Wednesday, led by Chinese markets after a report showed growth in the country’s service sector accelerating despite broader economic headwinds, while the pound halted its decline on hopes a no-deal Brexit may yet be averted.
U.S. stocks fell on Tuesday as investors worried about global growth prospects after data showed U.S. factory activity shrank in August for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend.
Gold held steady on Wednesday after rising 1% in the previous session, with prices hovering near a more than six-year high on heightened fears of a global recession following weak U.S. data, the prolonged Sino-U.S. trade spat and Brexit uncertainties.
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Some of the main stories out in the South African press:
- Violence devastating to South Africa’s economy.
- State broadcaster SABC records 192 million rand loss is Q1.
- MTN’s Nigeria operations up security after retaliation protests over xenophobic violence in S.A.