August 13, 2019 / 5:43 AM / 4 months ago

South African Markets - Factors to watch on August 13

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

ECONOMIC EVENTS

- No major releases.

COMPANIES

- Half Year 2019 Absa Group Earnings.

- Steinhoff presents 2017, 2018 annual reports to investors.

SOUTH AFRICAN MARKETS

South Africa’s rand weakened on Monday, stretching losses to a new 11-month low as political uncertainty and a bleak economic outlook was worsened by uncertainty over the chances of a resolution to the trade standoff between Beijing and Washington.

Stocks ended a touch weaker, with the Johannesburg Stock Exchange (JSE) Top-40 index .JTOPI down 0.21% while the broader All-Share index .JALSH was 0.29% lower, dragged down by global recession fears linked to the U.S.-China trade spat.

GLOBAL MARKETS

Asian shares slumped on Tuesday as fears about a drawn out Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina’s peso currency drove investors to safe harbours like bonds, gold, and the Japanese yen.

WALL STREET

U.S. stocks dropped in a broad sell-off on Monday as simmering geopolitical tensions spooked equity investors and drove a bond market rally while the protracted U.S.-China trade war stoked fears of impending recession.

GOLD

Gold prices scaled their highest in more than six years on Tuesday, as concerns around protests in Hong Kong and an Argentine currency crash amid fears of global economic slowdown, prompted investors to move away from riskier 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

- Government’s National Health Insurance (NHI) plan drags Discovery shares to 5-year low.

BUSINESS REPORT

- Public Investment Corporation’s 4.3 billion rand ($282 million) investment in Ayo Technology was above board - ex chief executive. ($1 = 15.2603 rand)

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