Financial News 15th May 2023

Market Overview
The FTSE/JSE All Share closed last week at 78,330.21, increasing by 0.28%. During the previous week, the consumer discretionary and industrial sectors were the biggest contributors increasing by 6.84% and 0.98% respectively. The financials and real estate sectors were the biggest detractors, both decreasing by 2.94%.

Looking at the MSCI indices, developed markets decreased by 0.34% during the previous week while emerging markets decreased by 0.85% over the same period.

Rand tumbles but JSE holds its ground
The main concern for South African financial markets remains the sharp depreciation of the currency. Read the full article published on IOL Business Report here>

Gold inches up on US debt ceiling impasse and economic risks
Gold prices edged higher on Monday as the US debt ceiling stalemate and concerns of an economic slowdown steered some traders towards the safe-haven metal. Read the full Business Day article here>

Dollar slips from near five-week high; Turkish lira weakens
The U.S. dollar edged lower in early European trade Monday, but remained near a five-week high on inflation concerns, while the Turkish lira retreated on political uncertainty. Read the full article from here>

Here’s why the rand is so weak right now
Although the international financial market largely drives rand movements, idiosyncratic domestic developments are causing more pain than expected, says the Bureau for Economic Research (BER). Read the full Businesstech article here>

Economists see SA skirting recession in first quarter
South Africa’s economy probably avoided a technical recession in the first quarter, according to a median estimate of seven economists in a Bloomberg survey conducted May 5-11. Read the full Moneyweb article here>

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