Financial News 24th July 2023

Rand flat on Monday
The South African rand was little changed in early trade on Monday, at the start of a week in which central bank interest rate decisions in major global economies are the focus. Read the full Moneyweb article here>

Financial markets uncertain despite inflation data and interest rate decision
The release of South Africa’s Inflation rate for June and the decision by the Monetary Policy Committee (MPC) to not increase the repo rate further – against market expectations of a 0.25% hike – didn’t contribute to a more bullish movement in equity, the bond, and the foreign exchange rate market. Read the full IOL article here>

Oil rally pauses before Fed and ECB rate moves amid tightening supply
While another hike this week may drive some short-term price volatility, analysts expect narrowing market conditions. Read the full Business Day article here>

Two major red flags in a week of good news
South Africa had a great week on the economic front last week, with Stats SA reporting a significant drop in inflation, the Reserve Bank holding on interest rates and the rand ending stronger against the dollar. Read the full Businesstech article here>

Global Bonds Advance After Weak Economic Data: Markets Wrap
Global bonds climbed and stocks posted small moves Monday after weak economic data in both the US and Europe fueled concern about a global slowdown. Read the full Bloomberg article here>

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