Market summary
The JSE All Share closed the week at 118 173.40 increasing by 0.45%. The biggest contributing sector was the health care sector, adding 4.71% while the telecommunications sector decreased by 0.81% during the same period.
Looking globally, developed markets increased by 0.34% (USD) during the week. Emerging markets increased by 0.05% (USD) during the same period.
Local events
• South Africa’s producer price inflation slowed to 5.7% in July as lower fuel and energy costs continued to ease price pressures.
• South Africa recorded a budget deficit of R161.6 billion in July, highlighting ongoing fiscal pressures.
• South Africa’s leading business cycle indicator fell 1.4% in June, marking a third consecutive monthly decline and signalling weaker economic momentum ahead.
• South Africa is laying the groundwork for its first sovereign green bond, with up to R3.7 trillion in climate-related funding needed over the next decade.
Global events
• US core PCE inflation rose 3.3% year-on-year in July, remaining well above the Federal Reserve’s 2% target despite a modest monthly increase of 0.2%.
• US economic growth slowed to an annualised 1.5% in the second quarter, reflecting moderating momentum in the world’s largest economy.
• Germany’s Ifo Business Climate Index rose to 88.8 in August, its highest level in a year, signalling improving business sentiment.
• Fed Chair Kevin Warsh signalled that US interest rates may need to rise if inflation remains above the Federal Reserve’s 2% target, increasing expectations of a potential rate hike.
Thanks to PPS Investments for the weekly Market Summary.
Financial indicators by Sharedata.co.za
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