South African Markets – Factors to watch on Oct 22

JOHANNESBURG, Oct 22 (Reuters) – The following scheduled political and economic events, equity and currency market moves may affect South African markets on Tuesday.

POLITICAL EVENTS

South African President Cyril Ramaphosa attends 16th BRICS Summit of emerging economies in Russia.

ECONOMIC EVENTS

The South African Reserve Bank publishes the country’s leading indicator for August.

South Africa’s government holds a weekly auction of long-term bonds.

SOUTH AFRICAN MARKETS

South Africa’s rand slipped against a stronger dollar on Monday, as investor focus shifts towards local inflation figures due later this week.

On the stock market, the Top-40 index closed 0.14% lower.

GLOBAL MARKETS

Asian stocks turned lower and the dollar stood by multi-month peaks on Tuesday as a sharp sell-off in bonds and a jump in gold suggested investors are hunkering down ahead of the U.S. election.

WALL STREET

The Dow Jones Industrial Average and S&P 500 closed lower on Monday, retreating from Friday’s record high closes and six straight weekly gains as Treasury yields rose and investors wary of high valuations awaited earnings from major companies.

GOLD

Gold prices rose on Tuesday and hovered near a record high hit in the previous session amid uncertainties around the U.S. election, ongoing Middle East tensions, and expectations of central banks’ interest rate cuts.

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

– Sars raids diesel black market on suspicion of paraffin dilution

FIN 24

– Fund managers expect JSE, rand rally over the next year (Compiled by Tannur Anders)

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