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South African Markets: Key Factors to Monitor on July 1

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Potential influences on South African markets for Monday include scheduled economic events, company announcements, and movements in equity and currency markets.

ECONOMIC EVENTS

  • Foreigners’ trading in South African bonds and equities
  • South Africa’s June manufacturing sector PMI
  • South African Treasury bill auction
  • Vehicle sales data

COMPANIES

  • RCL Foods, a South African food producer, lists its poultry business, Rainbow Chicken

SOUTH AFRICAN MARKETS

The South African rand surged on Friday amid optimism surrounding potential cabinet position agreements between the Democratic Alliance and African National Congress, following reports of disagreements.

On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed approximately 1% higher.

GLOBAL MARKETS

Uncertainty over U.S. interest rates kept Asian shares stable on Monday. The euro strengthened after the initial round of voting in France’s surprise snap election, won by the far-right with a smaller margin than anticipated by some polls.

WALL STREET

U.S. stocks closed lower on Friday, losing early gains as investors processed inflation data and assessed political uncertainties following the U.S. presidential debate.

GOLD

Gold prices remained stable on Monday following reports of subdued U.S. inflation, raising expectations for potential Federal Reserve interest rate cuts later this year.