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Markets WRAP: Rand closes more than 1% weaker at R15.07/$

2019-08-07 08:13

The local unit ended the day more than 1% weaker at R15.08/$.

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Last Updated at 14:25
07 Aug 17:08

The local unit ended the day more than 1% weaker at R15.08/$. 

The rand had breached the R15/$ mark on Wednesday afternoon, this on the back of comments from US President Donald Trump about the Federal Reserve Bank.

"[Trump] said that the Fed must cut interest rates bigger and faster and stop ridiculous quantitative tightening now. He also said that the Federal Reserve is too proud to admit mistakes," a market update from TreasuryONE read. 

The rand had traded within a range of R14.8248  and R15.1811 on Wednesday. 


07 Aug 13:14
When Xi Jinping first met Donald Trump back in 2017, the Chinese leader said they had ''a thousand reasons to make the China-US relationship a success, and not a single reason to break it.''

07 Aug 11:44

Tauriq Keraan new CEO of TymeBank

The bank's controlling shareholder, African Rainbow Capital, said in a note to clients that Keraan - previously the bank's deputy - had played an "instrumental role in the bank’s development, having been a founding member that led to Tyme’s inception in 2012". 

He replaces Sandile Shabalala. 


07 Aug 11:16

Rand stable in early trade 

The rand was stable in early trade against the dollar on Wednesday. 

At 11:00 the local currency was trading at R14.90 to the greenback, after opening at R14.93/$. 

According to analysts, the rand could still weaken to above R15/$. 

"The trade war continues to [keep] sentiment fragile, while global growth fears are further driving uncertainty," said Bianca Botes of Peregrine Treasury Solutions in a morning note to clients. 


07 Aug 08:13

Asian stocks mixed as trade concern lingers

Bloomberg 

Asian stocks traded mixed Wednesday and US futures dropped as traders remained cautious in the face of trade tensions.

The New Zealand dollar fell more than 2% after the central bank cut interest rates by more than expected.

Shares declined in Hong Kong and Korea, and were little changed in Japan and China. S&P 500 Index futures fell despite a surge in the benchmark on Tuesday that went some way to easing the slump in the previous session.

The yuan dipped following a slightly weaker-than-forecast fixing for its daily rate. The kiwi accelerated its slide after the central bank chief flagged the possibility of negative rates going forward.

Australia’s dollar tumbled about 1% to the lowest since 2009, yields sank and stocks advanced on speculation the central bank may follow its New Zealand counterpart. Treasuries nudged higher. The yen gained and gold futures rallied above $1,500 an ounce as havens remained in favour.


07 Aug 08:13

Steinhoff considers IPO of Pepkor Europe

Steinhoff International Holdings is considering an initial public offering of Pepkor Europe, its fastest-growing unit, as the scandal-hit retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said.

The company has been discussing a listing of Pepkor Europe with potential advisers, according to the people, who asked not to be identified because the information is private. The business - which owns the Pepco and Dealz chains as well as Poundland in the UK - could sell shares in the next year, the people said.


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