In the loop
What you should know this morning:
- The rand is weaker this morning, at R15.86/$, after closing weaker yesterday (R15.82/$*).
- EM currencies were mixed yesterday; the CLP (+2.2%), COP (+0.6%) and BRL (+0.3%) were amongst the biggest gainers; the RUB (-1.8%), HUF (-1.2%) and TRY (-1.2%) were amongst the biggest losers.
- Asian equity markets are mixed this morning; the Nikkei and Hang Seng are down, while the Shanghai Composite is up.
- Covid-19 global update: cases have surpassed 258.44 million, while the death toll has surpassed 5.17 million; recoveries are at 233.91 million.
- The US is unlikely to impose lockdown measures such as those in some EU countries.
- The EU is reviewing its Covid digital certificates and travel policy within and outside the bloc as member nations take varying steps to counter the latest wave.
- EU leaders’ summit next month will discuss vaccine hesitancy; there have been street protests in several member states in recent days.
- Austria may impose fines for those who refuse being vaccinated once mandatory vaccination kicks in next year.
- Cases in Singapore fell for a 5th straight day as the country moves to relax some restrictions.
- US existing home sales rose unexpectedly in October, to a 9-month high to an annualised 6.34 million, from 6.29 million in September.
- The increase comes as more buyers take advantage of stronger job growth and low mortgage rates.
- The gain in October purchases reflected stronger results in the upper-end market.
- Sales of cheaper properties were restrained because of a lack of inventory.
- Total sales are above pre-pandemic levels and are on track to exceed 6 million this year, the strongest since 2006.
- Manufacturing and services PMI data releases for November are due out for several countries today — likely a mixed bag of results.
- SA has the 18th highest caseload, at 2.930 million; 312 new cases were reported yesterday.
- Active cases are at 19,109; the Western Cape leads the way, with 6,326 active cases, followed by KwaZulu-Natal with 3,075.
- Covid-19 deaths rose by 10 yesterday, to 89,584; 2.821 million people (or 96.3%) have recovered from the virus.
- 19.126 million tests have been conducted since 5 March 2020; 13,473 tests were conducted yesterday.
- The SA positivity rate is 2.3%.
- 24.754 million vaccines have been administered in SA to date; 11,083 vaccines were administered yesterday.
- Scientists foresee a 4th wave of infections in December.
- It is likely to be less severe than previous resurgences because over 34% of adults are fully vaccinated.
- About 60-70% of the population may also have already been infected.
- Brent crude oil is down this morning, and up by 53.1% year-to-date.
- The gold price is down marginally this morning, and down by 4.8% year-to-date.
- Brent crude oil is currently at $79.31/bbl; ($79.70/bbl*).
- Gold is at $1807/oz ($1808/oz*).
- SA CDS 211bps*, lower than Brazil 238bps* and Turkey 441bps*.
- Yields: US 10yr at 1.62%*, German bund at -0.301%* and SA 10-year generic at 10.0%*, SA’s R186 at 8.04%*.
* Denotes yesterday’s close.
Key events and data:
- 09h00: SA leading indicator (September)
- 11h00: Eurozone Markit manufacturing, services and composite PMI (November)
- 11h30: UK Markit manufacturing, services and composite PMI (November)
- 16h45: US Markit manufacturing, services and composite PMI (November)