The CPI numbers for South Africa came in higher than expected at 7.6% and up from the September print of 7.5% increasing the probability of a 100 basis point interest rate hike from the South African Reserve Bank today. In Tuesday’s trading session in the local markets, the Top 40 closed the day up 1.01% and the Resources 10 sector went up by 1.85%, the Financial 15 went up by 0.35%, the Industrial 25 went up by 0.72% and lastly the South African Listed Property index was down 0.4%. The Rand traded at R17.03 against the Dollar, R20.49 against the Pound, and R17.65 against the Euro. On an interesting side, the Investec PLC share price continues to reach new all-time highs.
Figure 1: Stats SA Inflation Rate chart
On the commodities front, Brent Crude oil is trading at $84.53 a barrel and WTI Crude oil is trading at $77.44 a barrel. Gold is currently trading at $1755.26. Platinum is now trading at $995.90 and lastly, palladium is at $1885.66.
Across the globe, the S&P 500 closed the day up 0.59%, the Dow Jones closed the day up 0.28% and the Nasdaq had a 0.97% climb. The FTSE 100 was up 0.17%, the DAX was up 0.04% and the CAC40 was up 0.35%. In the Asian markets, Hang Seng is currently up 0.57%.
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