South African Markets – Factors to watch on Nov 16

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The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Thursday.

POLITICAL EVENTS
Zimbabwe was on a knife’s edge on Thursday after the military seized power in what it dubbed a targeted operation against “criminals” in the entourage of President Robert Mugabe, who has ruled the southern African nation for almost four decades.

ECONOMIC EVENTS
– The Standing Committee on Appropriations will be briefed by National Treasury, the Financial and Fiscal Commission (FFC) and the Parliamentary Budget Office on the South African Airways’ (SAA) debt relief and recapitalization funding.

– Deputy Director in the Research Department of the International Monetary Fund Gian Maria Milesi-Ferretti presents recently released World Economic Outlook 2017. “Seeking Sustainable Growth: Short-Term Recovery, Long-Term Challenges” will be the topic of discussion.

SOUTH AFRICAN MARKETS
South Africa’s rand inched firmer on Wednesday, holding its ground against the weaker dollar with higher gold prices and signs of improving economic growth luring back buyers. Stocks were down as resource companies suffered as part of a global selloff.

GLOBAL MARKETS
Asian shares got off to a cautious start on Thursday after Wall Street stumbled despite upbeat U.S. economic news and the Treasury yield curve hit its flattest in a decade as investors priced in more U.S. rate hikes.

WALL STREET
U.S. stocks fell on Wednesday as energy sector shares dropped for a fourth straight session, tracking crude prices, while a late run-up was thwarted by concerns over the passage of a tax revamp after Republican senators were critical of the proposal.

GOLD
Gold prices held steady early on Thursday as the dollar firmed after upbeat U.S. economic data bolstered the prospects of interest rate increases next month and beyond.

BUSINESS DAY
– Army keeps Mugabe cooped up at home.
(Compiled by Ed Stoddard)