IN THE LOOP – WEEK 14
- June continues to be affected by the 3rd wave has had a slight impact on submissions
- Registered properties for 2021 is 12% above 2019 number
- Bank conversions ratios continue to outperform pre covid-19 numbers
- Average house price growth hold steady at the 8% improvement year on year
Local & International Markets:
- The rand is weaker this week at R14.28/$
- EM currencies were mixed; the TRY (+1.4%), BRL (+1.1%) and HUF (+0.9%) were amongst the biggest gainers; the PEN (-0.7%), COP (-0.6%) and THB (-0.5%) were amongst the biggest losers.
- Asian equity markets the Nikkei, Hang Seng and Shanghai Composite are up.
- Fed Chair Jerome Powell noted yesterday that while the debate on tapering may have begun, the Fed is nowhere near raising rates.
- Powell acknowledged that price spikes have been larger than expected; he also reiterated that price hikes will likely abate.
- New York Fed President John Williams noted that inflation could fall back near 2% next year.
- Cleveland Fed President Loretta Mester wants to see whether the economy has made substantial progress towards the bank’s goals before it tapers asset purchases.
- The Chair commented that the bank “will wait for actual evidence of actual inflation or other imbalances” before tightening policy.
- Brent crude oil is up this week, and up by 45.3% year-to-date. Brent crude oil is currently at $75.28/bbl; ($74.81/bbl*).
- The gold price is unchanged but down by 6.4% year-to-date. Gold is at $1778/oz ($1778/oz*).
- SA CDS 192bps*, higher than Brazil 166bps* and lower than Turkey 388bps*.
- Yields: US 10yr at 1.46%*, German bund at -0.164%* and SA 10-year generic at 9.43%*, SA’s R186 at 7.40%*.
- Covid-19 global update: cases have surpassed 179.93 million, while the death toll has surpassed 3.89 million; recoveries are at 164.69 million.
- The US has 34.43 million cases, accounting for 19% of global cases; the US death toll is 617,875.
- India has 30.02 million cases and 390,691 deaths; Brazil has 18.05 million cases and 504,897 deaths.
- It is expected that the US will probably fall shy of its target to have vaccinated 70% of all adults by 4 July.
- Malaysia aims to vaccinate 60% of its population by the end of Q3:21.
- Sydney is expected to impose new restrictions which would include the compulsory wearing of masks at indoor gatherings due to the spread of the Delta variant.
- Moscow has banned unvaccinated residents from restaurants and cafes.
- Argentina has reported a record number of deaths; the Maldives is easing restrictions.
- Thailand reported a record daily Covid-19 death count on Wednesday; Taiwan is expected to extend its soft lockdown until 12 July.
- Globally, over 2.71 billion doses have been administered across 180 countries at a rate of 41.7 million doses a day.
- Africa’s Covid-19 cases are at 5.29 million; fatalities are at 138,990.
- Morocco has 527,174 reported cases, Nigeria 167,331, Ghana 95,236, Kenya 179,876.
- SA has the 19th highest caseload, at 1.843 million; 11,093 new cases were reported on Wednesday.
- Covid-19 deaths rose by 297 on Wednesday, to 59,092; 1.665 million people (or 90.3%) have recovered from the virus.
- 633 million tests have been conducted since 5 March 2020.
- 229 million vaccines have been administered to date.