Week 14

Week 14


Property Industry:

  • 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 Update:

  • 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.

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