Week 15

Week 15


Property Industry:

  • June home loan submissions decline by 4.3%
  • Registered in the deeds office decreased by 28% due to covid-19 closures
  • Bank conversions ratios continue steady showing positivity from the Banking partners
  • Average house price growth hold steady at the 8% improvement year on year

Local and International Markets:

  • The rand is marginally stronger this week at R14.32/$ after closing weaker on Tuesday (R14.33/$*).
  • EM currencies were mixed; the CLP (+0.9%), PHP (+0.3%) and KRW (+0.1%) were amongst the biggest gainers; the COP (-1.6%), RUB (-0.9%) and ZAR (-0.7%) were amongst the biggest losers.
  • Asian equity markets are mixed this week; the Nikkei and Hang Seng are down, while the Shanghai Composite is up.
  • Eurozone CPI for June is due out today and is expected to have slowed as upward pressure from the energy sector has abated somewhat.
  • Bloomberg consensus sees CPI coming in at 1.9% y/y in June from 2.0% y/y in May; core CPI is expected at 0.9% y/y from 1.0% y/y in May.
  • In France, price growth may have picked up slightly; CPI is expected at 1.9% y/y in June from 1.8% y/y in May.
  • Italy may also see rising inflation as CPI is partly driven by a base effect; CPI is expected at 1.4% y/y in a June from 1.2% y/y in May.
  • The final UK GDP print for Q1:21 is due for release today; expectations are for a contraction of 1.5% q/q from an increase of 1.3% q/q in Q4:20.
  • Brent crude oil is up this week, and up by 45% year-to-date. Brent crude oil is currently at $75.11/bbl; ($74.76/bbl*).
  • The gold price is down this week, and down by 7.4% year-to-date. Gold is at $1758/oz ($1763/oz*).
  • SA CDS 184bps*, higher than Brazil 161bps* and lower than Turkey 382bps*.
  • Yields: US 10yr at 1.47%*, German bund at -0.170%* and SA 10-year generic at 9.36%*, SA’s R186 at 7.41%*.

Covid Update:

  • Covid-19 global update: cases have surpassed 182.58 million, while the death toll has surpassed 3.95 million; recoveries are at 167.19 million.
  • The US has 34.52 million cases, accounting for 19% of global cases; the US death toll is 619,980.
  • India has 30.36 million cases and 398,484 deaths; Brazil has 18.51 million cases and 516,119 deaths.
  • Australian health experts have criticized the government’s vaccine rollout for being too slow and disorganised and potentially leading to ongoing lockdowns.
  • The WHO has noted that the Delta variant is about 55% more transmissible than the Alpha variant, making it likely to dominate in the months ahead.
  • The WHO further noted that 96 countries have reported cases of the Delta variant.
  • Moderna has indicated that its vaccine has produced protective antibodies against the highly contagious Delta variant.
  • India has cleared the import of its vaccine for restricted emergency use.
  • Globally, over 3.01 billion doses have been administered across 180 countries at a rate of 43.2 million doses a day.
  • Africa’s Covid-19 cases are at 5.51 million; fatalities are at 142,572.
  • Morocco has 530,585 reported cases, Nigeria 167,543, Ghana 95,642, Kenya 183,603.
  • SA has the 19th highest caseload, at 1.954 million; 13,347 new cases were reported on Tuesday.
  • Covid-19 deaths rose by 226 on Tuesday, to 60,264; 1.739 million people (or 89%) have recovered from the virus.
  • 06 million tests have been conducted since 5 March 2020.
  • 9 million vaccines have been administered to date.

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