Week 16

Week 16

IN THE LOOP – WEEK 16

Property Industry:

  • The property industry has seen the impact of the third wave with submissions declining by 13% vs June
  • Property values continue to hold firm with the average submitted bond value at 8% above 2020 numbers
  • Bank conversions ratios continue to outperform pre Covid-19 numbers

Local & International Markets:

  • The rand is stronger this week at R14.34/$
  • EM currencies were mixed on Tuesday; the KRW (+0.2%), MYR (+0.1%) and IDR (+0.1%) were amongst the biggest gainers; the BRL (-2.0%), CLP (-1.6%) and RUB (-1.3%) were amongst the biggest losers.
  • Asian equity markets were mixed on Wednesday; the Nikkei and Hang Seng are down, while the Shanghai Composite is up.
  • The Japanese leading index undershot expectations in May by slipping to 102.6 pts, from 103.8 pts in April.
  • The coincident index, which measures current economic conditions, slipped to 92.7 pts in May, from 95.3 pts in April.
  • Gross reserves are expected to have slipped to $53.3bn in June from $54.1bn in May; net reserves are expected to have slipped to $51.4bn in June from $52.2bn in May.
  • Brent crude oil is up by 0.1% this week, and up by 43.9% year-to-date. Brent crude oil is currently at $74.57/bbl; ($74.53/bbl*).
  • The gold price is up by 0.2% this week, and down by 5.3% year-to-date. Gold is at $1798/oz ($1794/oz*).
  • SA CDS 190bps*, higher than Brazil 167bps* and lower than Turkey 390bps*.
  • Yields: US 10yr at 1.35%*, German bund at -0.268%* and SA 10-year generic at 9.32%*, SA’s R186 at 7.51%*.

Covid Update:

  • Covid-19 global update: cases have surpassed 185.39 million, while the death toll has surpassed 4 million; recoveries are at 169.73 million.The US has 34.62 million cases, accounting for 19% of global cases; the US death toll is 621,561.
  • India has 30.66 million cases and 404,240 deaths; Brazil has 18.85 million cases and 527,016 deaths.
  • The UK’s health chief has warned of a rise in infections among younger people once restrictions are eased.
  • Health officials have warned that getting back to normal could mean new cases increasing to 100,000 a day.
  • Sydney has extended its lockdown, that was due to end on Friday, for a further week.
  • This comes as the UK and US are lifting restrictions and has focused the attention on the slow pace of Australia’s vaccine rollout.
  • The Delta variant continues to inflate case numbers worldwide, with Indonesia and Bangladesh reporting record infections.
  • The Delta variant and a surge in infections among younger, unvaccinated people have increased Spain’s infection rate to the highest in Europe.
  • Globally, over 3.26 billion vaccines have been administered across 180 countries at a rate of 36.3 million doses a day.
  • Africa’s Covid-19 cases are at 5.78 million; fatalities are at 148,305.
  • Morocco has 535,974 reported cases, Nigeria 168,000, Ghana 96,402, Kenya 186,453.
  • SA has the 18th highest caseload, at 2.090 million; 15,501 new cases were reported on Tuesday.
  • Active cases are at 182,243; Gauteng continues to lead, with 89,553 active cases, followed by the Western Cape with 22,710.
  • Covid-19 deaths rose by 457 (the highest single day rate since 2 February) on Tuesday, to 62,628; 1.845 million people (or 88.2%) have recovered from the virus.
  • 54 million tests have been conducted since 5 March 2020; 59,271 tests were conducted on Tuesday.
  • The positivity rate is 26.2%.
  • 631 million vaccines have been administered to date.

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