Week 18

Week 18


Property Industry:

  • The July unrest has seen a 11% decline in submissions vs June
  • Registered properties for 2021 is 12% above 2019 number
  • Bank conversions ratios continue to outperform pre covid-19 numbers
  • Average house price submission continues to grow, however slowed in July

Local & International Markets:

  • The rand is unchanged at R14.57/$ after closing stronger yesterday (R14.57/$*).
  • EM currencies were mixed; the CLP (+0.8%), BRL (+0.7%) and RUB (+0.5%) were amongst the biggest gainers; the KRW (-0.3%), MXN (-0.3%) and TRY (-0.2%) were amongst the biggest losers.
  • Asian equity markets the Nikkei, Hang Seng and Shanghai Composite are all up.
  • US President Biden has indicated that there is no need to be concerned about persistent inflation in the US. Biden, however, noted that there’ll be near-term inflation and the hospitality sector may take longer to recover as workers demand better wages and working conditions.
  • Focus will be on the SARB’s MPC meeting today; the bank is expected to keep the repo rate unchanged at 3.5%.
  • We will look to changes to the bank’s growth and inflation forecasts.
  • Brent crude oil is down this morning, and up by 38.7% year-to-date.
  • The gold price is down this morning, and down by 5.2% year-to-date.
  • Brent crude oil is currently at $71.82/bbl; ($72.23/bbl*).
  • Gold is at $1800/oz ($1803/oz*).
  • SA CDS 201bps*, higher than Brazil 173bps* and lower than Turkey 380bps*.
  • Yields: US 10yr at 1.28%*, German bund at -0.395%* and SA 10-year generic at 9.41%*, SA’s R186 at 7.42%*.

Covid-19 Update:

  • Covid-19 global update: cases have surpassed 192.84 million, while the death toll has surpassed 4.14 million; recoveries are at 175.35 million.
  • The US has 35.14 million cases, accounting for 18% of global cases; the US death toll is 625,808.
  • India has 31.25 million cases and 419,021 deaths; Brazil has 19.47 million cases and 545,690 deaths.
  • Research models and local data suggest that India’s actual death toll from Covid-19 could range between 1.3 million and 5 million.
  • Even the most conservative estimate puts the tally at over double the US, which is the highest recorded in the world so far.
  • New York will begin requiring vaccinations and/or weekly testing of all workers in its public hospitals and clinics to slow the increase in new cases.
  • Indonesia has reported a record 1,383 deaths and will implement a four-level movement restriction system.
  • China has pushed back against the call from the WHO for another investigation into the virus’s origin, which would include examining whether it had leaked from a lab.
  • Globally, over 3.71 billion vaccines have been administered across 179 countries at a rate of 31 million doses a day.
  • Africa’s Covid-19 cases are at 6.38 million; fatalities are at 161,038.
  • Morocco has 566,356 reported cases, Nigeria 169,884, Ghana 99,160, Kenya 194,310.
  • Zambia has received 151,200 doses of the J&J vaccine from the US through the Covax facility.
  • The Ivory Coast plans to buy 3.5 million doses of the J&J vaccine by December.
  • Burkina Faso has received a donation of 150,000 J&J vaccines from the US.
  • Pfizer and BioNTech will partner with SA’s Biovac Institute to produce vaccines at a facility in Cape Town. The aim is to deliver more than 100 million doses annually to African nations.
  • SA has the 17th highest caseload, at 2.327 million; 16,240 new cases were reported yesterday.
  • Active cases are at 160,462; Gauteng continues to lead the way, with 46,391 active cases, followed by the Western Cape with 31,854.
  • Covid-19 deaths rose by 516 yesterday, to 68,192; 2.098 million people (or 90.2%) have recovered from the virus.
  • 36 million tests have been conducted since 5 March 2020; 59,068 tests were conducted yesterday.
  • The positivity rate is 27.5%.
  • 831 million vaccines have been administered to date; 257,492 vaccines were administered yesterday.

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