The CPI numbers for South Africa came in higher than expected at 7.6% and up from the September print of 7.5% increasing the probability of a 100 basis point interest rate hike from the South African Reserve Bank today. In Tuesday’s trading session in the local markets, the Top 40 closed the day up 1.01% and the Resources 10 sector went up by 1.85%, the Financial 15 went up by 0.35%, the Industrial 25 went up by 0.72% and lastly the South African Listed Property index was down 0.4%. The Rand traded at R17.03 against the Dollar , R20.49 against the Pound , and R17.65 against the Euro . On an interesting side, the Investec PLC (JO: INPRp ) share price continues to reach new all-time highs.
Figure 1: Stats SA Inflation Rate chart
On the commodities front, Brent Crude oil is trading at $84.53 a barrel and WTI Crude oil is trading at $77.44 a barrel. Gold is currently trading at $1755.26. Platinum is now trading at $995.90 and lastly, palladium is at $1885.66.
Across the globe, the S&P 500 closed the day up 0.59%, the Dow Jones closed the day up 0.28% and the Nasdaq had a 0.97% climb. The FTSE 100 was up 0.17%, the DAX was up 0.04% and the CAC40 was up 0.35%. In the Asian markets, Hang Seng is currently up 0.57%.
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