The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Tuesday.
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PRETORIA - Reserve Bank releases February leading indicator. 0700 GMT
PRETORIA - Treasury auctions 1.1 billion rand of 2017 bond , 500 million of 2036 and 500 million of 2041 bonds. 0900 GMT
Absa Group AGM
Johannesburg shares slid nearly 2 percent on Monday, as nagging concerns about the European debt crisis sent shares of banks and miners sharply lower.
South Africa’s rand fell nearly one percent against the dollar on Monday as emerging market currencies were sold in favour of the safer dollar in a risk-averse environment, putting the rand back in line with its peers after a week of out performance on domestic factors.
Asian shares inched up on Tuesday but gains were limited as political uncertainty and disappointing data in Europe raised fears the euro zone could struggle to push through austerity measures and may stay in recession until late in the year.
U.S. stocks fell on Monday as political turmoil in Europe cast doubts on the euro zone’s ability to push through measures to end its debt crisis and as Wal-Mart sank following a report it stymied a bribery probe.
Gold struggled to move higher in thin trade on Tuesday as investors waited for a U.S. Federal Reserve meeting to shed some light on the central bank’s monetary policy amid caution over a resurfacing crisis in Europe.
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Some of the main stories out in the South African press:
- The chief executives of South Africa’s banks met with the African National Congress economic transformation committee on Monday to raise their concerns about the party’s economic policy discussion documents.
- Analysts wrestle with effects of e-toll.
Compiled by Ed Stoddard