DAILY MARKET COMMENTARY 20 June 2017 7:30 AM For any queries, please contact: Reezwana Sumad ReezwanaS@Nedbank.co.za Charts of the day Currencies Commodities Fixed income & interest rates Equities Equity derivatives Economics *Foreign flows JSE performance LDT Economic calendar Other reports #Contacts Click on any of the above links to access your point of interest (* when available) Key daily drivers Nedbank CIB Market Commentary CIBMarketComm@Nedbank.co.za +27 11 294 1753 SNIPPETS (Fixed Income) (Currencies) (Commodities) (Equities) (Foreign flows) Locals re-investing coupons kept yields from running away too hard after commentary by the Public Protector Headlines weigh heavily on USDZAR Oil price continues to grind lower on the back of a supply glut in the West, gold remains subdued Global equities grind higher in a subdued trading sessions Foreign bond flows record biggest outflow in 18 weeks Key overnight factors and upcoming events Nedbank CIB Market Commentary CIBMarketComm@Nedbank.co.za +27 11 294 1753 Date Region Event Actual/expected/prior Implications 20/06 SA Current account bal --/-2.0%/-1.7% Current account likely to show sharp portfolio outflows, deteriorating trade balance 21/06 SA CPI y/y --/5.3%/5.3% CPI is susceptible to downside risks due to food disinflation. Transport costs likely to rise temporarily in May 21/06 UK UK budget balance --/6.8b/10.4b Borrowing requirement may ease as tax revenues rise 22/06 US Leading index --/0.4%/0.3% Leading indicator extremely important in inferring economic growth trajectory over the next 6 months Source: Nedbank Daily Market Commentary 20 June 2017 Page 1 of 11
06/12 20:00 06/13 03:00 06/13 08:00 06/13 13:00 06/13 18:00 06/14 02:00 06/14 07:00 06/14 12:00 06/14 17:00 06/14 22:00 06/15 05:00 06/15 10:00 06/15 15:00 06/15 20:00 06/16 04:00 06/16 09:00 06/16 14:00 06/16 19:00 06/19 03:00 06/19 08:00 06/19 13:00 06/19 18:00 06/20 01:00 06/20 06:00 06/09 12:05 06/09 15:05 06/12 07:05 06/12 10:05 06/12 13:05 06/12 16:05 06/13 08:05 06/13 11:05 06/13 14:05 06/13 17:05 06/14 09:05 06/14 12:05 06/14 15:05 06/15 07:05 06/15 10:05 06/15 13:05 06/15 16:05 06/19 08:05 06/19 11:05 06/19 14:05 06/19 17:05 Fixed income and interest rates Bond flow sales +2711 535 4021 Corporate Money Markets +2711 535 4007 Business Bank Money Markets +2711 535 4006 Bonds Δ Δ Δ Last price 1d MTD YTD % bps bps bps R203-0.2 yrs 7.40-2.00-3.20-30.10 # R208-3.8 yrs 7.61 0.10-1.00-67.30 # R186-9.5 yrs 8.54 0.20-4.10-37.00 # R2048-30.7 yrs 9.74-0.15 7.05 12.15 # US 10 yr 2.18-0.62-2.01-26.17 # UK 10 yr 1.03 1.20-1.60-20.90 # German 10 yr 0.28 0.50-2.30 7.30 # Japan 10 yr 0.06 0.60 1.20 1.50 # Money Market Last price Δ 1d Δ MTD Δ YTD % bps bps bps SA repo rate 7.00 0.00 0.00 0.00 # SA prime rate 10.50 0.00 0.00 0.00 # SA CPI (MTD = previous month) 5.30-80.00 # SA 3m JIBAR 7.32 0.00-1.60-4.10 # SA 3m NCD 7.33 0.00 2.50-5.00 # SA 6m NCD 7.83 0.00-5.00-15.00 # SA 12m NCD 8.15 0.00-10.00-30.00 # US 3m LIBOR 1.28 0.67 7.02 28.23 # UK 3m LIBOR 0.30 0.13 0.30-6.98 # Japan 3m LIBOR - 0.02-0.02 0.40 4.04 # Source: Bloomberg & Nedbank CIB T ime Δ Δ Δ FRAs and Swaps Last price 1d MTD YTD % bps bps bps 3X6 FRA 7.22 0.00-3.00-17.00 # 6X9 FRA 7.02-0.50-7.50-40.50 # 9X12 FRA 6.91 1.00-9.00-54.00 # 18X21 FRA 6.93 0.00-11.00-60.00 # SA 2yr Sw ap 7.02 0.30-8.00-44.10 # SA 3yr Sw ap 7.08-0.70-9.00-48.10 # SA 5yr Sw ap 7.29-2.00-9.00-52.60 # SA 10yr Sw ap 7.79-2.00-8.50-53.60 # SA 15yr Sw ap 7.99-3.75-9.00-50.00 # Δ Δ Δ Spreads Last price 1d MTD YTD % bps bps bps 2v10y - 0.77 2.30 0.50 9.50 # 3v10y - 0.72 1.30-0.50 5.50 # R186-R203 1.14 2.20-0.90-6.90 # R2048-R186 1.20-0.35 11.15 49.15 # 5y-R186-1.25-2.20-4.90-15.60 # 10y-R186-0.75-2.20-4.40-16.60 # 15y-R186-0.55-3.95-4.90-13.00 # SA 5yr CDS spread - basis points 190.50 0.00-0.50-24.50 # Source: Bloomberg & Nedbank CIB T ime A rollercoaster ride yesterday with more radical indications as the Public Prosecutor opined on the need to change the SARB mandate and the broader Constitution. This gave local markets a bit of a fright, but locals re-investing coupons kept yields from running away too hard. Expect this to continue into the auction this morning, and expect bids in the secondary market up to the 8.63 level on R186. We open unchanged. US 10 year yield SA 10 year yield US 10 year yield 2.24 2.22 2.20 2.18 2.16 2.14 2.12 2.10 2.08 2.06 2.04 2.02 US 10Y SA 10 year yield 8.60 8.55 8.50 8.45 8.40 8.35 8.30 R186 8.25 Daily Market Commentary 20 June 2017 Page 2 of 11
Currencies Business Banking FX +27 11 535 4003 Corporate FX +2711 535 4002 Institutional FX +2711 535 4005 The new week opened with the rand having staged a modest recovery to trade at around 12.8000, some good two way flows initially but this was short lived and once the dollar buyers dominated as a result of various comments regarding the amendment of the constitution and the mandate of the SARB by the public protector, this saw the local unit weaken to a high of 13.0525, before a modest recovery going into the local close, to trade at 12.9500 at that time. This morning the rand is currently trading at 12.9750, EURZAR is trading at 14.4815 and GBPZAR at 16.5380. International markets were once again skittish, after having recovered to trade back around the 1.1200 level in the wake of the French election results the euro traded generally weaker for the majority of the session, although not spectacularly so, trading down to a low of 1.1162 where we closed the session, this morning EURUSD currently trading at 1.1155. Gold has drifted marginally weaker after holding above the 1260.00 mark for most of last week, this morning currently trading at 1245.15. Data releases scheduled for today, locally we have leading index, current account and the release of the SARB quarterly bulletin, and from Europe we have Eurozone current account and Italian current account data, the same current account data from the U.S. The on-going pronouncements regarding mining charters, changes to the constitution and the mandate of the SARB create an environment which is not conducive to stability and confidence and this has seen the rand pay the price for this over the past two sessions, having traded to a best level below 12.6000 last week. Possible trading range in the rand today 12,8500 to 13.1500 Majors Last price -1d MTD YTD USD GBPUSD 1.27-0.05-1.18 3.23 # USD strength EURUSD 1.12-0.02-0.71 6.09 # USD strength USDJPY 111.67 0.22 0.90-4.74 # USD strength USDAUD 1.32-0.02-2.18-5.27 # USD weakness ZAR Rand crosses Last price -1d MTD YTD USDZAR 12.98-0.08-1.30-5.83 # ZAR strength GBPZAR 16.54-0.11-2.51-2.46 # ZAR strength EURZAR 14.49-0.08-2.03 0.24 # ZAR strength AUDZAR 9.87-0.06 0.88-0.33 # ZAR weakness ZARJPY 8.60 0.28 2.16 0.82 # ZAR strength ZAR African FX Last price -1d MTD YTD ZARMWK (Malaw ian kw acha) 55.90 0.09 1.24 5.22 # ZAR strength ZARBWP (Botsw ana pula) 0.79 0.19 0.89 1.57 # ZAR strength ZARKES (Kenyan shilling) 7.98 0.08 1.53 6.51 # ZAR strength ZARMUR (Mauritian rupee) 2.68 0.11 1.32 2.21 # ZAR strength ZARNGN (Nigerian naira) 25.11 3.53 4.70 8.64 # ZAR strength ZARGHS (Ghanian cedi) 0.34 0.03 3.48 8.39 # ZAR strength ZARZMW (Zambian kw acha) 0.71 0.11 1.27-2.23 # ZAR strength ZARMZN (Mozambican metical) 4.64 0.09 0.79-12.26 # ZAR strength Source: Bloomberg & Nedbank CIB T ime *Please note that the sign on the % change reflects the change on the headline number. The narrative indicates the direction over the month. For trade in any of these currencies, contact our FX dealing desks USDZAR $/R (close, high and low) R 13.10 R 13.00 R 12.90 R 12.80 R 12.70 R 12.60 R 12.50 R 12.40 EUR/USD /$ (close, high, low) $1.14 $1.13 $1.13 $1.12 $1.12 $1.11 R 12.30 06/14 06/15 06/16 06/19 06/20 USDZAR Curncy $/R HIGH $/R LOW $1.11 06/14 06/15 06/16 06/19 06/20 EURUSD Curncy EURUSD HIGH EURUSD LOW Daily Market Commentary 20 June 2017 Page 3 of 11
06/12 18:00 06/13 00:00 06/13 06:00 06/13 12:00 06/13 18:00 06/14 00:00 06/14 06:00 06/14 12:00 06/14 18:00 06/15 00:00 06/15 06:00 06/15 12:00 06/15 18:00 06/16 00:00 06/16 06:00 06/16 12:00 06/16 18:00 06/19 00:00 06/19 06:00 06/19 12:00 06/19 18:00 06/20 00:00 06/20 06:00 06/12 08:00 06/12 13:00 06/12 18:00 06/12 23:00 06/13 06:00 06/13 11:00 06/13 16:00 06/13 21:00 06/14 04:00 06/14 09:00 06/14 14:00 06/14 19:00 06/15 02:00 06/15 07:00 06/15 12:00 06/15 17:00 06/15 22:00 06/16 05:00 06/16 10:00 06/16 15:00 06/16 20:00 06/19 01:00 06/19 06:00 06/19 11:00 06/19 16:00 06/19 21:00 06/20 04:00 06/09 09:30 06/09 11:30 06/12 08:30 06/12 10:30 06/12 17:30 06/13 09:30 06/13 11:30 06/14 08:30 06/14 10:30 06/14 17:30 06/15 09:30 06/15 11:30 06/19 08:30 06/19 10:30 06/19 17:30 Commodities Nedbank CIB Market Commentary CIBMarketComm@Nedbank.co.za +27 11 294 1753 +27 11 535 4038 Brent rallied marginally yesterday, before giving back most gains towards the end of the day. The oil market remains in a supply glut, even though OPEC is actively pursuing production cuts. Apart from Saudi Arabia and a handful of other OPEC countries, the compliance rate has been dismal, particularly within non-opec countries like Russia which have not yet achieved their target for the YTD. It is now questionable as to whether the balance of the production cuts will materialise, given the dismal reaction of the oil price to these stabilisation efforts and the lack of compliance by most non-opec countries. Gold dipped below $1250/oz. yesterday, and will likely continue weaker towards $1230/oz. in the near term as the dollar maintains its resilience over the last week. Commodities Last price -1d MTD YTD Brent near future ($) 46.91 0.00-6.76-17.44 # WTI crude ($) 44.20 0.00-8.53-17.72 # Gold spot ($) 1 245.41-0.14-1.93 8.53 # Platinum spot ($) 927.13 0.17-2.24 2.66 # SA w hite maize spot (R) 1 744.00-0.51-2.41-50.76 # Source: Bloomberg & Nedbank CIB T ime SA white maize SA White maize (ZAR/MT) - 30 day chart R 1 820 R 1 800 R 1 780 R 1 760 R 1 740 R 1 720 R 1 700 R 1 680 SA white maize ZAR/MT Source: Bloomberg Source: Bloomberg Platinum vs Gold Brent Crude vs West Texas Intermediate Platinum vs. Gold Brent Crude vs West Texas Intermediate $1 278 $1 273 $1 268 $1 263 $1 258 $1 253 $1 248 GOLD PLATINUM $949 $944 $939 $934 $929 $924 $50 $50 $49 $49 $48 $48 $47 $47 BRENT WTI $47 $47 $46 $46 $45 $45 $1 243 $919 $46 $44 Source: Bloomberg Source: Bloomberg Daily Market Commentary 20 June 2017 Page 4 of 11
06/12 06/13 06/14 06/15 06/19 Equities Cash equities +2711 535 4030/31 South Africa We gapped up at the open, playing catch up following the Youth Day holiday on Friday, and grinded higher throughout the day and closed at the highs of the day. Resources jumped +1.9%, financials increased by 0.6% and financials surged +2.2% to help the Top40 close up +1.9%. Resources recouped losses from Thursday s onslaught and industrials flourished on the rand s weakness. The top performers on the Top40 were Mondi (+6%), Discovery (+4%) and Naspers (+3.8%). The value traded was R21 billion and the rand was hovering around 12.94 to the US dollar at the close. We expect the SA current account data for the first quarter out later today. UK/Europe European markets opened in positive territory and maintained those gains and closed off the highs but firmly in the black, the Dax gained +1%, the Cac rose +0.9% and the FTSE added +0.8%. Victory of Macron's party in the French parliament sparked the positive mood around the region which was supported by positive economic and company news. Brexit negotiations with the EU began and the Central European bank published the details of the Emergence Liquidity Assistance (ELA) which would provide temporary lifeline to banks. Airbus climbed +2% after unveiling an upgrade to their passenger jet, Rolls-Royce rose +1.9% after a positive update and Aberdeen Asset Manger jumped +5% after shareholders approved their merger with Standard Life. USA Asia US markets closed a subdued trading session in positive territory led by tech stocks, the Dow rose +0.7%, the S&P500 advanced +0.8% and the Nasdaq shot up +1.4%, with those moves the Dow and S&P500 recorded new highs. Lack of major US economic data caused the lack of direction and markets looked across the Atlantic for direction. Clovis Oncology jumped after a positive late trial to their ovarian cancer drug boosting the biopharmaceutical sector, strength was also seen in the semiconductor, internet and airline stocks. Asian stocks are trading lower this morning, despite the record close on Wall Street last night; the MSCI Asia Pacific ex Japan is up 0.2%. The cautious trade around the region was in anticipation of whether the MCSI would include China A shares in its world emerged market index after the three previous rejections. The Japanese market is up on a weak yen following hawkish remarks by New York Fed president. Lower commodity prices are dragging the Australian market lower. Tencent is currently trading up +1.3% in Hong Kong this morning. Developed Markets Last price -1d MTD YTD Dow Jones 21 528.99 0.68 2.48 8.94 # Nasdaq 6 239.01 1.42 0.65 15.90 # S&P 500 2 453.46 0.83 1.73 9.59 # DJ Eurostoxx 50 3 579.58 1.01 0.70 8.78 # DAX 12 888.95 1.07 2.17 12.26 # CAC 5 310.72 0.90 0.51 9.22 # FTSE 7 523.81 0.81 0.05 5.33 # ASX200 5 772.70-0.56 0.84 1.89 # Nikkei 225 20 284.89 1.08 3.23 6.12 # MSCI World 1 936.52 0.69 1.30 10.58 # Emerging Markets Last price -1d MTD YTD Hang Seng 25 906.35-0.07 0.96 17.75 # Shanghai 3 146.32 0.06 0.93 1.38 # Brazil Bovespa 62 014.03 0.63-1.11 2.97 # India - NSE 31 362.32 0.16 0.70 17.79 # Russia Micex 1 849.78 1.47-2.66-17.15 # MSCI Emerging 1 012.95 0.98 0.76 17.47 # SA Indices Last price -1d MTD YTD JSE All Share 51 615.90 1.54-3.63 1.90 # Top 40 45 381.20 1.95-3.76 3.37 # Resi 10 29 868.20 2.02-4.33-6.98 # Indi 25 70 732.84 2.25-4.07 10.03 # Fini 15 14 469.92 0.71-2.06-4.03 # Source: Bloomberg & Nedbank CIB T ime Short-term performance of SA equity indices SA equity indices Based to 100 at T-5 102.00 101.00 100.00 99.00 98.00 97.00 96.00 TOP40 Index 95.00 FINI15 Index 94.00 INDI25 Index 93.00 RESI20 Index 92.00 Daily Market Commentary 20 June 2017 Page 5 of 11
Last day to trade Susan Correia Scorreia@Nedbankcapital.co.za +27 11 295 8227 Share code Share name Dividend / interest rate 20 June 2017 DLT Delta Property Fund Ltd dividend @ 51.30719cps GIVFIN Newfunds S P Givi SA Distribution (if any) TBA on or before 13/07/17 GIVIND Newfunds S P Givi SA Distribution (if any) TBA on or before 13/07/17 GIVISA Newfunds S P Givi SA Distribution (if any) TBA on or before 13/07/17 GIVRES Newfunds S P Givi SA Distribution (if any) TBA on or before 13/07/17 HCI Hoskens Consolidated Inv Ltd dividend @ 170cps LBHP Liberty Holdings Ltd 11 Cum Prefs dividend @ 5.5cps MDP Mara Delta Prop Hldgs Clean Out dividend @ USD0.0457 MEI Mediclinic International PLC dividend @ 80.605cps MRP Mr Price Group Ltd dividend @ 438.8cps NEWFSA Newfunds NewSA Index Fund Distribution (if any) TBA on or before 13/07/17 NFEMOM Newfunds Equity Momentum ETF Distribution (if any) TBA on or before 13/07/17 NFGOVI Newfunds Govi ETF Distribution (if any) TBA on or before 13/07/17 NFILBI Newfunds ILBI ETF Distribution (if any) TBA on or before 13/07/17 NFSH40 Newfunds Shariah Top 40 Index ETF Distribution (if any) TBA on or before 13/07/17 NFSWIX Newfunds SWIX40 ETF Distribution (if any) TBA on or before 13/07/17 NFTRCI Newfunds TRACI 3 ETF Distribution (if any) TBA on or before 13/07/17 RLO Reunert Ltd dividend @ 120cps SCD Schroder European real Estate dividend @ EUR 0.012 SPP Spar Group Ltd dividend @ 240cps TCP Transaction Capital Ltd dividend @ 15cps TDH Tradehold Ltd dividend @ 10cps TON Tongaat Hulett Ltd dividend @ 200cps VKE Vukile Property Fund Ltd DRIP @ 89.1025cps VOD Vodacom Group Limited dividend @ 435cps Source: JSE Daily Market Commentary 20 June 2017 Page 6 of 11
JSE performance Nedbank CIB Market Commentary CIBMarketComm@Nedbank.co.za +27 11 294 1753 Top40 constituents Last price -1d MTD YTD AGL : Anglo American Plc 163.87 0.34-6.88-16.01 # ANG : Anglogold Ashanti Ltd 130.83-5.41-11.90-14.25 # APN : Aspen Pharmacare Holdings Lt 277.86-0.05-6.44-2.02 # BGA : Barclays Africa Group Ltd 144.86-1.12 4.22-14.13 # BID : Bid Corp Ltd 299.00 3.57-0.22 21.97 # BIL : Bhp Billiton Plc 194.44 2.79-3.39-11.08 # BTI : British American Tobacco Plc 919.90 3.23-2.57 18.15 # BVT : Bidvest Group Ltd 159.15 1.61-6.85-12.19 # CFR : Financiere Richemont-Dep Rec 106.87 1.90-3.38 17.78 # CPI : Capitec Bank Holdings Ltd 782.50 3.50 0.48 12.59 # DSY : Discovery Ltd 129.37 3.81 0.98 12.99 # FFA : Fortress Income Fund Ltd-A 16.80 0.30-1.00 1.39 # FFB : Fortress Income Fund Ltd 34.23-0.75-2.17 5.88 # FSR : Firstrand Ltd 47.51 0.38-3.65-10.65 # GFI : Gold Fields Ltd 44.14-1.47-4.87 1.26 # GRT : Grow thpoint Properties Ltd 24.80 0.20-1.16-4.21 # INL : Investec Ltd 96.80 1.79-6.16 6.67 # INP : Investec Plc 96.99 2.63-5.73 6.88 # ITU : Intu Properties Plc 44.00-0.14-4.64-6.34 # LHC : Life Healthcare Group Holdin 26.23 1.43-6.09-13.52 # MEI : Mediclinic International Plc 130.38 1.80-4.13 0.29 # MND : Mondi Ltd 347.74 6.24 0.71 24.20 # MNP : Mondi Plc 348.58 5.94 1.04 25.06 # MRP : Mr Price Group Ltd 160.00 1.34 6.67 0.28 # MTN : Mtn Group Ltd 111.66 1.13-4.97-11.50 # NED : Nedbank Group Ltd 209.60 0.92-4.77-11.98 # NPN : Naspers Ltd-N Shs 2 594.91 3.88-4.44 28.84 # NTC : Netcare Ltd 24.61-1.20-8.72-22.71 # OML : Old Mutual Plc 33.20 0.79 3.62-3.60 # RDF : Redefine Properties Ltd 10.65 1.43 0.95-4.83 # REI : Reinet Investments Sa-Dr 30.50 1.63-3.63 13.81 # REM : Remgro Ltd 208.00 0.54-4.46-6.75 # RMH : Rmb Holdings Ltd 59.04 1.34-4.02-11.08 # SAP : Sappi Limited 88.80 3.86-8.08-1.28 # SBK : Standard Bank Group Ltd 141.34-0.28-3.55-6.86 # SHP : Shoprite Holdings Ltd 204.35 2.95-2.22 19.18 # SLM : Sanlam Ltd 65.00 0.78-5.29 3.34 # SNH : Steinhoff International H Nv 64.72 0.47-7.54-9.20 # SOL : Sasol Ltd 369.56 1.84-5.75-7.36 # TBS : Tiger Brands Ltd 375.75 0.74-2.15-5.55 # TRU : Truw orths International Ltd 72.43-0.60-3.23-9.09 # VOD : Vodacom Group Ltd 165.54 0.76 0.17 8.62 # WHL : Woolw orths Holdings Ltd 62.41 0.22-7.40-12.12 # Source: Bloomberg & Nedbank CIB T ime Daily Market Commentary 20 June 2017 Page 7 of 11
Foreign flows Nedbank CIB Market Commentary CIBMarketComm@Nedbank.co.za +27 11 294 1753 Last week, foreign investors withdrew R7.7 billion from the bond and equity market. The bond market experience d the biggest sell-off in 19 weeks, led by sharp outflows in the latter part of the week as the new Mining Charter was announced, causing volatility in financial markets, and hampering foreign investor sentiment in the process. For the month to date, all gains in the bond market have been erased, while equity outflows have ballooned to R14.6 billion. Given the recent turn in sentiment, local political headlines, suggestions by the Public Protector that the Constitutional mandate of the SARB be changed to advance socio-economic transformation, this may keep foreign sentiment subdued in the near term. Outflows are likely to persist this week, until markets achieve some relative calm after recent headlines. SA equities and bonds (bn) Week to 16 Jun 2017 to 16 Jun 2017 Year to 16 Jun 2017 Foreign flow s into SA equity market Foreign flow s into SA bond market -R 4.525 -R 14.611 -R 58.741 -R 3.123 -R 0.056 R 45.521 Total foreign flow s -R 7.649 -R 14.667 -R 13.220 Source : Bloomberg Foreign equity flows: 5-day history Net Foreign Flows: Equities (R'000) (LHS) vs. ALSI daily % change (RHS) R 1 000 000.00 2 Foreign bond flows: 5-day history Net Foreign Flows: Bonds (R'000) R 0 R 500 000.00 1.5 -R 200 000 R 0.00 1 -R 400 000 -R 500 000.00 0.5 -R 600 000 -R 1 000 000.00 -R 1 500 000.00 0-0.5 -R 800 000 -R 1 000 000 -R 1 200 000 SABO INDEX -R 2 000 000.00-1 -R 1 400 000 -R 2 500 000.00 06/12 06/13 06/14 06/15 06/19 SAEQ INDEX ALSI % change -1.5 -R 1 600 000 06/12 06/13 06/14 06/15 06/19 Daily Market Commentary 20 June 2017 Page 8 of 11
Economic calendar Nedbank CIB Market Commentary CIBMarketComm@Nedbank.co.za +27 11 294 1753 Country Event Period Survey Actual Prior Revised 19-June 01:50 AM JN Exports YoY MAY 16.00% 14.90% 7.50% - 01:50 AM JN Imports YoY MAY 14.50% 17.80% 15.10% - 01:50 AM JN Trade Balance Adjusted MAY JPY 345.5b JPY 133.8b JPY 97.6bJPY 157.6b 20-June 08:00 AM GE PPI YoY MAY 2.90% - 3.40% - 09:00 AM SA Leading Indicator APR - - 97.6-10:00 AM EC Current Account NSA APR - - EUR 44.8b - 10:00 AM EC ECB Current Account SA APR - - EUR 34.1b - 10:00 AM SA Current Account as a % GDP 1Q -1.95% - -1.70% - 10:00 AM SA Current Account Balance 1Q ZAR -0.1b - ZAR -0.1b - 21-June 10:00 AM SA CPI YoY MAY 5.35% - 5.30% - 10:30 AM UK PSNB ex Banking Groups MAY GBP 6.8b - GBP 10.4b - 04:00 PM US Existing Home Sales MAY 5.54m - 5.57m - 04:00 PM US Existing Home Sales MoM MAY -0.45% - -2.28% - Source: Bloomberg Daily Market Commentary 20 June 2017 Page 9 of 11
Contacts Treasury: Economic Analyst Reezwana Sumad (011) 294 1753 ALM Portfolio Management (011) 535 4042 Equities Sales and Distribution (011) 535 4030/31 Forex Institutional Sales Desk (011) 535 4005 Bond Trading (011) 535 4021 Forex Business Banking Sales Desk (011) 535 4003 Forex Retail Sales Desk (011) 535 4020 Credit Derivatives (011) 535 4047 Forex Corporate Sales Desk JHB (011) 535 4002; DBN (031) 327 3000; CTN (021) 413 9300 Inflation Trading (011) 535 4026 Interest Rate Swaps & FRA s Trading (011) 535 4004 Money Market Institutional Sales Desk (011) 535 4008 Money Market Business Banking Sales Desk (011) 535 4006 Non Soft & Soft Commodities Trading (011) 535 4038 Money Market Corporate Sales Desk JHB (011) 535 4007; DBN (031) 327 3000; CTN (021) 413 9300 Preference shares desk (011) 535 4072 Daily Market Commentary 20 June 2017 Page 10 of 11
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