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Sanlam Private Wealth, Market Commentary, 2 May 2024
Local Markets
South African markets were closed on Wednesday due to a public holiday.
American Markets
U.S. stocks closed with a mixed performance on Wednesday following the Federal Reserve`s decision to keep its key interest rate unchanged, as expected, while hinting at a potential future rate cut amid uncertainties about inflation. The Federal Open Markets Committee maintained the Fed funds target rate at 5.25%-5.50%, with Chairman Powell highlighting normalization in the labour market, noting a decline in job openings to a three-year low. Investors are now eyeing today`s release of economic data including weekly jobless claims, first-quarter worker productivity, unit labour costs, and March figures on the trade deficit and factory orders, ahead of Friday`s highly anticipated April jobs report.
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