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Sanlam Private Wealth, Market Commentary, 26 July 2024
Local Markets
The Top-40 index closed 0.12% higher on the stock market. South Africa`s producer inflation remained steady at 4.6% year-on-year in June. Headline consumer inflation eased to 5.1% in June from 5.2% in May, raising hopes of an interest rate cut by the South African Reserve Bank. Anglo American posted underlying earnings of $4.98 billion, a 3% drop from the previous year, and aims to complete a significant restructuring by the end of next year despite setbacks in its coal and diamond businesses.
American Markets
The S&P 500 and Nasdaq Composite closed lower on Thursday, unable to recover from the previous day`s tech-driven sell-off, as investors remained uncertain about the future of megacap stocks. The Dow Jones Industrial Average, however, finished higher thanks to unexpectedly strong U.S. GDP data, which showed a 2.8% expansion in the second quarter, above the 2% estimate. Despite disappointing earnings and ongoing political and economic uncertainty, recent data indicates a resilient U.S. economy, with inflation subsiding and expectations for a Federal Reserve rate cut in September still in place.
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