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Sanlam Private Wealth, Market Commentary, 22 October 2024
Local Markets
On the Johannesburg Stock Exchange, the Top-40 index closed higher on Friday. Investors are now focusing on September`s consumer inflation data, which may provide insight into the South African Reserve Bank`s future interest rate decisions. In September, the central bank cut its lending rate for the first time in over four years after inflation dipped below 4.5%, the midpoint of its target range. Governor Lesetja Kganyago mentioned that lowering the inflation target could be achieved at minimal cost.
American Markets
The Dow Jones Industrial Average and S&P 500 ended lower on Monday, pulling back from Friday`s record highs and six consecutive weeks of gains as rising Treasury yields and concerns about high stock valuations weighed on investors. Market participants are also awaiting earnings reports from major companies. Additionally, attention is focused on the upcoming U.S. presidential election, with polls showing improving chances for Republican candidate Donald Trump. Key economic data this week includes home sales, flash PMI, durable goods reports, and the Federal Reserve`s Beige Book.
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