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Sanlam Private Wealth, Market Commentary, 19 April 2024
Local Markets
On the stock market, both the Top-40 index and the broader all-share index closed approximately 0.4% higher. A Reuters poll revealed on Thursday that South Africa`s central bank is anticipated to implement only 50 basis points of interest rate cuts this year, a decrease from previous forecasts, as inflation is expected to take slightly longer to return to the Reserve Bank`s comfort zone. PSG Financial Services announced an 11% rise in annual recurring headline earnings per share, achieved amidst challenging operating conditions.
American Markets
U.S. stocks closed near unchanged levels on Thursday as investors digested corporate earnings reports, while economic indicators and Federal Reserve remarks indicated that a rate cut was unlikely in the near term. Economic data revealed a resilient labour market, with weekly initial unemployment claims steady at 212,000, while manufacturing in the mid-Atlantic region reached a two-year high. These factors, coupled with persistent inflation and comments from Fed officials like Chair Jerome Powell, tempered expectations for a rate cut of at least 25 basis points at the June meeting.
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