South African markets closed in the red yesterday, ahead of the South African Reserve Bank’s monetary policy meeting.
The yield on benchmark government bonds rose yesterday. The yield on the 2030 bond advanced to 9.57%, while that for the longer-dated 2040 issue rose to 11.51%. On the contrary, pharmaceutical companies, Brystol Myers Squibb, Abbott Laboratories and Pfizer advanced 4.7%, 1.9% and 1.8%, respectively. Energy companies, BP and Shell added 1.4% and 0.6%, respectively, tracking gains in oil prices. On the other hand, miner, Antofagasta dropped 6.1%, after the company said that it expects copper output in FY24 to be at the lower end of its guidance range.Asian markets are trading mostly lower this morning, tracking overnight losses on Wall Street.
The Nikkei 225 index is trading 2.0% lower at 40,277.86. The Hang Seng index has added 0.1% to trade at 17,760.30, while the Kospi index is trading 1.2% lower at 2,808.24.Yesterday, Brent prices rose 1.6% to settle at $85.08/bl, following a larger-than-expected drop in the US crude inventories. The US Energy Information Administration reported that crude inventories fell by 4.87mn bls in the week ended 12 July 2024.
Banks, including JPMorgan & Chase, Bank of America, Wells Fargo, Discover Financial, KeyCorp and Synchrony Financial, are seen as some of the likely winners by the brokerage.Crypto stocks are expected to benefit from Trump's re-entry into the White House as he is widely seen as being crypto friendly.
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