Building materials retailer Cashbuild expects its headline earnings to fall by between 30% and 35% for the past year. South Africa saw a DIY boom during the pandemic, which has since petered out. Cashbuild has also been hit hard by looting and store closures as a result of the KwaZulu-Natal unrest in 2021.
But by early Tuesday morning, the currency was still down 0.15% at $0.9930 and holding below the key $1-level. "Given the current mood, there's obviously concerns as to whether that's going to be three days or whether it's going to be three years," said Ray Attrill, head of FX strategy at National Australia Bank .
"I think he will be hawkish on Friday, it's too soon to declare an inflation victory," said Broux at Societe Generale.Global stocks dropped toward the lowest levels of the month on Tuesday and sovereign bonds nursed losses as worries about tightening Federal Reserve monetary policy filtered across markets.
The Fed’s brake on the US economy to ensure high inflation keeps cooling remains the key driver in global markets. Traders are bracing for hawkish talk at the central bank’s Jackson Hole symposium later this week. Hedge funds collectively placed a big short across futures referencing the official successor to the London interbank offered rate known as the Secured Overnight Financing Rate. This position stands to benefit should Fed Chair Jerome Powell effectively rule out a dovish pivot at Jackson Hole.Powell and his colleagues at the Fed are walking a tightrope, trying to contain price pressures while averting recession.
The wellness company embarked on the capital raise to slash its debt and expand its business, after a tough period which saw its debt increase to more than R6 billion. The JSE's All-Share Index was flat, with Telkom and Tiger Brands among the biggest gainers. Investec and Implats lost almost 7%. One of the latest was Richmond Fed boss Thomas Barkin, who reasserted his commitment to bringing inflation back to two percent from the four-decade high of around nine percent.
"One thing they definitely want to communicate is that they remain very much focused on issues with price stability and that they will react very cautiously to any signs of improvements in the inflation data."
Source: News Formal (newsformal.com)
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