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Picture: 123RF/PERIG76
Picture: 123RF/PERIG76

What’s happening in the markets now?

England has tougherCovid-19 curbs, BoJo is getting roasted for last year’s Christmas party while parties are being cancelled across Europe and the US, and Jefferies became the first big Wall Street bank to send employees home.

But with the focus returning to central banks and inflation, the rally has lost some of its edge. European and US futures are flatlining, and a global equity index paused near two-week highs.

The rand, meanwhile, ended a three-day winning streak, reaching an intraday low of R15.99/$, dropping almost 2% as manufacturing output slumped far more sharply than expected in October.

Data showed industrial production fell 8.9% year-on-year, versus economists’ predictions for a 1.4% decline, probably because of a strike in the steel and engineering sector.

Michael Avery is joined by Warwick Lucas, head of Galileo Capital; Raymond Parsons, professor in the School of Business and Governance at Northwest University; and Isaah Mhlanga, Chief Economist at Alexander Forbes.

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