Market Commentary | The week that was – May 28th

By |2024-05-28T10:07:50+02:00May 28, 2024|Market Commentary|

South Africa's national and provincial elections on May 29, 2024, are poised to be the most competitive since apartheid, with 27.7 million registered voters and 70 political parties plus 11 independents contesting. The U.S. plans to significantly increase tariffs on Chinese imports starting 1 August 2024. In South Africa's corporate sector, the Ackerman family is stepping down as majority shareholders of Pick ‘n Pay amid a company revamp. Markets closed positively last Friday, with gains in retail and mining stocks, though the JSE All Share index fell 0.46% for the week. Upcoming economic data includes South Africa's Private Sector Credit, PPI, and Trade Balance, alongside key releases from the U.S., Eurozone, Japan, and China. Checkers Sixty60 is beta testing an expanded app featuring over 10,000 non-grocery products with same-day delivery, challenging market giants like Takealot and Amazon. OpenAI launched GPT-4o, a unified AI model processing text, audio, and images, promising real-time interactions and broad accessibility. In the markets, South African indices closed higher due to gains in mining and consumer staples, while the tech firm Naspers saw a decline. The upcoming week includes key economic indicators from South Africa, the Eurozone, Japan, the UK, and the US.

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