Chris Steward, Portfolio Manager - Ninety One, gives his take on how the market performed on Wednesday.
He is of the opinion that the numbers are less horrible than anticipated and the Purchasing Managers' Index (PMI) number particularly is looking a little better.
We did see a strong rand today and a little bit of that, I guess, is emerging markets currency strength but some of it is certainly rand idiosyncratic as well.Chris Steward, Portfolio Manager - Ninety One
If I can recall some of today's microdata that came less than anticipated, that continues the trend of yesterday's -2% GDP number, also less than anticipated. The numbers are less horrible than anticipated and the PMI number particularly looking a little better.Chris Steward, Portfolio Manager - Ninety One
We are bouncing off incredibly depressed levels and once we start lapping more normalised numbers and ostensible bullishness in the economy starts to wind its way out, and I expect very much that is the case, we'll play catch-up for a couple of very dire months and we're gonna see normal service resume fairly shortly thereafter.Chris Steward, Portfolio Manager - Ninety One
Steward says vehicle sales bounced at -30,7% year on year but better than the previous month.
Listen below for the full conversation ...
This article first appeared on 702 : Market Commentary
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