TSX opens flat with geopolitics, tariff developments, US data in focus
At 9:31 a.m. ET (1331 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab was up 0.04% at 27,770.57 points.
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South African business confidence edges up in July ahead of Trump's 30% tariff
JOHANNESBURG, Aug 13 (Reuters) - South African business confidence rose in July, helped by higher new vehicle sales, rising manufacturing output, strong precious metals prices and well-contained inflation, data showed on Wednesday. The South African Chamber of Commerce and Industry's Business Confidence Index (ZABCI=ECI), opens new tab rose to 116.7 in July, up from 113.2 in June. The business chamber releases the index every two months. June's business confidence level was lower than May's 115.8 reading before July's rebound. The chamber said the 30% tariff on South African exports to the U.S. that kicked in last week could weigh on sentiment in the remainder of the year. "The imposition of a general tariff of 30% by the USA on exports from South Africa to the USA could have unintended and austere consequences for the South African economy and for longer-term business relations," the South African Chamber of Commerce and Industry (SACCI) said in a statement. South African officials were planning to submit a revised trade deal offer to Washington on Tuesday to try to secure a lower tariff or exempt major industries. Months of negotiations with U.S. President Donald Trump's administration have so far failed to produce a deal. SACCI said it was important that South Africa does everything possible to have positive trade relations with the U.S. given subdued economic growth forecasts for this year and next.
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Standard Chartered lifts year-end ether forecast to $7,500
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Reuters
2 hours ago
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World shares hit record as rate hopes, inflation data buoy sentiment
LONDON/TOKYO, Aug 13 (Reuters) - Global share markets hit a record and the dollar was subdued on Wednesday, as investors cheered mild inflation data and signs of resilience in major economies, and expectations of a U.S. rate buoyed demand for riskier assets. The MSCI All Country World Index (.MIWD00000PUS), opens new tab of shares climbed for a second day and reached 950.13, an all-time high. Japan's Nikkei stock index (.N225), opens new tab, meanwhile, set a fresh peak for a second-straight session. European stocks (.STOXX), opens new tab advanced 0.5%, with German shares (.GDAXI), opens new tab adding 0.6%. Tech and defence stocks led the gains. U.S. inflation readings, which on Tuesday showed the consumer price index (CPI) rising slightly less than forecast in the year through July, indicated President Donald Trump's import tariffs had yet to filter down to consumer prices. That helped Wall Street scale new heights, supported by increasing certainty that the Federal Reserve will cut interest rates next month. "The fact that CPI was broadly as expected was met with relief, leading to equity gains and tighter credit spreads as investors became increasingly confident about another rate cut," Deutsche Bank analysts wrote. Trump's signing of an executive order pausing triple-digit levies on Chinese imports for another 90 days also boosted optimism. Wall Street was also set for gains, with a gauge of S&P 500 futures up 0.7%. In Japan, a Reuters poll that tracks the Bank of Japan's quarterly tankan business survey showed the Japanese manufacturers' sentiment index improved for a second straight month. Another report showed Japan's wholesale inflation slowed in July, underscoring the central bank's view that upward price pressure from raw material costs will ease. The Nikkei (.N225), opens new tab rose for the sixth straight day, breaking the 43,000 level for the first time and hitting a fresh record high. Risk-sensitive cryptocurrency ether rose to an almost four-year high above $4,679. The dollar index , which tracks the greenback against a basket of major peers, fell for a second day. It was last down 0.2% at 97.80 The dollar fell 0.2% against the yen to 147.47 . The euro added 0.3% to $1.1706, after a 0.5% jump in the previous session. Traders are pricing in a 94% chance of a Fed cut in September, up from about 57% a month ago, according to the CME FedWatch tool. Investors had been on tenterhooks about the inflation data because it followed a surprisingly weak jobs report on August 1 and had the potential to stoke concerns about stagflation - when an economy suffers both high inflation and high unemployment. Trump has nominated White House adviser Stephen Miran to temporarily fill a vacant board seat at the U.S. central bank, stirring up speculation about presidential interference in monetary policy. And the White House said it was "the plan" that the Bureau of Labor Statistics would continue to publish its closely watched monthly employment report after Trump's pick to head the agency, E.J. Antoni, proposed suspending its release. Speculation the labour report would be halted has "done the USD no favours and would have only incentivised foreign investors to review their hedging ratios on U.S. investments," Chris Weston, head of research at Pepperstone, said in a note. In sovereign bond markets, German 30-year bond yields fell on Wednesday, retreating from the previous day's 14-year high. U.S. crude fell 0.2% to $62.99 a barrel.
