Business

5 things you need to know before trading opens today

Staff Writer

 ·4 May 2016

Here’s what is happening in the markets:

• Oxford Rhodes Must Fall leader, Ntokozo Qwabe says that he’s ready for the campaign to get him expelled from Oxford University – and that he’s looking forward to it. Qwabe’s Facebook post about leading a white waitress to tears over a restaurant bill, led to a wave of support for the woman, and ultimately R140,000 raised as a “tip” for her.

• The South African rand was the biggest loser in the world over the past 9 weeks against the US dollar, mainly due to subdued economic growth and a slump in commodity prices. It showed the worst performance among 31 emerging market and developed nation currencies.

• South Africa’s rand fell more than 2.5 percent against the dollar on Tuesday, hit by a broader sell-off in global emerging markets and by companies buying the greenback after a long weekend. Stocks fell by a similar margin to three-week lows, pressured by the concerns over global growth after weak data from China. On Wednesday the currency was at R14.67 to the dollar, R21.32 to the pound and R16.84 to the euro.

• In global news, Asian shares skidded on Wednesday as investors fretted about weak global growth and creeping deflation, undermining commodities and boosting demand for safe-haven sovereign debt. US stocks fell on Tuesday after weak economic data in China and Europe reignited worries about global growth, while oil prices dropped for a second day, dragging down energy shares.

• Oil prices stabilized on Wednesday after falling for two straight days on concerns that slowing demand and rising Middle East production would extend a global supply overhang. Brent crude futures were trading at $44.95 per barrel, while US West Texas Intermediate (WTI) futures were up at $43.72 a barrel.

In other news: The Communication Workers Union is preparing to stop operations at the South African Post Office this week. They are demanding that casual workers be permanently employed, and that there be equal pay for equal work.