|Bid||53.08 x 800|
|Ask||56.43 x 800|
|Day's Range||54.18 - 54.90|
|52 Week Range||46.63 - 76.53|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.30|
|Expense Ratio (net)||0.59%|
In 2000, Africa was labeled “The Hopeless Continent” by The Economist. In 2011, the cover read “Africa Rising.” What has changed for investors?
South Africa’s rand outperformed other emerging market currencies against the U.S. dollar on Wednesday thanks to improving risk appetite, but there are plenty reasons to be cautious.
South Africa's rand sold off on Wednesday after newly appointed Finance Minister Tito Mboweni unveiled a downgraded economic forecast for the country. The rand was the worst performing emerging market currency versus the dollar during the session, with the greenback climbing more than 2% against it. Mboweni announced that government debt is expected to keep rising until 2024 -- two years longer than expected -- when it will hit some 60% of gross domestic product, rather than 56%, as previously forecast. The budget deficit is also set to widen. The rand slipped to a near two-week-low against the U.S. dollar, with one buck last buying 14.5760 rand, up more than 2% from 14.2569 late Tuesday in New York. The iShares MSCI South Africa ETF was meanwhile down 4%.
The iShares MSCI South Africa ETF (NYSE: EZA) is up 3.28 percent over the past week, reducing its year-to-date loss to just over 22 percent. South Africa, Africa's largest economy, isn't in the tenuous positions of other emerging markets, such as Argentina and Turkey, but analysts and market observers remain reserved about the near-term rebound prospects for South Africa's economy. “South Africa's latest economic plan is unlikely to deliver a significant boost to economic growth,” Fitch Ratings says.
Asia Down Heavily, EM Currencies Keep Falling, South Africa Slaughtered Hong Kong is leading Asian equities down this morning, Hong Kong’s Hang Seng leading the plunge down 650 points or 2.3%. China’s Shanghai Composite comes in second with a loss of 1.7%, though the Yuan remains stable against the dollar unlike other emerging market currencies […] The post Market Morning: EM Turmoil Continues, Asia Down, Italy Reassures, Musk Flares, Toyota Recalls appeared first on Market Exclusive.