Last year, Standard & Poor’s reiterated a BBB- rating, the lowest investment-grade rating, on South African sovereign debt. In May, Moody’s Investors Service surprised global investors by actually upgrading its rating on South Africa to two levels above junk territory.
“The support which was broken in June 2015 is now acting as a major resistance. More than twice it has tried to break these levels but failed to do so. In case it breaks this resistance then the next hurdle will be around $800.00 and $830.00 price range. If the price doesn’t break, the present resistance levels then one can expect it to come around the major support which is at $670.00 to the $680.00 per troy ounce,” according to an HSBC note on palladium posted by Johanna Bennett of Barron’s.
According to Scotiabank, auto sales are expected to hit another record in 2017 for the eighth consecutive year on rising demand in emerging markets and from those in the U.S. seeking to replace older vehicles as stronger global economic growth and low gas prices help support consumer demand.
For more information on the South African markets, visit our South Africa category.
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