The Week Ahead
Read about upcoming market-moving events and plan your trading week
Shaun Murison
Our weekly report is compiled by in-house senior market analyst, Shaun Murison.
Shaun has worked in financial markets for over ten years. As market analyst, he presents our CFD trading seminars around the country. In addition, Shaun is a regular commentator on the local financial markets, contributing to various media (such as CNBC Africa and Business Day) and writing daily and weekly market reports. He is a registered person at the JSE as well as a Certified Financial Technician (CFTE). You can follow Shaun on Twitter at @ShaunMurison_IG for regular market updates and insight.
The Week Ahead
26-30 May
Local
Headline consumer price index (CPI) inflation for April 2025 rose slightly to 2.8%, up from 2.7% in March, indicating a modest increase in inflationary pressure. Inflation remains relatively low compared to previous years, with expectations that it will stay contained in the near term, though medium-term risks remain due to food, electricity, water, insurance, and wage pressures.
International
U.S. debt and fiscal deficit concerns have intensified following a combination of rising debt projections, a controversial Republican spending bill, and a recent credit rating downgrade by Moody's. The Congressional Budget Office projects that without policy changes, U.S. federal debt will rise to about 117% of GDP by 2035, but under the Republican "megabill" currently being considered in the House, debt could escalate to 125% or more of GDP, depending on the duration of tax cuts included in the legislation.
The House Republican spending proposal, dubbed the "big beautiful bill," is projected to add between $3 trillion and $5 trillion to the national debt over the next decade. Some projections suggest debt could reach 205% of GDP if all temporary provisions become permanent, far exceeding the 156% expected if current laws remain unchanged. This bill has sparked intense debate on Capitol Hill due to its potential to widen the deficit and increase inflationary pressures.
The combination of soaring debt projections, the large and contentious spending bill, and Moody's downgrade has heightened investor anxiety about U.S. fiscal sustainability. This has led to elevated Treasury yields and market volatility, with analysts warning that the proposed legislation could exacerbate the ongoing sell-off in the bond market by raising long-term Treasury yields and increasing borrowing costs. Concerns are mounting that the U.S. government's borrowing costs and deficit trajectory could pose significant economic risks if not addressed.
The Rand
The rand’s strengthening this past week reflects a combination of easing U.S. monetary policy expectations, weaker U.S. economic growth data reducing dollar demand, improved global risk appetite, and cautious optimism about South Africa’s fiscal and political outlook. However, ongoing domestic political uncertainties and structural challenges still limit the rand’s upside potential in the near term.
Commodities
Platinum's price rise this week is mainly due to persistent supply shortages exacerbated by South African mining disruptions, sustained deficits reducing inventories and safe-haven demand amid global economic uncertainties.
The World Platinum Investment Council (WPIC) and Metals Focus reported that platinum is experiencing its third consecutive year of supply deficit, with estimates of around 966,000 ounces for 2025, up from previous projections. This deficit is being driven by weakening supply, particularly from South Africa, where rainfall disruptions have significantly affected mining operations at major producers including Impala Platinum and Anglo American Platinum. First-quarter mined supply declined 13% year-on-year, reaching the lowest levels seen since before the COVID-19 pandemic.
Companies
Company announcements
Date |
Company Name |
Event Type |
26 May 2025 |
Pick N Pay Stores Ltd |
Earnings Release |
26 May 2025 |
Barloworld Ltd |
Earnings Release |
26 May 2025 |
Raubex Group Ltd |
Earnings Release |
26 May 2025 |
Altron Ltd |
Earnings Release |
27 May 2025 |
Pepkor Holdings Ltd |
Earnings Release |
27 May 2025 |
Datatec Ltd |
Earnings Release |
27 May 2025 |
Zeda Ltd |
Earnings Release |
27 May 2025 |
Stefanutti Stocks Holdings Ltd |
Earnings Release |
27 May 2025 |
Ellies Holdings Ltd |
Earnings Release |
28 May 2025 |
Tiger Brands Ltd |
Earnings Release |
28 May 2025 |
Reunert Ltd |
Earnings Release |
28 May 2025 |
Emira Property Fund Ltd |
Earnings Release |
28 May 2025 |
Octodec Investments Limited |
Regular Dividends - Cash |
28 May 2025 |
Redefine Properties Ltd |
Regular Dividends - Cash |
28 May 2025 |
Compagnie Financiere Richemont SA |
Regular Dividends - Cash |
29 May 2025 |
Lewis Group Ltd |
Earnings Release |
29 May 2025 |
Huge Group Ltd |
Earnings Release |
29 May 2025 |
Adcorp Holdings Ltd |
Earnings Release |
29 May 2025 |
Delta Property Fund Ltd |
Earnings Release |
30 May 2025 |
Dis-Chem Pharmacies Ltd |
Earnings Release |
30 May 2025 |
Santova Ltd |
Earnings Release |
Economic calendar
Date |
Time |
Region |
Event |
Previous |
28 May 2025 |
8:00pm |
USD |
FOMC Meeting Minutes |
|
29 May 2025 |
11:30am |
ZAR |
PPI m/m |
0.5% |
29 May 2025 |
11:30am |
ZAR |
PPI y/y |
0.6% |
29 May 2025 |
3:30pm |
ZAR |
Prime Overdraft Rate |
11.0% |
29 May 2025 |
3:30pm |
ZAR |
Interest Rate Decision |
7.5% |
29 May 2025 |
2:30pm |
USD |
Prelim GDP q/q |
-0.3% |
29 May 2025 |
2:30pm |
USD |
Unemployment Claims |
227K |
29 May 2025 |
9:00pm |
GBP |
BOE Gov Bailey Speaks |
|
30 May 2025 |
All Day |
EUR |
German Prelim CPI m/m |
0.4% |
30 May 2025 |
2:00pm |
ZAR |
Balance of Trade |
R24.77B |
30 May 2025 |
2:30pm |
USD |
Core PCE Price Index m/m |
0.0% |
31 May 2025 |
3:30am |
CNY |
Manufacturing PMI |
49.0 |
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