The rand strengthened 1.86% from last Friday’s highs of R15.87 against the US dollar, on the run up to the S&P rates announcement today. The ECB’s Mario Draghi has kept stimulus unchanged for the moment, with corporate bond buying to commence next week, 8 June. Deposit rates stayed flat in the EU at -0.4% and refinancing rates remained unchanged at zero percent. Shinzo Abe of Japan, has announced that he will delay the sales tax hike until further notice, based on the back of China’s slowing economy as it could be detrimental to Japan’s borderline recessionary climate at present. Brent crude oil has now broken above the $50 mark for the first time in 8 months. Germany’s Angela Merkel warns Britain of potential political isolation from the European Union, should the Brexit go through.
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Quality of Nationality Index (QNI) | Cannon Asset Managers research