In the loop 23 April 2026

In the loop

Shireen Darmalingam

What you should know this morning:

The rand is weaker this morning, at R16.53/$, after closing weaker yesterday (R16.49/$*).
EM currencies were mixed yesterday; the CLP (+0.6%), COP (+0.5%) and MXN (+0.2%) were the biggest gainers; the HUF (-0.5%), PLN (-0.4%) and CZK (-0.4%) were the biggest losers.
Asian equity markets the Nikkei, Hang Seng and Shanghai Composite are down.

Iran war: President Trump yesterday extended the ceasefire indefinitely, at Pakistan's request, while maintaining the US's naval blockade of Iranian ports.
Diplomatic progress remained stalled, with Iran reiterating that it would not enter talks under blockade conditions and refusing to reopen the Strait of Hormuz.
Iran described this as ‘impossible' amid what it views as ceasefire violations.

Central bank watch: the Philippines central bank is expected to hike its overnight borrowing rate to 4.375% today.

The British Retail Consortium (BRC) consumer sentiment monitor for April indicated a sharp deterioration in UK consumer confidence.
The expectations index for consumers' personal finances fell to -21 in April, from -17 in March.
This was primarily due to external economic shocks and rising uncertainty.
The decline also reflects concerns over rising living costs and economic instability.

EU leaders are set to discuss prospects for peace and how to manage the economic fallout from the Iran war at today's crisis summit.
Now in its eighth week, the conflict, and the closure of the Strait of Hormuz, has driven a sharp increase in global energy prices, which will be a central focus of discussions.
European Council President Antonio Costa said that leaders would address Europe's response to the “rapidly evolving situation,” including its role in promoting de-escalation, supporting peace efforts, and safeguarding freedom of navigation.
The summit will also feature talks on regional security with Egypt, Jordan, Lebanon, Syria, and the Gulf states.

The UK composite PMI for April, scheduled for today, is expected to slip to 49.8, from 50.3 in March, reflecting concerns over the economic impact of the Iran war.
The manufacturing PMI is expected to have slipped to 50.3 in April, from 51.0 in March.
The services PMI is also expected to have slipped, to 50 in April, from 50.5 in March.
In the Eurozone, the April composite PMI is also due out today; the composite PMI is likely to have fallen to 50.1, from 50.7 in March.
The services PMI is likely to have fallen into contraction in April.
The manufacturing PMI is also expected to have deteriorated in April, albeit likely remaining above 50.

The US PMI data for April are also on the cards today; the composite PMI is expected to have improved in April, to 50.6, from 50.3 in March.
Both the manufacturing and services PMIs are expected to have improved in April.

Oil prices are higher this morning because of no new progress in US-Iran talks; shipping activity through the Strait of Hormuz remains limited.
Brent crude is up this morning, and up by 69.8% year-to-date.
The gold price is down this morning, and up by 9.0% year-to-date.

Brent crude oil is currently at $103.33/bbl; ($101.91/bbl*).
Gold is at $4705/oz ($4739/oz*).
SA CDS 150bps*, Brazil 122bps* and Turkey 234bps*.
Yields: US 10yr at 4.30%*, German bund at 3.00%*, SA 10-year generic at 8.70%*, SA's R2035 at 8.53%*.

* Denotes yesterday's close.

Key events and data:

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