South African Rand Stocks Bonds Slide Amid Middle East War Oil Shock
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South African markets weakened Friday investors fled safe-haven USD amid US-Israel-Iran war entering seventh day Israel heavy strikes Hezbollah Beirut infrastructure Tehran Iran struck Tel Aviv parts. Rand 16.72/$ 0.4% weaker Thursday's close aligning emerging market peers greenback +0.2% currency basket.
TreasuryONE strategist Andre Cilliers noted rand weighed global risk aversion higher oil prices negative net energy importer SA; expects 16.40-16.75/$ range pending geopolitical US data clarity. Johannesburg Stock Exchange Top-40 index down 2%. Benchmark 2035 government bond yield rose sharply 19.5 basis points to 8.435%.
Next week investors eye statistics agency GDP mining manufacturing data continent's most industrialised economy health clues. Escalating Middle East tensions oil surge particularly painful South Africa energy import dependence.
