White House Communications officer, Anthony Scaramucci, was last week removed from his job after just 10 days – he is one of 10 people who have resigned or been fired from their position in the Trump Administration. Keep reading for more weekly highlights.
- General John Kelly was appointed Chief of Staff at the White House on the same day Anthony Scaramucci was removed – creating an impression of chaos in the White House.
- The US dollar is in its fifth consecutive month of decline versus other major currencies. This is its longest losing streak since 2011.
- US GDP grew 2.6% quarter-on-quarter in the second quarter of 2017.
- The US Federal Reserve has generated a profit of more than $600 billion since the global financial crisis.
- The Fed decided to keep interest rates on hold. It hinted it could begin to unwind its $4.5 trillion balance sheet relatively soon if US economy stays on its current path.
- The Nasdaq and S&P500 indices came off their highs, losing 0.2% and 0.02% respectively, while the Dow Jones Industrial Average increased by 1.17%
- In the UK, GDP growth rose by 0.3% quarter-on-quarter for the second quarter of 2017.
- Manufacturing growth in the UK, accelerated for the first time in three months as IHS Markit’s Purchasing Managers Index rose to 55.1 for July.
- The Eurozone economy grew by 0.6% in the second quarter of 2017, creating the impression that the upswing in the single-currency area is becoming self-sustaining.
- In Japan, inflation came in at 0.4% year-on-year for June.
- The weak dollar aided a rally in commodities and created the impression of rand strength versus the dollar.
- The South African petrol price will increase by 19 cents to the litre in August.
- The JSE All Share Index (ALSI) closed 1.36% higher last week, largely due to the rand depreciating against most major currencies. The ALSI is currently at its all-time high, recently surpassing the highs of April 2015.
- The JSE Resources 10 Index increased by 6.54% last week.
- South Africa’s trade balance widened from R5 billion in April to R9.5 billion in May as exports rose at a faster pace than imports.