US earnings firepower drives markets higher

Moody’s upgraded South Africa’s credit rating outlook from stable to positive on 22 May, while keeping the country’s foreign-currency credit rating unchanged at Ba2. The ratings agency cited gradual improvements in the country’s fiscal position, together with continued progress on structural reforms, as key reasons for the more optimistic outlook.

Die oliemark stuur tans teenstrydige, maar toenemend belangrike seine uit. Die effektiewe stilstand van verkeer deur die Straat van Hormuz dui op ’n betekenisvolle korttermyn-aanbodontwrigting. Dit word duidelik weerspieël in kontantpryse, wat ernstige skaarste inprys.

The oil market is currently sending mixed, and increasingly important, signals. The effective shutdown of traffic through the Strait of Hormuz points to a meaningful near-term supply disruption. This is clearly reflected in spot prices, which are pricing in acute scarcity.