Funding & Business
South African Rand, Stocks Make History With Bumper August Gains
South Africa’s currency is on track for its biggest August gain in two decades, with stocks not far behind, as a weakening dollar spurs demand for high-yielding assets outside the US.
The rand is up 3% against the greenback this month, the best performance for August since 2005. And the country’s equity benchmark has clocked a gain of 3.4%, the most for the month since 2006.
China’s factory activity remained stuck in contraction in August, as a government crackdown on price wars holds back production offset the boost for manufacturers of the US’ extended trade truce.
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While Chinese stocks traded in Hong Kong climbed for a fourth straight month, derivatives wagers show investors are skeptical about the market.
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Sales of corporate bonds to Japan’s mom and pop investors are booming, on track to surpass last year’s record as bigger returns draw buyers looking to protect their savings from inflation.
Well-known names such as railway operator Keio Corp. and supermarket giant Aeon Co. are among those tapping the retail bond market, with the latter selling its debut retail bond on Friday.
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