South African rand firms after strong trade data, shares fall - Reuters

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A street trader counts out change for a customer in Durban, file. REUTERS/Rogan Ward

JOHANNESBURG, June 30 (Reuters) - The South African rand firmed on Wednesday after data showed the country recorded larger-than-expected trade surplus for the month of May.

At 1500 GMT, the rand traded at 14.2666 against the dollar, 0.55% stronger than its previous close.

The currency mirrored gains in most emerging market currencies, with traders eyeing U.S. jobs data due later this week for clues on the economic recovery there and the Federal Reserve's stance.

Data from the South African Revenue Service showed on Wednesday that the trade surplus widened to 54.60 billion rand ($3.83 billion) in May from a surplus of 51.25 billion rand in April, as exports rose and imports fell. Market expectations were for a trade surplus of 46.50 billion rand.

South Africa's economic recovery from the COVID-19 pandemic has been uneven and halting, but one bright spot has been bumper commodity prices which have improved the country's terms of trade.

"We expect the trade surplus to remain robust throughout the year, albeit declining as we go along. Commodity prices are expected to remain at current levels over the immediate term, before declining towards pre-pandemic levels over the medium term," said Pieter du Preez at NKC African Economics.

Stocks continued to vacillate wildly between losses and gains since Monday as investors weighed whether an impact of rising cases of coronavirus would dent the economy more or a strong job data from the U.S. would give a deeper boost.

After rising by more than a percentage on Tuesday, stocks pared half of the gains on Wednesday with the benchmark all-share index closing down 0.45% to 66,249 points.

The blue-chip index of top 40 companies (.JTOPI) shed 0.55% to end the day at 60,162 points.

Stocks of banks and financials, which largely depend on the local economy, however stayed resilient hinting that most of the day's losses were largely in lock step with fall in global stock markets.

"The bank index (.JBANK) was up 0.44% at close of trading hours.

Government bonds firmed alongside the currency, with the yield on the benchmark 2030 instrument falling 6.5 basis points to 8.895%.

($1 = 14.2583 rand)

Reporting by Olivia Kumwenda-Mtambo and Promit Mukherjee; Editing by Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.

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Buffalo Bills reportedly close to a Zach Ertz Deal - BuffaloLowDown

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Feb 4, 2018; Minneapolis, MN, USA; Philadelphia Eagles tight end Zach Ertz (86) celebrates after defeating the New England Patriots 41-33 in Super Bowl LII at U.S. Bank Stadium. Mandatory Credit: Matthew Emmons-USA TODAY Sports

Buffalo Bills 2021 Player Profile: Offensive Lineman Syrus Tuitele by Brandon Croce

The Zach Ertz-Buffalo Bills era may begin soon.

Longtime Philadelphia Eagles radio announcer, Merrill Reese poured gasoline onto the conversation in an interview today.  Reese appeared on the National Football Show and said that the Buffalo Bills are reportedly close to a deal for the Pro Bowl and Super Bowl LII champion tight end.

If that rumor actually comes true. then Buffalo may just have the best passing offense in the AFC. Would it be enough to get the team over the Kansas City Chiefs? That remains to be seen of course, but it would do wonders for a position that hasn’t really had any notable players the past few years.

Zach Ertz would be the instant starter over incumbent Dawson Knox. Both Knox and Ertz attended Tight End University, a skills workshop for the position hosted by Travis Kelce and George Kittle. Nothing has surfaced on if Knox had sales-pitched Ertz into getting the Eagles to engage in these alleged discussion for a trade. But if he did, then Knox would deserve a raise of some sort.

It’s also possible that Knox is feeling the pressure of having his job taken away from him. It’s not like anyone would ever invite someone to come and take their job, but this is probably more of a collaboration/ mentorship where Knox could learn from the three time Pro Bowler.

Josh Allen could have a safety blanket, and Ertz’ bigger frame are better for run blocking, something that the Bills desperately need to develop a better presence in. Ertz has the skills to get to the edge and take on bigger rushers than Knox or freshly-acquired free agent Jacob Hollister. The Bills may just have enough cap space (roughly $9.6M) to take on Ertz, granted they make an extra move or two.

Getting Ertz would show that the Bills are all-in for a Super Bowl championship. With great expectations comes great pressure. Let’s see if this trade happens and how it would impact both teams.

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