Markets are heavy again this week... we’ll just blame Donald Trump! Trade wars continue as he imposes more tariffs on imported goods.
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The JSE and global markets are under pressure on the continued talks of what might now officially be a trade war. Trump has imposed $34bn of import tariffs on goods from China, China immediately responded, and even Russia jumped on the wagon imposing a 25%-40% tariff on yellow metals.
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The JSE closed the month 3.5% higher, with all the gains coming on the last trading day of the month! Our currency remains as volatile as ever, 13.82/$ and 18.10 to the Pound. Employment in South Africa‘s non-agriculture sector rose 0.6% in the first quarter of 2018 to 9 838 million people, compared with the previous three months.
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The Rand was all over the place last week, weakening to 13.92 /USD on Wednesday and leading to Anthea having tons to comment on this. CPI Inflation moderated slightly to 4.4% - looking good for the consumer. Anthea also explains how the Current Account deficit widening to 4.8% is much of a surprise to most market watchers and economists. She wraps up with company news around Grindrod Shipping, Imperial, Naspers and General Electric.
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It was a tough week with the economy contracting 2.2% and the Rand hitting 13.38/US$. South Africa has received an invitation to the G7 meetings for the first time in 7 years. What does Anthea make of this? Hear that, as well as her take on Steinhoff getting a “lifeline” from creditors, Cell C seeking a court interdict against ICASA, and the launch of Rain Mobile. She wraps up with also discussing the tech stocks holding the global markets together last week, as the FANGs and BATTs outperform.
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The JSE ended 4.5% lower in May - almost nowhere to hide as the emerging markets risk off trade continues. The Rand hasn’t reacted very well either, and in fact, was lower after the trade balance and PMI manufacturing numbers were released...
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It seems Ramaphoria is well and truly a thing of the past – combined with stronger US dollar and the global emerging markets risk off; our market fell another 1% this week, making the decline this month 3%. Oil hit $80 / bbl this week; something we haven’t seen since 2014.
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Tamzin Nel stands in for Anthea this morning as she reflects on the impact of the dollar slightly coming off its highs towards the end of last week, and what it means for investors if the Fed starts increasing rates. What are the proposed plans for Flipkart after Naspers sold it? Find that out, and so much more here.
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Market update: tough week, but a strong finish on Friday as Naspers led the gains, climbing 4.8% on the day. The rand also off its weaker levels, but still quite weak at 12.50/US$. MTN put out a quarterly update. Dis-Chem released a very disappointing set of results. New listing on the JSE: Libstar...
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Henry Biddlecombe stopped by instead of Anthea to talk about earnings season in the US. We talked about Facebook, Alphabet, Netflix and Tesla, among others. The 10-year bull market is making a lot of nervous investors even more nervous. They’re waiting for signs that it’s over...
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