South Africa
The JSE all-share index closing the day at 67 029 from its opening price of 66 972.
On Friday the South African equity markets saw Aveng Ltd. (AEG) being the biggest loser of the day with a -15.67% loss moving from R0.06 to close the day at R0.05, whilst Chrometco Ltd. (CMO) saw a 14.29% gain moving from R0.07 to close the day at R0.08, making it the biggest winner in the equity market.
The Rand closed Friday on a strong push against the US Dollar, moving from R14.78 to R14.55
Commodities
Gold was down by -1.6% with a move from 1 795.87 USD/oz to 1 767.62 USD/oz.
Platinum took slight knock, closing at 1 058.64 USD/oz from its opening price of 1 059.51 USD/oz.
Copper saw a 4.0% gain, closing Friday on 10 538.00 USD/t from its opening price of 10 131.00 USD/t
Oil prices continued on their upward trajectory with Brent Crude moving from 84.00 USD to close at 84.86 USD.
Global Markets
The US Dollar Index holds at highs while there was weak data from China with Q3 GDP 0.2% vs 0.5% and Industrial Production at 3.1% vs 4.5%. Oil continues to move higher testing key technicals – Yields the driver (again) US 10yr at 1.6%.
Equities moved strongly higher into close with the USA500 up by +33.0 (+0.75%) at 4471 and Dow edging up with +1.0%. The Biggest stock moves are AMZN & Mastercard with a +3.3%move, TSLA +3.0% and BAC +2.8%, FB was down by -1.15% and MRNA -2.31%. USA500.F dips to 4446. Asian equities lower on China news. VIX closed -2.56% at 17.00 (8 week low) – trades up at 17.35 now.
USOil back to test new 7-yr highs, trades at $82.75.
Gold slipped on higher yields down to $1763 now from Thursday’s test of $1800.
The December 10-year Bund future is down -53 ticks at 169.05, underperforming versus Treasury futures and pointing to another sharp rise in cash yields at the start of the session. Comments from Bank of England’s Bailey, will add to pressure in the European part of the session. UK money markets are increasingly pricing in a move from the BoE this year, which is leaving bond market traders worrying about stagflation risks. DAX and FTSE 100 futures are currently down -0.1%.
Earnings week: Johnson & Johnson, Procter & Gamble, Netflix, and (Squid Games to add $900m in Revenue?) Verizon, IBM, Intel, Tesla, (Musk joined 200+ VW exec’s over weekend) & AT&T.
Things to watch today
China Gross Domestic Product (GDP) YoY, China Industrial Production YoY, Chinese Unemployment Rate, Canada Foreign Securities Purchases, Canada Housing Starts, U.S. Industrial Production YoY, U.S. Federal Budget Balance.
Disclaimer
All prices captured are taking from the previous business day. The material is provided for a general information purpose and does not constitute independent investment research. Nothing in this market wrap contains, or should be considered as containing investment advice or an investment recommendation, or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance.
