South Africa
The JSE all-share index closing the day at 67 051 from its opening price of 66 058.
The Rand took slight knock against the US Dollar on Friday, moving from R14.68 to R14.82
Commodities
Gold closed Friday with a slight gain moving from 1 782.90 USD/oz to 1 792.65 USD/oz.
Platinum closing at 1 043.99 USD/oz from its opening price of 1 052.89 USD/oz
Copper took a -2.2% knock, closing Friday on 9 857.00 USD/t from its opening price of 10 078.50 USD/t
Oil prices continued on their upward movement with Brent Crude moving from 84.61 USD to close at 85.53 USD.
Global Markets
The US Dollar Index cools a bit and yet again tests 4-wk low (93.44). PMIs biased to the upside as Powell talked taper but no rate rises yet, Democrats narrowed their differences on the $3.5b infra bill & Yellen talked new taxes. Yields hold up, Equities mixed Friday, FUTS down. Big week for Earnings – Oil up again on supply concerns, gold back to $1800.
Evergrande – Restarted 10 building projects over weekend, announced move away from real estate towards EV production.
US Yields (10yr closed higher at 1.665) & – now 1.6500%
Equities were mixed with the USA500 down by -4.88 (-0.11%) at 4544while the NASDAQ took a –0.82% knock. The Big movers are SNAP with a -26.59% knock and INTEL down by -11.68%. The Biggest earnings miss are FB (-5.05%), GOOGL & AMZN (–3%) and TSLA (+1.75%)
USOil up again on supply concerns & trades close to 7-year highs at $83.00
December 10-yr Bund future up 23 ticks at 168.51. DAX & FTSE 100 futures up 0.15% & 0.25% respectively. Inflation risks remained in focus as oil prices continue to climb higher while bottlenecks in supply chains lead to rising cost pressures. The combination already weighed on manufacturing PMIs last week & are likely to also depress the German Ifo confidence reading today ahead of Thursday’s ECB meeting. Fed Chair Powell signalled on Friday that inflation could stay higher for longer & that the taper is coming. ECB by contrast has pushed decisions on PEPP & APP back to the December meeting, which means this week’s ECB will be watched mainly for signals from Lagarde at the press conference.
Things to watch today
Germany Ifo Business Climate Index, Germany Current Assessment, Germany Business Expectations, Bank of England Monetary Policy Committee (MPC) Member Tenreyro Speaks, Canada Wholesale Sales MoM.
Earnings
Michelin, Facebook, Restaurant Brands. HSBC surprises with 74% rise in Q3 profit and $2bln buyback.
Disclaimer
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