South Africa
The JSE all-share index closing the day at 66 348 from its opening price of 66 776.
On Wednesday the South African equity markets saw Wesizwe Platinum Ltd. (WEZ) being the biggest loser of the day with a -18.78% loss moving from R1.97 to close the day at R1.60, whilst Brikor Ltd. (BIK) saw a 47.54% gain moving from R0.61 to close the day at R0.61, making it the biggest winner in the equity market.
The Rand continued to recover against the US Dollar on Wednesday, moving from R14.53 to R14.39
Commodities
Gold continued to recover with a move from 1 769.29 USD/oz to 1 782.08 USD/oz.
Platinum closing at 1 053.39 USD/oz from its opening price of 1 043.47 USD/oz, resulting in a 1.0% gain
Copper took a -0.1% knock, closing Wednesday on 10 481.25 USD/t from its opening price of 10 487.50 USD/t
Oil prices continued on their upward movement with Brent Crude moving from 85.05 USD to close at 85.82 USD.
Global Markets
The US Dollar index has cooled a bit but again tests 2-week low (93.47) Yields stronger again, Equities closed up, but FUTS are down (Nikkei -2% on stronger YEN and Yuan). Big day for Earnings – TESLA beat but revenue numbers disappointed some. Oil up on drawdown.
Evergrande – Bad News $1.7bn sale of 51% of HK unit to Hopson OFF, $1.7bn sale of HK HQ OFF, $83.5m coupon default triggers tomorrow. Good News $260m bond coupon, extended by 3 mths
US Yields (10yr closed higher at 1.63) & – now 1.6533%
Equities are still moving higher with the USA500 up +16 (+0.74%) at 4536 while the NASDAQ took a -0.05% knock. The biggest stock movers are Verizon which is up by +2.41%, ABBT with a +3.3% gain and PayPal took a -4.91% knock. Asian equities weaker. New VIX contract at +1.49% at 19.60
USOil up on drawdown n strong demand at $82.00 after EIA inventories showed -400K vs build of 2.1m
The December 10-year Bund future is down -16 ticks, US futures are also in the red. DAX and FTSE 100 futures are both down -0.45 and US futures are also in the red, with the NASDAQ underperforming again, after already closing slightly lower yesterday. Indices remain at high levels, but tapering concerns, the global energy rout and supply chain concerns are capping the outlook for global growth. Markets will continue to watch earnings reports and central bank comments, especially in the UK where officials clearly are laying the ground for an early lift off. Meanwhile the announcement of Weidmann’s departure has raised hopes that the ECB will push even more to circumvent the no-bail out clause permanently – after the end of PEPP, which already helped BTPs to outperform yesterday.
Things to watch today
Spain 10-Year Obligacion Auction, EU Leaders Summit, U.S. Initial Jobless Claims, U.S. Philadelphia Fed Manufacturing Index, U.S. Existing Home Sales,
Earnings
AT&T, Intel, American Airlines, Southwest Airlines, ABB, (bottleneck problems) Vivendi, Hermes, (beat) Pernod Ricard, (beat) Barclays, (Revenue big beat) Unilever (Sales miss).
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.
