South Africa
The JSE all-share index closing the day at 70 091 from its opening price of 69 921.
On Monday the South African equity markets saw Trustco Group Holdings Ltd. (TTO) being the biggest loser of the day with a -16.07% loss moving from R2.24 to close the day at R1.88, whilst Equity Empowerment Investments Ltd. (AEE) saw a 44.44% gain moving from R0.90 to R1.30, making it the biggest winner in the equity market.
The Rand regained some ground against the US Dollar on Monday, moving from R15.31 to R15.25
Commodities
Gold moved from 1 864.90 USD/oz to close on 1 862.84 USD/oz.
Platinum closed Monday at 1 089.82 USD/oz from its opening price of 1 085.80 USD/oz
Copper closed on 9 705.50 USD/t from its opening price of 9 841.00 USD/t
Brent Crude took a slight knock on Monday, moving from 82.17 USD to close on 82.05 USD
Global Markets
The US Dollar Index is up and currently settled to 95.49.
Further signs of rising inflation pressures from RBA, BoE and FOMC. RBA – Governor Lowe is stressing that he will not hike rates to control house prices and that even an underlying inflation rate of 2.5% would not be enough for a rate hike. BoE’s Bailey said he is “very unease about the inflation situation”, after tight labour market. UK ILO unemployment dropped to 4.3% in September – He had fuelled speculation of an early rate hike.
US Treasury Yields restored their safe haven allures, as the 30-year tested 2.00%, the highest since the November 3 FOMC selloff, and the 10-year rose to 1.62%, the highest since late October, while the 2-year jumped to challenge 0.54%, not seen since early 2020. Currently eased lower.
Equities: USA30 holding on to small gains, largely due to component Boeing, which has surged nearly 5% following freighter orders received at the Dubai air show. The NASDAQ is down 0.2%, as higher Treasury yields weigh on big tech, while Tesla has dropped another 4%, after falling 15% last week on CEO Musk’s sale of nearly $7.0 bln of the stock. The USA500 is trading on either side of flat.
China warns state firms on crypto mining.
JPMorgan Chase & Co (JPM.N) on Monday sued Tesla Inc (TSLA.O) for $162.2 million, accusing Elon Musk’s electric car company of “flagrantly” breaching a contract related to stock warrants after its share price soared. – Renaissance, other big hedge funds increase stakes in Tesla in Q3.
Turkey’s lira weakened nearly 0.8% on Tuesday to a new record low of 10.14 against the US dollar, weighed down by expectations of another unorthodox rate cut from the central bank this week.
USOil is up to 80.66.
– Hotforex Market Analyst, Andria Pichidi
Things to watch today
U.K. Average Earnings Index +Bonus, U.K. Claimant Count Change, Reserve Bank of Australia Meeting Minutes, South Africa Business Confidence, U.S. Core Retail Sales MoM, U.S. Retail Sales MoM
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.
