South Africa
The JSE all-share index closing the day at 67 615 from its opening price of 66 981.
On Tuesday the South African equity markets saw African Dawn Capital Ltd. (ADW) being the biggest loser of the day for two consecutive days with a -35.29% loss moving from R0.17 to close the day at R0.11, whilst African Dawn Capital Ltd. (ADW) saw a 42.11% gain moving from R0.95 to R1.35, making it the biggest winner in the equity market.
The Rand slightly slipped against the US Dollar on Tuesday, moving from R14.72 to R14.84
Commodities
Gold moved from 1 807.73 USD/oz to 1 1792.91 USD/oz.
Platinum closed at 1 031.06 USD/oz from its opening price of 1 062.42 USD/oz
Copper slipped by -1.1%, closing Tuesday on 9 955.50 USD/t from its opening price of 10 070.75 USD/t
Oil prices continued on their upward movement with Brent Crude moving from 85.99 USD to close at 86.40 USD.
Global Markets
The US Dollar Index topped at 94 before retracing to 93.84 in Asia session. Wall Street rallied to new highs on the USA500 and USA30, with the USA100 closing in on its peak, before gains faded. Solid earnings continued to underpin optimism, and stronger than expected confidence and housing data helped too. – rekindled Fed tightening fears.
The long end of the market saw yields dip, overlooking the inflation jump as the longer term outlook is still benign. The 10-year Treasury yield has moved up 1.4 bp to 1.622%. Australia’s 10-year rate moved up and the 3-year jumped nearly 16 bp after core inflation came in higher than anticipated and reached a 6 year high in data for the third quarter.
Alphabet and Microsoft smash estimates with $110bn revenue haul (+33% from Q3 2020) – surge in cloud computing, and a strong rebound in digital advertising – all eyes on US open. Big misses from Robinhood, tanking its shares – closed at 40.09.
Evergrande in focus again as authorities called on billionaire Hui Ka Yan to use his personal wealth to support China Evergrande Group. Chinese authorities called on companies to make “active preparations” to meet payments on offshore bonds. – Sell-off in seven weeks for Chinese tech shares.
German import price inflation hit 17.7% in September – The breakdown showed that energy prices remain the main driving factor, & that the shortage of natural gas and the spike in oil prices are not the only problems hitting supply chains, with supply shortages likely to keep prices elevated into next year.
USOil traded around $82 – $83.
Things to watch today
Australia Consumer Price Index (CPI) QoQ, New Zealand ANZ Business Confidence, Germany GfK Consumer Climate, U.S. Core Durable Goods Orders MoM, Bank of Canada Monetary Policy Report, Canada Interest Rate Decision, U.S. Crude Oil Inventories, Bank of Canada Press Conference, Brazil Interest Rate Decision.
Earnings
Thermo Fisher, Coca-Cola, McDonald’s, Sony, ServiceNow, Bristol-Myers Squibb, Boeing, GlaxoSmithKline, ADP, GM, Old Dominion, CME, Edwards Lifesciences, Norfolk Southern, Twilio, Ford, General Dynamics, KLA Corp., eBay.
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.
