03/09/2020 Global Markets pushed higher yesterday with Tech stocks lagging for a change, the S&P was up 1.5% , the Dow + 1.59% and the Nasdaq + 0.96%. the JSE Allshare gave up 0.12% as the market sold off in the afternoon session, closing 580 points from the morning high, miners were mixed with the plats index up 1.06 % and Golds down 3.04%, the Resi was 0.48% lower. Banks were under pressure closing down 3.66%, NED been the worst performer in the Top 40 down 4.6%. We should be in for a mixed to slightly better start this morning on the back of the strong US session although Tencent is 1.47% lower and US Futures are drifting lower. IG Top 40 is up 55 points.
Standard Bank and Markit Economics are scheduled to publish the purchasing managers’ index for the whole economy in August. The gauge rose to to 44.9 in July from 42.5 in June.
• Impala Platinum reported this morning, FY EPS was 2.066c, this on the upper end of guidance of 2.007 – 2.084c, net Income R 16.06bln vs R 1.47 bln y/y and declare final divi of R 5.25 a share.
• Santam 1H net income R 26 bln, down 98% y/y, scraps 1H dividend.
• Truworths out later today.
Overnight the DOW climbed 454 points or 1.59%, the rally lifted the blue-chip average above 29,000 for the first time since February and represented its single-best session since mid-July. The S&P 500 notched a similar advance of 1.54% as cyclical stocks — those that move in response to the health of the U.S. economy — outperformed. Materials stock DuPoint popped 5%, Verizon added 2.3% and Alaska Air climbed 3.3%. High-flying names Apple and Tesla fell 2% and 5.8%, respectively. Both the S&P 500 and Nasdaq Composite clinched record closing levels.
Here are some key events to watch for the rest of this week:
• U.S. jobless claims for the week ended Aug. 29 are due today.
• Euro-zone retail sales data for the month of July to be released later today.
• U.S. jobs report Friday is forecast to show payrolls continued to rebound in August from virus lows. Est 950 000 for week ending 29th of August.
Markets in Asia are mixed this morning as investors look to Economic Data released today for direction. Chinese Mainland stocks shed earlier gains after a private survey showed China’s services sector activity expanding in August. The Caixin/Markit services PMI came in at 54.0, as compared to July’s reading of 54.1. In Oz, the S&P/ASX 200 notched higher by 0.74%. The moves came as Australian Bureau of Statistics trade data for July showed exports declining 4% month-on-month. Imports, meanwhile, saw a 7% increase in July as compared to the previous month. Hang Seng – 0.53%, Nikkei + 1.01%, Aus Miners – 0.76%, Tencent -1.47%.
Gold continues to drift lower on some US Dollar strength, down 0.51% at $ 1932, elsewhere, silver gained 0.1% to $27.52 per ounce and platinum rose 0.5% to $910.47, while palladium eased 0.1% to $2,244.76.
Oil prices are a little softer with Brent – 0.27% at $ 44.37 and WTI – 0.14% at $ 41.45.
Have a great day, chat later.