11/03/2021 The JSE slipped 0.2% to close at 68,516 points on Wednesday as business confidence index, RMB BER/BCI, fell in the first quarter of 2021 as the battle with Covid-19 threatened an already weak economy. Retail saw the biggest decline in the first quarter, followed by manufacturing and new-vehicle sales. The Top-40 index lost 0.34%; platinum miners gained 1.81%, financials 1.2% and banks 0.9%. Mr. Mandla Gantsho, Kumba’s Chairman, is set to retire from the board this ….to leave after AGM on the 14th of May.
Asian markets on the-go on Thursday lead by China’s Shanghai after modest gains in Wall Street overnight. A tame/contained U.S inflation report helped to keep Treasury yields and the dollar in check. Nasdaq futures higher, with contracts on the Dow extending the index’s record-setting gain after Congress passed another expansive coronavirus relief package. Crude climbed above $68 a barrel. Bitcoin briefly topped $57,000 before retreating. Gold futures were up 0.40% at $1,733.81. The dollar inched down on Thursday. Tencent 2.06% stronger as Hang Seng is 1.01% firmer.
• Gold Rises With Dollar Weakening After U.S. Inflation Data
• South Africa Secures 40m Coronavirus Vaccines Until Year-End
• Eskom, Sasol Face Government Demand to Meet Emission Limits
• South African ANC’s Integrity Body Clears Ramaphosa, News24 Says
• MTN Looks to Spin Off Fiber, Fintech Units to Unlock Value
• Bidvest Earnings Outlook Improving, But Valuation Rich: Avior
• Aspen Pharmacare Holdings Ltd. (APN SJ)
• Sanlam Ltd. (SLM SJ)
• Standard Bank Group Ltd. (SBK SJ)
• 11am: 4Q Current-account balance, est. 213 billion rand, prior 297 billion rand
• 11:30am: Jan. mining production m/m, est. 0.4%, prior 0.5%; y/y est. -3%, prior 0.1%; Platinum production y/y, prior -19.4%; Gold output y/y, prior -0.9%
• 1pm: Jan. manufacturing production m/m, est. -0.7%, prior -0.1%; NSA y/y, est. -1.1%, prior 1.8%
• Former Transnet CEO Siyabonga Gama will testify at the hearings of the Judicial Commission of Inquiry into allegations of state capture and corruption
European shares were higher as strong corporate results from Quilter and Adidas offset falls in mining stocks due to weaker commodities prices. The pan-European Stoxx 600 index edged up by 0.4%, alongside a 1.11% advance for the Cac-40, while the German Dax added 0.71%. The FTSE 100 ended the session down 0.07%, with miners under the cosh – BHP down 3%, Rio Tinto off 2.92%, Anglo American losing 0.99%, and Glencore 0.54% weaker.
The S&P 500 rose for a second day after CPI data suggested inflationary pressures remain tame and as Congress passed a massive Covid-relief plan. At the close: the Dow was up 1.46% and the S&P 500 advanced 0.6%, while the Nasdaq slipped 0.04% to 13,068.83. House Democrats managed to pass $1.9trn stimulus bill early in the US day, with the president expected to sign the bill over the weekend. That would lead to cheques of up to $1,400 per eligible American being sent by the end of the month. U.S futures main indices are all in positive territory.
Here are some key events to watch:
• The U.S. government auctions 30-year Treasuries Thursday.
• The European Central Bank holds its monetary policy meeting and President Christine Lagarde is set to do a briefing Thursday.
Asian markets were mostly up Thursday morning, continuing to rebound from two-week lows after weaker-than-expected inflation data calmed inflation worries and boosted the Dow to a record close. The MSCI outside Japan is firmer 1.39%, Nikkei 225 gained 0.6% and the Hang Seng in Hong Kong added 1.1%. In Australia, the S&P/ASX 200 remained flat.
The Shanghai Composite index jumped 1.7% as Chinese leaders prepared to wrap up the annual session of the largely ceremonial legislature.