27/07/2021 Transnet declares force majeure at the country’s key container terminals following continued disruption caused by cyber-attack five days ago. Transnet says the declaration covers terminals at Durban, Ngqura, Port Elizabeth and Cape Town because of the “security intrusion and sabotage” that accompanied the attack, according to a notice sent to customers and seen by Bloomberg News.
Stocks and U.S. equity futures were broadly steady Tuesday as traders awaited earnings from major technology companies. Hong Kong shares extended a retreat sparked by Beijing’s sweeping regulatory overhaul.
MSCI Inc.’s Asia-Pacific equity gauge fluctuated as shares rose in Japan and wavered in China. U.S stock futures fell after the S&P 500 hit a new peak, with Tesla Inc. the latest firm to post better-than-expected results. The Nasdaq 100 and Dow Jones Industrial Average also ended at all-time highs overnight. European contracts were little changed. The Nasdaq Golden Dragon China Index — which tracks 98 of China’s biggest firms listed in the U.S. — suffered its largest two-day drop since 2008, hurt by China’s clampdown on sectors ranging from technology to education and real estate as Xi Jinping’s Communist Party tightens its grip on the economy.
Locally, the JSE All Share closed just 0.2% lower a good result after Naspers and Prosus closed down 7.60 and 7.18 percent respectively. The platinum miners led the gainers after Amplats announced it will be paying investors a record dividend, paying a special divi of R 105 on top of a base pay-out of R 70. Amplats closed up 7.88%. The ZAR touched R 15/$ in early trade before firming to close the day at R 14.80. We in for a lower start as Tencent is under pressure again as the Chinese crackdown on Tech stocks continues. Tencent is down another 6 percent, IG Top Index is 397 points lower and US Futures slightly softer.
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European stocks closed slightly lower on Monday, tracking lackluster global sentiment as investors monitored corporate earnings and looked ahead to a key meeting of the U.S. Federal Reserve. The pan-European Stoxx 600 provisionally ended around 0.12% lower, with healthcare stocks falling 1.3% to lead losses while mining stocks jumped over 2.7%. On the data front, German business sentiment fell unexpectedly in July, the Ifo Institute’s monthly survey showed Monday, as supply chain constraints and rising Covid-19 infections dampened recent optimism. The business climate index fell to 100.8 from June’s revised 101.7, missing a projection of 102.1 from a Reuters poll of analysts, the DAX closed 0.32 % lower.
In the US the major U.S. stock averages closed the regular session at record highs to each notch five-day win streaks. The Dow gained 82.76 points, the S&P 500 also added 0.24% and the tech-heavy Nasdaq Composite closed 0.03% higher. Shares of Tesla rose after hours Monday following a better-than-expected second-quarter earnings report. The electric vehicle maker passed $1 billion in quarterly net income for the first time. Second-quarter earnings season continues with Google-parent Alphabet, Microsoft and Apple set to report after the bell today. The Federal Reserve’s two-day policy meeting is also set to begin Tuesday. Investors are awaiting insights into the central bank’s monetary policy. The Federal Open Market Committee and the Board of Governors are scheduled to release a statement after the meeting ends Wednesday.
Shares in Asia-Pacific were mixed in Tuesday trade as several major Chinese tech stocks in Hong Kong remained under pressure following a tumble on Monday. By Tuesday afternoon in Hong Kong, shares of Chinese tech giant Tencent fell 6 % while Alibaba dropped 4.16% and Meituan declined 10.61%. The Hang Seng Tech index slipped 3.17%. The broader Hang Seng index in Hong Kong fell 1.03%, seeing further losses after a more than 4% plunge on Monday on the back of regulatory fears surrounding China’s technology and private education sector. Elsewhere the Nikkei is up 0.34%, the ASX 200 + 0.46% and the Aussie Miner are up 1.71% with RIO and BHP up 1.75 and 2.89 percent respectively.
Gold prices are steady, pinned below the key $1,800 per-ounce level, as investors turned cautious ahead of this week’s U.S. Federal Reserve meeting outcome for clues on when the central bank might rein in its easy monetary policies. Spot Gold is at $ 1797, Platinum – 0.46 % at $ 1064 and Palladium down 0.35% at $ 2652.
Oil prices are steady with investors betting tight supply and rising vaccination rates will help offset any impact on demand due to surging Covid-19 cases worldwide. Brent is up 0.51% at $ 74.80 and WTI up 0.35% at $ 72.16.
Here are some key events to watch this week:
• Alphabet, Apple, Facebook, Amazon report earnings this week.
• Federal Reserve policy meeting concludes Wednesday.
• U.S. GDP data are due Thursday