Daily Report 04 August 2021

SA Company News:

The JSE faces mixed but mostly positive, Asian markets on Wednesday morning, with Tencent bouncing back from a tough Tuesday as investors once again grappled with the threat of Chinese regulatory interventions. Insurance group Liberty Holdings is expected to report a return to profit in its six months to end-June later, as it bounces back from a tough first half of 2020 that forced it to set aside R3bn as a pandemic reserve. Improved sentiment should drive the JSE higher.

 

SA Economy:

Pick n Pay rebranded and relaunched its on-demand delivery service, Bottles, to Pick n Pay asap! this month. John Bradshaw said the new PnP asap! service offers a “fresh” new look and improvements with the aim of making grocery shopping easy. Medical aids in pound seats, but regulator still supports new fee hikes amid Covid-19 concerns.

 

Global Economy:

US markets were positive overnight, with the S&P 500 reaching record high and positive corporate earnings competing with the concern about rising infection numbers due to the Delta variant of the coronavirus. Asia-Pacific shares traded mostly higher this morning. Awaiting final services PMI data from across Europe and the UK as well as the Eurozone’s retail sales for June.

 

Commodities:

Brent crude futures were higher on Wednesday, trading around $72.4 a barrel after hitting below $71 in the previous session, as investors continue to monitor the potential impact of the spread of the coronavirus variant on demand.Gold $1812 managed some gains.

 

Currencies:

The rand was 0.2% firmer at R14.28/$, having firmed almost 1% on Tuesday.The dollar remained weak in the first trading week of August, not far from July’s lows as fears about slowing US economic growth.

 

 

Market Indicators
Commodities $ Cross Currencies ($) Major Indices
Gold 1816,20 (+0.14) USD/ZAR 14,28 Top40 62543,44 (-0.26)
Platinum 1044,60 (-0.60) GBP/ZAR 19,89 Dow 30 35116,40 (+0.79)
Brent 72,32 (-0.72) EUR/ZAR 16,96 S&P 500 4423,15 (+0.81)
Copper 4,38 (-0.91) EUR/USD 1,1871 FTSE 7105,72 (+0.34)
Palladium 2649,00 (-1.15) USD/JPY 109,08 DAX 15555,08 (-0.09)
Iron Ore 191,50 (+0.00) BITCOIN 37811,40 Shanghai 3473,16 (+0.60)
Source:  Investing.com