� The US rallied post CPI that was deemed dovish at margin given a modest rise in goods prices.
� It�s another piece of event risk behind us and S&P breaking above 6400 level. Question now is, what are the chances that the first move is a 50bps cut?
� We would note, the relatively light volumes and looking at flows, a lack of participation from the active Long only community.
� Breadth ok. Value > Growth > Momentum.
� Beta rally with what appeared to be good participation again from retail cohort.
� Comm Services, Tech and Financials leading, while Staples, Utilities and Real Estate lagged.
� VIX dropped. AsiaPac is taking its lead from the US, though it�s worth noting Aus that is bucking the trend.
� Tencent +3% vs ADR +90bps.
� The greenback held the weaker levels vs majors and EMFX � ZAR c17.57.
� The Aussie is little changed after wage data was in line.
� Treasuries are steady: US2y 3.73/US10y 4.28.
� JGB pressure mounts after the 5y auction drew the weakest demand ratio since 2020.
� Commodities are better bid, albeit in muted moves � Copper and Plat the only laggards.
� We have priced in a fair amount of the move higher, but futures are indicating a green start.
� The rand is weaker this morning, at R17.58/$, after closing stronger yesterday (R17.55/$*).
Key events and data:
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� 11h30: SACCI business confidence index (July)
� 13h00: SA retail sales index (June)
� 13h00: US MBA mortgage applications (8 August)
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