|
WHAT HAPPENED OVERNIGHT IN THE US:
· S&P -0.5%, found going heavy again after Friday’s spanner-in-the-works for upcoming rates decision.
· Treasury curve flatter again post Payrolls with 2yr >1.89% - taking out Friday’s high – versus 10yr drift back towards 2%.
· But contradiction among other indicators ahead of Fed minutes & Powell’s House testimony tomorrow.
· Fed fund futures still fully priced for July 31 cut but 3mth T-Bill at one-month high (>2.20%). Gold back below $1400.
· Equities took some risk off. Breadth negative 3-1, survived by resources. But NYSE’s $25.4bn still 20% light of avg – heading into summer season.
SOUTH AFRICAN NEWS:
• Expect AllShare -0.25%. From SA close, S&P +0.1%, gold -$2 ($1395), plat -$5 ($813), pall -$2 ($1557), copper -0.7% ($2.64/lb), oil -1.1% ($63.97), Dalian iron -0.7% (=spot $116), Dalian coking coal +0.3%, ZCE thermal coal unch, steel rebar -0.1%, BHP -0.25%, USDZAR +0.4% (14.20), Tencent -0.8% (HKD 348).
TODAYS KEY DATA POINTS:
· (quiet)
|