WHAT HAPPENED OVERNIGHT IN THE US:
· S&P -0.2%, struggled for inspiration at 2-week low, in light news.
· USD traction on upbeat March Markit Services PMI (6-month high).
· DXY bounced back from week’s losses; EM and commodities shunted onto back foot.
· But little follow-through to equities; biotechs & semi-conductors recovered a slither of week’s losses; Oil majors a tad lower.
WHAT’S UP THIS MORNING IN THE EAST:
· Asia mixed; Hong Kong flat; China up; Japan down (Feb household spend -3% y/y, retail sales -2%, core inflation 0% (ex tax-hike effect)).
· Australia +0.7% closed middle of day’s range. BHP -0.4% & Rio unchanged both indicate flat London open.
SOUTH AFRICAN NEWS:
· Expect AllShare unchanged. From SA close yesterday, gold -$3 ($1202), plat -$4 ($1151), copper -1% ($2.78/lb), oil +0.4% ($58.22), USDZAR +0.3% (11.99), S&P +0.1%.
· Today’s XDs: AVI 432c/AFE 225c/NED 568c.
TODAYS KEY DATA POINTS:
· 2.30pm: US Q4 GDP third read (+2.4% q/q annlsd)
· 4pm: US March Uni of Mich Cons Conf final read