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WHAT HAPPENED OVERNIGHT IN THE US:
· S&P -0.1%, traded up for most of the day in a narrow range until a sharp sell-off just before the close sent it negative.
· Financials fell along with yields despite 34 banks clearing stress tests of their ability to withstand economic shocks.
· Health care was the biggest winner, up over 1% on the day as the US senate released the newest version of their health care bill.
· US govt bonds were bid as investors continue to bet on the yield curve flattening.
WHAT’S UP THIS MORNING IN THE EAST:
· Asia flat to small up. Hong Kong +0.1% with Tencent -0.2%, off mid-week best.
· Australia +0.1% with health care following their US counterparts higher and property stocks falling. Resources rallied with BHP +1.2% & Rio +1%, indicate London +0.25%.
SOUTH AFRICAN NEWS:
· Expect AllShare unch. From SA close yday, gold +$2 ($1253), plat -$4 ($927), copper -0.4% ($2.61/lb), oil -0.4% ($45.43), Dalian iron -0.7%, USDZAR unch (12.99), S&P -0.1%.
· EPE voluntary NAV update- R10.22/share
· Due today: NPN FY- management already guided EPS up 33% - 39%, so no fireworks expected.
TODAYS KEY DATA POINTS:
· 8:45am: France GDP YoY
· 9am: France PMI
· 9:30am: Germany PMI
· 3.45pm: US June PMI
· 4pm: US May new home sales
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