WHAT HAPPENED OVERNIGHT IN THE US:
· S&P -0.1%, drifted in thin volume into most anticipated event of the week at Jackson Hole.
· Fed’s George said “time is right” for hike. Kaplan said “we can afford to wait”.
· Fed fund futures odds-on for 2016 move. But market quiet ahead of Yellen today at 4pm SA time.
WHAT’S UP THIS MORNING IN THE EAST:
· Asia mixed/quiet. Hong Kong & Tencent both up small – closing out some of week’s losses.
· But Australia -0.4%, losing more ground on resources drag. BHP -0.5% & Rio -0.5%, both indicate flat London open.
SOUTH AFRICAN NEWS:
· Expect AllShare unch. From SA close yday, gold +$2 ($1324), plat -$3 ($1077), copper +0.4% ($2.09/lb), oil +0.2% ($49.50), USDZAR -0.2% (14.22), S&P -0.2%.
· AIP: FY EPS from total ops -14% vs guided range -13% to -16% - and norm hEPS up 20.1%. Total payout up 28%, in line with policy cover 2-3 times.
· Also due today: NHM FY, ASR FY.
TODAYS KEY DATA POINTS:
· 10.30am: UK Q2 UK GDP second read
· 2.30pm: US Q2 GDP second read
· 4pm: Yellen speaks at Jackson Hole