WHAT HAPPENED OVERNIGHT: ·        S&P -0.8%, clawed off early worst but still finished heavily bruised amid post-Fed disappointment. ·        Techs worst of it again. NASDAQ -1.3%, retested recent lows (just inside -10% vs 3-week-old high). ·        Energy outperformed with oil buoyed by Saudi warning at OPEC+ meeting, vowing to make oil bears “as jumpy as possible”.   ·        Rest of commodity space also steady. USD drift helped gold recover early losses. Copper continued to make headway.     ·        Asia ok. China +1.6%, has found legs post lunch. Renminbi <6.76 cementing recent gains with help from onshore yield. ·        Tencent -1%, facing fresh US scrutiny after Trump administration ordered gaming cos to provide info about their data security protocols. ·        Australia -0.1%, flatlined most of session. But resources ok; BHP +1.5%, indicates flat SA open.    SOUTH AFRICAN NEWS:              Expect JSE AllShare -0.25%. ·        From SA close yday, S&P -0.2% (S&P futs -0.1%), gold +$4 ($1951), plat +$6 ($942), pall +$7 ($2342), copper +1% ($3.09/lb), Brent crude oil +1% ($43.51), Dalian iron +0.4% (=spot c$122/t), Singapore iron +1% ($120.09), Dalian coal +1.1%, ZCE thermal coal +0.1%, steel rebar +0.4%, BHP parity unch, USDZAR -0.2% (16.18), Tencent -1% (HKD 518). ·        SPP: 11mth sales accelerated to +12.4% (vs H1 +10.1%) with blow-out performance from Switz +31.1% (+11.4% in chf) and Ireland +18.7% (+5.5% in eur). SA weighed by liquor & BuildIt (-16.4% / -3.5%) but core SA +8.7% (lfl +7.5% on prices +4.6%). Poland integration delayed by virus but to be "finalised before end of the year" (positive group contribution end-21). ·        INP: pre-close statement guides 5mth Wealth & Investment net inflows £391m (FUM +14.1%) but operating income lower in tough environment, sees H1 hEPS from cont ops down 47%-57%, FY CLR 0.47%-0.54%. ·        JSE rebal today cob will see HAR & ANH replace RMH in Top40 and Swix resp. SISS changes include downweight for SLM -4.97% (also AFE -9.76%, PPH +4.95%, AFH +8.83%, EQU +7.72%, L4L -4.66%, LTE +98.72%, SSS +6.36%, TCP +5.10%, TGO +9.69%, ZED -5.83%). FF changes include SSW +18% (also AFE +10%, LTE -22%, INL -6%, DCP -5%).   SA – next week   ·        Mon (Sept 21): HYP (FY) ·        Tues (Sept 22): 9am July Leading Indicator ·        Fri (Sept 25): RMI (FY)  TODAYS KEY DATA POINTS:   Global data – today ·        8am: UK Aug Retail Sales ·        2.30pm: US Q2 C/A Bal ·        4pm: US Sept Uni of Mich Consumer Confidence Global data – next week   ·        Mon (Sept 21): China PBOC announces rates ·        Weds (Sept 23): global Sept Markit PMI first read ·        Thurs (Sept 24): ECB Economic Bulletin