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� The US felt some pressure with little appetite to add risk ahead of NVDA and NFP.
� Empire manufacturing and construction spending data both came in better than expected.
� Investors further reduced bets of a Dec rate cut.
� GOOGL strength on back of Berkshire stake news and TSLA on positive Autonomous driving research helping the Mag7 names, but ultimately another day of tech underperformance with further signs of rotation into perceived defensive sectors.
� AsiaPac extended its move lower, Mainland China is the relative outperformer.
� MSCI Asian slipped below its 50DMA.
� The greenback held its gains against both majors and EMFX � ZAR c17.20.
� Yields have moved lower in early trade: US2y 3.57/US10y 4.11.
� Aussie long end auction sees demand weaken from a previous sale.
� Bitcoin is going from bad to worse.
� Commodities are weaker with precious metals leading to declines.
� Away from key earnings and macro, the �will they, wont they cut� debate continues to heat up.
� Locally it was another typical Monday session with poor volumes, and we expect this theme to continue given the lack of appetite to add risk ahead of key catalysts.
� The rand is weaker this morning, at R17.19/$, after closing weaker yesterday (R17.14/$*).
Key events and data:
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� 15h15: US ADP weekly employment estimate
� 16h15: US industrial production (October), manufacturing production (October), capacity utilisation (October)
� 17h00: US NAHB market index (November), factory orders (August), durable goods orders (August � final)
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