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																		<td style="font-family: 'Times New Roman', serif; font-size: 40px; line-height:44px; color:#FFFFFF; text-align: left;letter-spacing:-0.25px;">Macro Monday</td>
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																		<td class="row20" style="border-left:2px solid #59606d;">&nbsp;</td>
																		<td style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; line-height: 24px; color:#FFFFFF;padding-top:13px;">13 May 2024</td>
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															<td align="left" valign="top" width="265"><span id="hero"><img align="left" alt="Monthly View" border="0" class="image359"  height="220" id="houdinihero"   src='https://contentz.mkt9504.com/ra/2024/26462/05/28995718/Macro-monday-email-header.png' style="display: block; max-width: 359px;" title="Monthly View" width="265"  /></span></td>
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															<td align="left" colspan="3" style="font-family: 'Times New Roman', serif; font-size: 32px; line-height:32px; color:#303849; text-align: left;letter-spacing:-0.25px;" valign="top"><span style="color: rgb(48, 56, 73); font-family: &quot;Times New Roman&quot;, serif; font-size: 30px; letter-spacing: -0.25px; background-color: rgb(255, 255, 255);">Global economy rebounds; signs of stress in the US; China&#39;s social finance numbers in focus; what the improvements at Eskom and Transnet mean for the economy</span></td>
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															<td align="left" colspan="3" style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 24px; color:#303849;" valign="top"><span style="color: rgb(48, 56, 73); font-family: Arial, Helvetica, sans-serif; font-size: 14px; background-color: rgb(255, 255, 255);"></span>Global growth is rebounding, but there are signs of stress building in the US, notes Chief Investment Strategist Chris Holdsworth. He also looks at the latest social finance numbers in China and what this implies for growth in the world&#39;s second largest economy, and he discusses the outlook for European rates. Finally, he examines the implications for the SA economy of the improvements at Eskom and Transnet.<br />
															<span style="color: rgb(48, 56, 73); font-family: Arial, Helvetica, sans-serif; font-size: 14px; background-color: rgb(255, 255, 255);"></span></td>
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															<td align="left" colspan="3" style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 24px; color:#303849;" valign="top"><span style="color: rgb(48, 56, 73); background-color: rgb(255, 255, 255); font-family: &quot;Times New Roman&quot;, serif; font-size: 24px;">Prefer to listen on the go?&nbsp;</span><br />
															<br style="color: rgb(48, 56, 73); font-family: Arial, Helvetica, sans-serif; font-size: 14px;" />
															<span style="color: rgb(48, 56, 73); font-family: Arial, Helvetica, sans-serif; font-size: 14px; background-color: rgb(255, 255, 255);">We&#39;ve launched a podcast version of Macro Monday that you can listen to on <a href="https://links.wcacomms.investec.co.za/els/v2/NvypSqqjY4sV/eHQydytoNWY1NFA4VStFbTZyd3NNbzZ0WUwvQlJqblc3VFRjZlRER0tiSGxOcFFENFAreFd2ME8xVVhEdVFSeWs0eHVpMk9ldjRScys5UmlNRHROcXpkR1hCdDlkOXkyYzBNWExZZTNSY0k9S0/" name="Hyperlink_20231109_220448667" target="_blank" ><span class="Underline" style="text-decoration:underline; color: rgb(174, 100, 37)"><strong>Apple Podcasts</strong></span></a> or <a href="https://links.wcacomms.investec.co.za/els/v2/k_prB~~4VYBy/eHQydytoNWY1NFA4VStFbTZyd3NNbzZ0WUwvQlJqblc3VFRjZlRER0tiSGxOcFFENFAreFd2ME8xVVhEdVFSeWs0eHVpMk9ldjRScys5UmlNRHROcXpkR1hCdDlkOXkyYzBNWExZZTNSY0k9S0/" name="Hyperlink_20231109_220452467" target="_blank" ><span class="Underline" style="text-decoration:underline; color: rgb(174, 100, 37)"><strong>Spotify</strong></span></a>.&nbsp;<br />
															<br />
															Alternatively, <a href="https://links.wcacomms.investec.co.za/els/v2/Pw7-Bwwj3gTr/eHQydytoNWY1NFA4VStFbTZyd3NNbzZ0WUwvQlJqblc3VFRjZlRER0tiSGxOcFFENFAreFd2ME8xVVhEdVFSeWs0eHVpMk9ldjRScys5UmlNRHROcXpkR1hCdDlkOXkyYzBNWExZZTNSY0k9S0/NUorYTVwaU1WbEgwSXhhRDJkNklSSkpxOW9mTnJ0NUkS1" name="Hyperlink_20231109_220458344" target="_blank" ><span class="Underline" style="text-decoration:underline; color: rgb(174, 100, 37)"><strong>click here for the video</strong></span></a>:&nbsp;</span><br />
															<span style="color: rgb(48, 56, 73); font-family: Arial, Helvetica, sans-serif; font-size: 14px; background-color: rgb(255, 255, 255);"></span></td>
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															<td align="left" colspan="3" style="font-family: Arial, Helvetica, sans-serif; font-size: 14px; line-height: 24px; color:#303849;" valign="top"><a href="https://links.wcacomms.investec.co.za/els/v2/bxvdSwwEqGT-/eHQydytoNWY1NFA4VStFbTZyd3NNbzZ0WUwvQlJqblc3VFRjZlRER0tiSGxOcFFENFAreFd2ME8xVVhEdVFSeWs0eHVpMk9ldjRScys5UmlNRHROcXpkR1hCdDlkOXkyYzBNWExZZTNSY0k9S0/NUorYTVwaU1WbEgwSXhhRDJkNklSSkpxOW9mTnJ0NUkS1" name="Hyperlink_20231113_082902662" target="_blank" ><img alt="Macro Monday" border="0"  height="357"   src='https://contentz.mkt9504.com/ra/2024/26462/05/28995718/newsletter%20macro%20monday536x357px.jpg' title="Macro Monday" width="536"  /></a></td>
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																		<td align="left" style="font-family: &quot;Times New Roman&quot;, serif; font-size: 24px; color: rgb(48, 56, 73); line-height: 24px;" valign="top">Hong Kong leads gains in Asia; US edges up despite declines in tech shares; precious metals lift JSE</td>
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																		<ul style="color: rgb(48, 56, 73); font-family: Arial, Helvetica, sans-serif; font-size: 14px; background-color: rgb(255, 255, 255);">
																			<li>Asia-Pacific markets were mostly lower this morning, with only Hong Kong, with a 0.7% rise, enjoying&nbsp;meaningful gains. China&rsquo;s CSI 300 was down by less than 0.1% while Seoul was also down by less than 0.1%.&nbsp;</li>
																			<li>Sydney was up 0.1% and Tokyo was off 0.1%.</li>
																			<li>The moves in Asia followed the release of China&rsquo;s inflation numbers for April, which showed the consumer price index rising by slightly more than markets had expected.</li>
																			<li>At the same time, Chinese credit numbers showed a drop in demand in April.</li>
																			<li>US equity markets edged up on Friday, continuing the gains of the previous week as the Dow extended its winning streak into an eighth session, adding 0.3% on the day. The S&amp;P 500 rose 0.2% while the Nasdaq ended slightly lower, with many of the so-called Magnificent Seven tech counters down.</li>
																			<li>The yield on the 10-year Treasury rose however, ending at 4.5%.</li>
																			<li>US markets were reacting to expectations of possible rate cuts later this year after recent weak economic data. Friday saw a key index of consumer sentiment falling, and this followed recent weak data on the employment front.</li>
																			<li>However, the consumer sentiment numbers also showed a jump in the inflation expectations component.</li>
																			<li>European markets closed higher on Friday, led by the Stoxx 600, which ended 0.8% up while London&rsquo;s FTSE 100 hit a new record high, after first quarter GDP numbers showed that the UK had exited its recession.</li>
																			<li>The JSE rose 1.2% on Friday thanks to a 2.6% rise in resources, while financials rose 1.3% and industrials were up 0.4%.</li>
																			<li>While there were gains across the board, precious metals stood out with Anglo Platinum up 7.5%, Implats up 5.8%, Gold Fields up 4.1%, Sasol up 4% and Sibanye up 3.1%.</li>
																			<li>Outside of the mining shares Remgro rose 3.7%, while Growth Point and Absa both added 2.5%.</li>
																			<li>The JSE opened higher this morning, with industrials&nbsp;and financials both up.</li>
																			<li>The rand continued to gain against the US dollar and was trading at R18.38 this morning.</li>
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																		<td align="left" colspan="2" style="font-family: &quot;Times New Roman&quot;, serif; font-size: 24px; color: rgb(48, 56, 73); line-height: 24px;" valign="top">Company results and updates</td>
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																			<li style="text-align: left;"><font face="arial, helvetica, sans-serif"></font><span style="font-family:arial,helvetica,sans-serif;">Raubex reported HEPS of 476.3c for the year to February, an increase of 21.3%. A final dividend of 92cps was declared.</span></li>
																			<li style="text-align: left;"><span style="font-family:arial,helvetica,sans-serif;">Vodacom reported HEPS of 846 cents for the year to March decline of 10.8%. The full dividend for the year was 590cps, down 11.9%.</span></li>
																			<li style="text-align: left;"><span style="font-family:arial,helvetica,sans-serif;">Calgro M3 reported HEPS of 189.87 cents for the year to February, an increase of 24%. A maiden dividend of 9.49cps was declared.</span></li>
																			<li style="text-align: left;"><span style="font-family:arial,helvetica,sans-serif;">We Buy Cars reported core HEPS of 119.9 cents for the six months to March, an increase of 26.1%.</span></li>
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												<td align="left" style="font-family: Arial, Helvetica, sans-serif; font-size: 10px;line-height:16px; color:#62615d;" valign="top"><strong style="color: rgb(98, 97, 93); font-family: Arial, Helvetica, sans-serif; font-size: 10px; text-align: justify;">Disclaimer:</strong><span style="color: rgb(98, 97, 93); font-family: Arial, Helvetica, sans-serif; font-size: 10px; text-align: justify;">&nbsp;Although information has been obtained from sources believed to be reliable, Investec Wealth &amp; Investment International (Pty) Ltd or its affiliates and/or subsidiaries (collectively &ldquo;W&amp;I&rdquo;) does not warrant its completeness or accuracy. Opinions and estimates represent W&amp;I view at the time of going to print and are subject to change without notice. Investments in general and, derivatives, in particular, involve numerous risks, including, among others, market risk, counterparty default risk and liquidity risk. The information contained herein is for information purposes only and readers should not rely on such information as advice in relation to a specific issue without taking financial, banking, investment or other professional advice. &nbsp;W&amp;I and/or its employees may hold a position in any securities or financial instruments mentioned herein. The information contained in this document does not constitute an offer or solicitation of investment, financial or banking services by W&amp;I . W&amp;I accepts no liability for any loss or damage of whatsoever nature including, but not limited to, loss of profits, goodwill or any type of financial or other pecuniary or direct or special indirect or consequential loss howsoever arising whether in negligence or for breach of contract or other duty as a result of use of the or reliance on the information contained in this document, whether authorised or not. &nbsp;W&amp;I does not make representation that the information provided is appropriate for use in all jurisdictions or by all investors or other potential clients who are therefore responsible for compliance with their applicable local laws and regulations. This document may not be reproduced in whole or in part or copies circulated without the prior written consent of &nbsp;W&amp;I.</span></td>
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															<td style="font-family: Arial, Helvetica, sans-serif; font-size: 10px; line-height: 16px; color: rgb(98, 97, 93); text-align: justify;" valign="top"><strong>Statutory Information:&nbsp;</strong>Investec Wealth &amp; Investment International (Pty) Ltd, registration number 1972/008905/07. Member of the JSE Equity, Equity Derivatives, Currency Derivatives, Bond Derivatives and Interest Rate Derivatives Markets. An authorised financial services provider, license number 15886. A registered credit provider, registration number NCRCP262.&nbsp;The disclaimer is deemed to form part of this message in terms of Section 11 of the Electronic Communications and Transactions Act 25 of 2002.</td>
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