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 		[Investec Wealth & Investment]

 		 
 		 

 		 
 		Daily View

 		 
 		8 May 2024

 		 

 		[Monthly View]

 		 

 		 

 		Hawkish comments by Fed official weigh on markets; Disney results
disappoint; financials lift JSE

 	* Asia-Pacific stock markets were mostly down this morning, while
currencies in the region also declined after hawkish remarks last
night by a Fed official.
 	* Neel Kashkari, head of the Minneapolis Fed, argued that monetary
policy might not be as restrictive as it seems and that rates may need
to stay at current levels for a while. This lifted the US dollar
against most Asian currencies.
 	* Tokyo led stock market declines with a 1.6% fall, followed by Hong
Kong and China's CSI 300, both with drops of about three quarters of a
percent.
 	* However Seoul was up 0.3% and Sydney was up 0.1%.
 	* Last night saw the S&P 500 and Dow both rising 0.1%, while the
Nasdaq was off 0.1%.
 	* Earnings numbers failed to provide any positive momentum. Disney
fell 9.5% after its outlook fell short of market expectations.
 	* The 10-year Treasury yield ticked lower however, to 4.46%.
 	* The JSE edged up 0.2% yesterday, with financials up 0.7% and
industrials up 0.1%. Resources fell by 0.6%.
 	* Big upward moves among the big counters on the JSE included
Northam (+5.6%), Sibanye (+2.6%), Anglo Platinum (+2.1%), Capitec
(+2.1%) and BHP (+2%).
 	* Gold shares stood out among declines, led by Gold Fields (-4.3%)
and Anglogold Ashanti (-1.8%).
 	* The rand was trading at R18.52 to the US dollar this morning.

 		 

 		 

 		 

 		 

 		 

 		 

 		The latest from Investec Focus

 	* In this edition of THE CURRENT PODCAST
[https://links.wcacomms.investec.co.za/els/v2/DzW-CEEEVVBV/b0FPcmYrRm1Obm1Ma2FpS0ROa0VVemk5UXk2U3E4NS9pbDFNMFZ0V1JqN2JvMVhCQUt4eWhMR05nSVZDeVVDSDl3ZEZEbDRxVGxmdnhFdFIyV3k3NDI5YW9WN0IycjJBNjU4UHFVWTdIUXM9S0/dGJKaHRlTkR6VnZoOXBYSGQveVh0aWg0aEZRZTZVVFoS1],
Iman Rappetti talks to Investec's Harold Hutchinson, Campbell Parry
and Chanda Nxumalo, MD of Harmattan Renewables, as they explore the
pros and cons of some of the latest advances in energy that could
shape the future of South Africa's energy mix. 

 		 

 		 

 		 

 		 

 		 

 		 

 		Company results and updates

 	* AB Inbev reported underlying EPS in the March (first) quarter of
75 US cents, an increase of 15.4% on the March quarter last year.
Revenue was up 2.6%.
 	* Gold Fields reported gold production of 464,000oz in the March
quarter, a decline of 18% on the equivalent quarter last year.
 	* Combined Motor Holdings reported HEPS of 541.8c for the year to
February, a decline of 12.2%. A final dividend of of 220cps was
declared.  

 		 

 		 

 		 

 		 

 		 

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 		[Markets]

 		 

 		Markets at a glance

 		• KEY INDICATORS
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