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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;">6 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/2024/26462/05/28950110/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);">SOE sector shows signs of improvement; US nonfarm payrolls surprise on the downside; a good earnings season in the US</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>Chief Investment Strategist Chris Holdsworth takes a look at SA&#39;s state-owned enterprises and in particular at the positive trends in electricity availability, as well as in ports and rail.&nbsp;He also looks at the recent rand strength, US interest rates, US jobs and earnings.<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/Pw7-BwwEawMR/Y2toRndwVmZYUmJxQmR1ZklqRnZXczBQaTd6OE9TQkp0QlVwYXdnUU53VGQ0N0JucG0zT1RZZHU5N0Z5anVycUJ5cEZyajBqT1N5dld2amRkN0gwSG5iaUpiWGtwRXpyaWtsbWVnejBISXM9S0/" 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/ApdEHAA~aAF3/Y2toRndwVmZYUmJxQmR1ZklqRnZXczBQaTd6OE9TQkp0QlVwYXdnUU53VGQ0N0JucG0zT1RZZHU5N0Z5anVycUJ5cEZyajBqT1N5dld2amRkN0gwSG5iaUpiWGtwRXpyaWtsbWVnejBISXM9S0/" 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/rNkZSeeNZeT8/Y2toRndwVmZYUmJxQmR1ZklqRnZXczBQaTd6OE9TQkp0QlVwYXdnUU53VGQ0N0JucG0zT1RZZHU5N0Z5anVycUJ5cEZyajBqT1N5dld2amRkN0gwSG5iaUpiWGtwRXpyaWtsbWVnejBISXM9S0/QzVSK0lzWFMrOE9IcnRmMXJWb2dnMGxIOW9EbEdTNG4S1" 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/X6zNS88xY8B~/Y2toRndwVmZYUmJxQmR1ZklqRnZXczBQaTd6OE9TQkp0QlVwYXdnUU53VGQ0N0JucG0zT1RZZHU5N0Z5anVycUJ5cEZyajBqT1N5dld2amRkN0gwSG5iaUpiWGtwRXpyaWtsbWVnejBISXM9S0/QzVSK0lzWFMrOE9IcnRmMXJWb2dnMGxIOW9EbEdTNG4S1" name="Hyperlink_20231113_082902662" target="_blank" ><img alt="Macro Monday" border="0"  height="357"   src='https://contentz.mkt9504.com/ra/2024/26462/05/28950110/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, China follow Wall Street higher after payrolls numbers; industrials 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 higher this morning as they reacted to Friday&#39;s softer-than-expected US nonfarm payrolls report.</li>
																			<li>China&#39;s CSI 300 rose 1.5%, while Hong Kong&#39;s Hang Seng was up 0.6% and Sydney&#39;s ASX was up 0.7%. Tokyo&nbsp;and Seoul are both closed for public holidays.</li>
																			<li>Asia-Pacific&nbsp;markets are now keeping an eye on the Reserve Bank of Australia&#39;s interest rate decision tomorrow and China&#39;s trade data, due out on Thursday.</li>
																			<li>US equities had their best day in more than two months on Friday after the jobs report fell short of expectations, rekindling hopes that the market could see interest rate cuts later this year.</li>
																			<li>The US added 175,000 jobs in April, well below the 241,000 forecast by a Bloomberg poll of economists and the smallest rise in six months.</li>
																			<li>Unemployment rose to 3.9% from 3.8% previously, while wage growth was lower than expected.</li>
																			<li>The S&amp;P 500 rose 1.3%, the Dow 1.2% and the Nasdaq 2%, while the 10-year Treasury fell to 4.5% from 4.57% previously.</li>
																			<li>The Nasdaq was further supported by news that Apple had announced a US$110bn share buyback programme.</li>
																			<li>Other markets also benefited, with London&rsquo;s FTSE 100 ending 0.5%, a new record high, while the European Stoxx 600 also rose 0.5%.</li>
																			<li>Locally, the JSE was up three quarters of a percent this morning after gains by resources and financials.</li>
																			<li>The JSE added half a percent on Friday, after a 1.3% rise in industrials. Winners in the sector included Richemont (+3%), Bidvest (+2.1%), Mr Price (+2.1%) and Prosus (+2%).</li>
																			<li>While resources fell 0.2%, there were nonetheless good gains in the likes of Kumba Iron Ore (+4.4%), Anglo Platinum (+4.2%) and Implats (+2.2%).</li>
																			<li>The rand firmed further on Friday, to R18.51 to the US dollar. It was trading at R18.46 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">Redefine declared a dividend of 20.27cps for the six months to February, a decline of 0.2%. The net asset value per share was up 3.9%, at 780.32c.</font></li>
																			<li style="text-align: left;"><font face="arial, helvetica, sans-serif"></font><span style="font-family: Arial, sans-serif;">Calgro M3 expects its HEPS for the year to February to rise by between 20.2% and 27.7%. Results are out on 13 May.</span></li>
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																					<td align="left" style="font-size: 32px; font-family: 'Times New Roman', serif; line-height: 36px;" valign="top">Interested in starting your wealth journey with&nbsp;us?</td>
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																					<td align="left" style="font-family: &quot;Times New Roman&quot;, serif; font-size: 24px; line-height: 24px;" valign="top">Markets at a glance</td>
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																								<th style="line-height: 24px; font-family: Arial, Helvetica, sans-serif; text-align: left; font-weight: normal;">&bull;&nbsp;Key Indicators</th>
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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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