Stanlib Morning Market Commentary Monday 30th June 2014 It is all quiet on the western and eastern fronts, as far as markets go, as the soccer grabs the attention. The S&P 500 Index gained 0.2% (+1.9% in June) and is only just off its record high. The Nasdaq gained 0.4%. The US economy looks good. Europe was -0.2% and London +0.3%. The UK economy grew by 3% year-on-year in the first quarter, very healthy growth. Asian markets are mixed with the Nikkei +0.2%, Hang Seng +0.2% (Tencent flat) and Aussie -0.4%, with Billiton -0.5%. Tomorrow we see industrial production etc numbers from China. The JSE All Share lost 0.3% to 50,625. Foreigners were buyers of our bonds on Friday at R276m and sellers of equity at R828m. The net so far in 2014 is at R6.5bn, down from R10bn recently. The dollar is slightly weaker this morning at $1.364 to the euro and steady versus the pound at $1.703. The rand is firmer, along with other EM currencies, at 10.58 today to the dollar (from 10.62), at 17.98 from 18.09 versus the pound, 14.43 to the euro from 14.46 and 9.97 versus the Aussie from 10.01. The US 10-year yield is at 2.53%, near a 3-week low. The SA 13-year R186 bond yield is steady at 8.3%. Anglo American has announced that it wishes to sell some of its Rustenburg platinum mines, as well as some copper mines in Chile and some nickel mines, because of poor returns. They are looking for around $4 billion from these sales. RMB has been appointed to conduct auctions of the platinum mines in SA. Paul Hansen Director: Retail Investing Stanlib Wealth Management stanlib
Posted on: Mon, 30 Jun 2014 09:57:12 +0000
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