Market Review, Commodities, Currencies, Economic & Corporate Update - 17.10.24

Published 2024/10/17, 08:13
EUR/USD
-
USD/ZAR
-
UK100
-
XAU/USD
-
US500
-
DJI
-
JP225
-
HK50
-
DIS
-
GS
-
IHG
-
MKS
-
WBD
-
BAES
-
RR
-
WTB
-
UU
-
SVT
-
MS
-
AXP
-
V
-
AGLJ
-
GC
-
HG
-
LCO
-
CL
-
DAL
-
UAL
-
ICAG
-
JD
-
IXIC
-
KS11
-
CFRJ
-
GFIJ
-
MTNJ
-
ANGJ
-
ARIJ
-
IMPJ
-
KIOJ
-
000370
-
6361
-
8331
-
AAL
-
MAL
-
PANJ
-
HARJ
-
TKGJ
-
LEWJ
-
SPPJ
-
ACLJ
-
SSWJ
-
192820
-
HLPPY
-
QLTJ
-
3692
-
NY1J
-
NPHJ
-

SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the green yesterday, as investors await US corporate earnings reports.
  • Gold miners, Harmony Gold Mining Company (JO:HARJ), Gold Fields (JO:GFIJ), Sibanye Stillwater (JO:SSWJ) and AngloGold Ashanti (JO:ANGJ) jumped 6.5%, 4.6%, 2.9% and 2.6%, respectively.
  • Platinum miners, both, Northam Platinum (JO:NPHJ) and Impala Platinum (JO:IMPJ) advanced 3.7%, each.
  • Diversified miners, Pan African Resources (JO:PANJ), African Rainbow Minerals (JO:ARIJ), Kumba Iron Ore (JO:KIOJ) and Anglo American (JO:AGLJ) gained 3.6%, 2.1%, 1.5% and 1.3%, respectively.
  • Telecommunications companies, Telkom SA SOC (JO:TKGJ) and MTN Group (JO:MTNJ) added 2.5% and 2.0%, respectively.
  • On the flipside, retailers, Lewis Group (JO:LEWJ), Spar Group (JO:SPPJ) and Cie Financiere Richemont (JO:CFRJ) dropped 2.0%, 1.6% and 1.5%, respectively.
  • The JSE All Share index advanced 0.5% to close at 86,393.00.

UK MARKET REVIEW

  • The UK market finished firmer yesterday, as a more than expected drop in the British inflation raised hopes for a potential rate cut by the Bank of England (BoE).
  • Travel and leisure companies, Whitbread (LON:WTB), International Consolidated Airlines Group S.A. (LON:ICAG) and InterContinental Hotels Group (LON:IHG) jumped 6.1%, 2.5% and 1.6%, respectively.
  • Water utilities companies, Severn Trent (LON:SVT) and United Utilities Group (LON:UU) advanced 4.5% and 3.2%, respectively.
  • Defense and aerospace companies, Rolls-Royce Holdings (LON:RR) and BAE Systems (LON:BAES) gained 3.6% and 1.0%, respectively.
  • Retailers, JD Sports Fashion (LON:JD), Next and Marks & Spencer Group (LON:MKS) rose 2.6%, 2.0% and 1.7%, respectively.
  • The FTSE 100 index advanced 1.0% to close at 8,329.07.

US MARKET REVIEW

  • US markets ended higher yesterday, boosted by gains in airlines and financial sector stocks.
  • Airlines companies, United Airlines Holdings (NASDAQ:UAL), American Airlines (NASDAQ:AAL) and Delta Airlines (NYSE:DAL) surged 12.4%, 7.2% and 6.8%, respectively.
  • Financial services company, Morgan Stanley (NYSE:MS) jumped 6.5%, after the company reported higher profits with a 56% jump in investment banking revenue in 3Q24.
  • Peers, Visa (NYSE:V), American Express (NYSE:AXP) and Goldman Sachs Group (NYSE:GS) advanced 3.0%, 1.6% and 1.4%, respectively.
  • Media and entertainment companies, Warner Bros Discovery Group (NASDAQ:WBD) and Walt Disney (NYSE:DIS) rose 5.3% and 2.7%, respectively.
  • The S&P 500 index rose 0.5% to settle at 5,842.47, while the DJIA index advanced 0.8% to close at 43,077.70.
  • The NASDAQ index climbed 0.3% to end the trading session at 18,367.08.

ASIA MARKET REVIEW

  • Asian markets are trading mostly lower this morning.
  • In Japan, industrial machineries company, Ebara Corporation (TYO:6361) has shed 2.5%.
  • On the flipside, banking company, Chiba Bank (TYO:8331) has gained 2.3%.
  • In Hong Kong, pharmaceutical company, Hansoh Pharmaceutical Group (HK:3692) has advanced 4.7%.
  • On the other hand, real estate company, Hang Lung Properties (OTC:HLPPY) had declined 1.3%.
  • In South Korea, cosmetics company, Cosmax (KS:192820) has surged 6.9%.
  • On the contrary, insurance company, Hanwha General Insurance (KS:000370) has dropped 4.5%.
  • The Nikkei 225 index is trading 0.6% lower at 38,944.93.
  • The Hang Seng index has gained 0.8% to trade at 20,445.12, while the Kospi index is trading 0.1% lower at 2,607.74.

COMMODITIES

  • At 05:30 SAST today, Brent prices rose 0.4% to trade at $74.5/bl.
  • Yesterday, Brent prices marginally fell to settle at $74.22/bl, amid forecasts of weaker oil demand growth and an ease in concerns over potential supply disruptions from conflicts in the Middle East. Meanwhile, the American Petroleum Institute (API) reported that crude oil inventories declined by 1.58mn bls in the week ended 11 October 2024.
  • At 05:30 SAST today, gold prices advanced 0.4% to trade at $2,682.65/oz. Yesterday, gold gained 0.5% to close at $2,673.24/oz, as a drop in the US bond yields and anticipated rate cuts by major central banks boosted demand for the safe haven yellow metal.
  • Yesterday, copper rose 0.2% to close at $9,418.77/mt. Aluminium closed 0.7% higher at $2,584.00/mt.

CURRENCIES

  • Yesterday, the South African rand strengthened against the US dollar. In South Africa, retail sales rose in August. In the US, the number of MBA mortgage applications dropped in the week ended 11 October 2024.
  • The yield on benchmark bonds rose yesterday. The yield on the SA 10-year generic bond climbed to 10.52%, while that for SA 20-year generic bond rose to 11.28%.
  • At 05:30 SAST, the US dollar is trading 0.1% higher against the South African rand at R17.6371, while the euro is trading marginally higher at R19.1504. At 05:30 SAST, the British pound has slightly gained against the South African rand to trade at R22.9074.
  • Yesterday, the euro mostly declined against most of the major currencies. In the UK, the consumer price index dropped in September, to its lowest level in more than three years.
  • At 05:30 SAST, the euro slightly slipped against the US dollar to trade at $1.086, while it has marginally weakened against the British pound to trade at GBP0.8362.

ECONOMIC UPDATES

  • In South Africa, retail sales rose 3.2% on a YoY basis in August, compared to a revised rise of 1.7% recorded in the previous month.
  • In the UK, the consumer price index (CPI) recorded a flat reading on a MoM basis in September, compared to a rise of 0.3% recorded in the prior month.
  • In the UK, the DCLG house price index rose 2.8% on a YoY basis in August, compared to a revised rise of 1.8% recorded in the previous month.
  • In Italy, the CPI dropped 0.2% on a MoM basis in September, in line market expectations, The CPI had recorded a drop of 0.2% in the previous month.
  • In the US, the MBA mortgage applications dropped 17.0% in the week ended 11 October 2024, compared to a drop of 5.1% recorded in the previous week.
  • In Canada, manufacturing sales eased 1.3% on a MoM basis in August, less then expected and compared to a rise of 1.4% recorded in the prior month.
  • In Japan, total merchandise trade deficit narrowed to JPY294.30bn in September, compared to a revised deficit of JPY703.20bn recorded in the previous month.
  • In Australia, the unemployment rate remained unchanged at 4.1% in September, compared to market expectations for a rise to 4.2%.
  • In Australia, the NAB business confidence index dropped to a level of -6.00 in 3Q24, compared to a revised level of -2.00 recorded in the previous quarter.

CORPORATE UPDATES

SOUTH AFRICA

  • Quilter Plc (JO:QLTJ): The investment management company, in its 3Q24 trading update, revealed that group Assets under Management and Administration (AuMA) rose to GBP116.20bn at the end of September 2024. The increase of 2.0% in the quarter reflected net inflows, and higher market levels with this partially offset by Sterling appreciation. Net inflows stood at GBP1.51bn. In the High Net Worth segment, gross flows increased to GBP817.00mn.
  • Ninety-One Limited (JO:NY1J): The asset management company, in its 2Q25 Asset Under Management (AUM) update, revealed that its AUM as at 30 September 2024 stood at GBP127.40bn. The company intends to release its interim results for the six months to 30 September 2024 on 20 November 2024.
  • ArcelorMittal South Africa Limited (JO:ACLJ): The steel company, in its 3Q24 business and operational update, stated that deteriorating global and local steel markets, with weaker South African demand and high energy/logistics costs impacted the company’s financial results. Long steel products business continues to operate at a loss despite business improvement initiatives implemented by the company. Despite the recent optimism in South Africa, the domestic steel industry has been facing a particularly difficult period. In 3Q24, the company reported an EBITDA loss of R466.00mn, driven primarily by its Longs Business, which faced a R512.00mn loss amid rising imports and high operational costs.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.