Bulls n Bears Daily Market Commentary : 15 August 2018

Wed Aug 15 17:13:26 CAT 2018

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Bulls n Bears Daily Market Commentary : 15 August 2018

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Zimbabwe Stock Exchange Update

The All Share index added 0.10 points  to close at 111.88 points. ZIMPLOW
led the movers with a $0.0240 gain to close at $0.1440 ,  AXIA added $0.0149
to $0.2649 and DELTA   was up by $0.0078 to close at $2.0073. PADENGA also
increased by $0.0070 to close at $0.6025 and OLD MUTUAL  was $0.0039 up at
$5.1066

On the downside BRITISH AMERICAN TOBACCO  lost $0.0500 to close at $25.600 ,
INNSCOR shed $0.0134 to close at $1.4010 and HIPPO VALLEY was $0.0075 lower
at $1.6800. SEEDCO   also lost $0.0075 to close at $2.5700 and BARCLAYS  was
$0.0051 shy at $0.0640.

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Global Currencies & Equity Markets

Egypt

Egypt sells 610 mln euros in euro-denominated T-bill auction

(Reuters) - Egypt sold 610 million euros ($690 million) in one-year
euro-denominated treasury bills to local and foreign financial institutions
in an auction, the central bank said on Wednesday.

The bills will mature on Aug. 20 2019.

Appetite for Egypt’s domestic debt has grown since the central bank floated
the pound currency in November 2016 as part of a deal for a $12 billion
International Monetary Fund loan. ($1 = 0.8835 euros)

Kenya

Kenyan shilling holds steady against the dollar

(Reuters) - The Kenyan shilling held steady against the dollar on Wednesday
supported by tight liquidity in the money markets and thin trading activity,
traders said. 

At 0951 GMT, commercial banks quoted the shilling 100.60/80 per dollar,
compared with 100.65/85 at Tuesday's close.  

       <mailto:info at bulls.co.zw> 

Global

US Dollar and Yen Rise, Lira Falls as Turkey Hits US with Tariffs

Haven-seeking capital flows buoyed the US Dollar as risk appetite soured
anew after yesterday’s tepid recovery in Asia Pacific trade. The perennially
anti-risk Japanese Yen was not far behind while the sentiment-sensitive
Australian and New Zealand Dollars suffered outsized losses.

Regional shares shed close to 1.3 percent on average, with a parallel drop
in the Turkish Lira hinting that worries about its home country’s finances
had resurfaced. US Treasury bonds rose in tandem, reinforcing the sense that
risk aversion has returned.

Investors’ mood may have soured after Ankara raised tariffs on some US
imports in a move that might escalate already acute tensions with
Washington. Turkey’s Vice President Fuat Oktay said the move is “retaliation
for...economic attacks by the United States”.

Futures tracking the S&P 500 equities benchmark are pointing notably lower
ahead of the opening bell on Wall Street, hinting that the risk-off tone is
likely to continue in the hours ahead. That hints USD and JPY may continue
to track higher as commodity bloc FX bears the brunt of selling pressure.

UK CPI headlines the economic calendar in European trading hours. The
on-year inflation rate is expected to tick up to 2.5 percent in July. The
outcome may not offer much support to the British Pound however after the
BOE signaled Brexit-related uncertainty will cap scope for rate hikes
despite improving data.

Later in the day, markets may look past US retail sales figures, focusing on
the TIC report instead. The former reading seems unlikely to meaningfully
alter the Fed’s calculus one way or another. Meanwhile, the latter might
signal that tightening prospects continue underpin demand for US assets.

See our free guide to learn how to use economic news in your trading
strategy!

 <mailto:info at bulls.co.zw> 

Commodities Markets

Oil Slides With Metals on Demand Concern While Stockpiles Rise

Oil slid for a third day as copper and other metals tumbled on concerns the
Turkish crisis will spill over into emerging markets, and as an industry
report was said to show a gain in U.S. crude inventories.

Futures in New York dropped as much as 1.5 percent. Copper slumped to the
lowest in a year while nickel and zinc also retreated on fears that Turkey’s
currency plunge will spread to other markets, unnerving investors already
rattled by a trade dispute between the U.S. and China.

“There is definitely a very visible relationship between the fluctuations in
global growth, copper prices and crude-oil prices,” said Bjarne Schieldrop,
chief commodities analyst at SEB AB in Oslo. “There are many reasons to be
bullish both crude and copper down the road, but right here and now the
arrow seems to point lower.”

Crude has slid further below $70 a barrel this month as a heightening trade
conflict between China and the U.S. and deepening financial turmoil in
Turkey raise concerns over global energy demand. That comes just as the
Organization of Petroleum Exporting Countries and its allies restore
production following an 18-month effort to clear a glut.

West Texas Intermediate crude for September delivery lost as much as $1.02
to $66.02 a barrel on the New York Mercantile Exchange, and traded at $66.47
as of 12:56 p.m. London time. The contract fell 0.2 percent on Tuesday.
Total volume traded Wednesday was about 25 percent below the 100-day
average.

Brent for October settlement fell 45 cents to $72.01 a barrel on the
London-based ICE Futures Europe exchange, and traded at a $6.20 premium to
WTI for the same month. The global benchmark crude dropped 0.2 percent on
Tuesday.

U.S. crude inventories rose by 3.66 million barrels last week, the American
Petroleum Institute was said to report. That compares with a 2.5
million-barrel decline forecast in a Bloomberg survey before government data
due later on Wednesday.

Both nationwide stockpiles and supplies in the key storage hub of Cushing,
Oklahoma, increased last week, the API was said to report. A 1.64
million-barrel build at Cushing would be the largest since March if
confirmed by the Energy Information Administration’s data on Wednesday. A
gain of 500,000 barrels was predicted in the Bloomberg survey, after a 12th
week of drainage.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

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been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
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any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

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