Bulls n Bears Daily Market Commentary : 29 October 2018

Tue Oct 30 07:36:12 CAT 2018

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Bulls n Bears Daily Market Commentary : 29 October 2018

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Zimbabwe Stock Exchange Update

Market Turnover $4,628,127.46 with foreign buys at $1,588,329.37 and foreign
sales were $1,051,398.00. Total trades were 176.

The All Share index opened the week in the negative losing 1.53 points  to
close at 167.31 points. HIPPO VALLEY ESTATES  lost $0.5600 to $2.2400, DELTA
dropped $0.0501 to $3.2001 and AFRICAN SUN  was $0.0204 down to $0.1247. NMB
BANK  also traded $0.0190 lower at $0.2010 and RIOZIM  decreased $0.0050 to
settle at $1.9950.

Trading in the positive was OLD MUTUAL LIMITED which recovered $0.3922 to
close at $6.4005, ECONET and PADENGA both added $0.0100 to close at $2.1242
and $0.9250 respectively. CBZ also increased by $0.0056 to $0.1560 and
MASIMBA added $0.0048 to $0.0950.

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  Global Currencies & Equity Markets

Kenya

Kenyan shilling under pressure against the dollar from importer demand

(Reuters) - The Kenyan shilling was under pressure against the dollar on
Monday due to demand from the energy and manufacturing sector outweighing
dollar inflows from remittances and tourism, traders said. 

AT 0923 GMT, commercial banks quoted the shilling at 101.45/65 per dollar,
compared with 101.35/55 at Friday's close.

Uganda

Uganda shilling unchanged, may firm on offshore inflows for bond sale

(Reuters) - The Ugandan shilling was unchanged on Monday and was expected to
gain ground, propped by inflows from offshore investors participating in
this week’s Treasury bond auction.

At 0919 GMT, commercial banks quoted the shilling at 3,755/3,765, same level
as Friday’s close.

       <mailto:info at bulls.co.zw> 

Asia

Asian stocks fragile as trade tensions escalate

(Reuters) - Asian shares came under pressure on Tuesday after Wall Street
peers finished weaker, hurt by fresh worries about the U.S.-China trade war
and were on track for their biggest October decline since the 2008 financial
crisis.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.1 percent,
tracking falls in U.S. stocks. The index has fallen more than 12 percent
this month.

Japan’s Nikkei average rose 0.9 percent and the Australian benchmark shed
0.2 percent in early morning trade.

Major U.S. indices fell steeply in volatile trade after a Bloomberg report
that the United States is preparing to announce tariffs on all remaining
Chinese imports by early December if talks next month between presidents
Donald Trump and Xi Jinping falter.

The CBOE Global Markets volatility index, known as Wall Street’s “fear
gauge”, jumped to as high as 27.86 points, its highest since Oct. 11 and the
second highest since volatility shock in early February.

China’s major stock indices fell sharply on Monday as earnings reports from
industrial and consumer firms raised concerns about the slowdown in economic
growth and the impact of policy support so far.

The Shanghai Composite Index shed 2.2 percent to finish at 2,542, well below
the key 2,600 points while the blue-chip CSI300 index closed 3.0 percent
lower.

China’s yuan closed at its weakest in over a decade on Monday, losing 0.16
percent to end the domestic session at 6.9560 per dollar, stirring
speculation over whether the central bank will tolerate a slide beyond the
key level of 7 per dollar.

Prior to the spot market’s open, the offshore yuan was little changed at
6.9730 after falling on Friday to as low as 6.9760 to the dollar, its
weakest since January 2017.

The dollar index edged higher and was just below its a 10-week high it hit
on Friday. The index gained on a decline in the euro after news German
Chancellor Angela Merkel would not seek re-election as head of her CDU
party.

Merkel said she would not seek re-election as party chairwoman, heralding
the end of a 13-year era in which she has dominated European politics.

Oil prices edged lower overnight after Russia signaled that output will
remain high and as concern over the global economy fueled worries about
demand for crude.

The West Texas Intermediate crude futures and Brent crude futures last
traded at $66.81 and $76.77 a barrel, respectively.

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Commodities Markets

U.S. steel tariff fight stirs up a swarm of WTO litigation

(Reuters) - The United States urged European Union governments on Monday to
reflect on whether it was really in their interest to go ahead with a trade
dispute over U.S. metals tariffs, and said it was hopeful of settling the
issue with Mexico and Canada.

The U.S. tariffs attracted an unprecedented seven requests for WTO
adjudication, as well as a slew of criticism, at a fractious WTO dispute
settlement meeting, while the United States hit back with legal actions
against its critics.

U.S. Ambassador Dennis Shea said he was not surprised by China’s opposition,
since it had massive overcapacity in metals production and was a non-market
economy, but that Washington was “deeply disappointed” with the EU’s stance.

China’s representative responded by saying the United States was shifting
its arguments to disguise its protectionism.

Canada and Mexico have also challenged the tariffs - 25 percent on steel and
10 percent on aluminium - but a U.S. trade official told the meeting that,
after constructive discussions, Washington was hopeful of reaching an
agreement with both.

Adam Austen, a spokesman for Canadian foreign minister Chrystia Freeland,
told Reuters the best outcome would be for Washington to rescind the
tariffs.

TABOO NO LONGER

Norway, Russia and Turkey also asked the WTO to judge the legality of the
U.S. tariffs, despite Washington’s assertion that they are based on national
security and therefore outside WTO jurisdiction.

National security claims were taboo for most of the WTO’s 23-year history,
because trade diplomats feared a domino effect as countries cited national
security to get out of a wide range of obligations. But Shea suggested it
would be even worse to try to challenge the U.S. national security claim.

On Twitter, Joel Trachtman, professor of International Law at Fletcher
School of Law and Diplomacy, and Jennifer Hillman, an American former WTO
judge, said Shea’s position was not supported by WTO law.

Canada’s representative at the WTO meeting said fear of a national security
threat was “inconceivable”, while Norway said it was “evidently divorced
from real-world security concerns”.

Canada, China, the EU, Mexico and Japan argued that the U.S. tariffs were
“safeguard” measures that could be addressed with sanctions under WTO rules.
Washington for its part requested WTO adjudication of their retaliatory
measures taken by Canada, China, the EU and Mexico.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
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
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
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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