9 Jul Trade Wars & Capitec’s Fee Charges investigated

The JSE and global markets are under pressure on the continued talks of what might now officially be a trade war. Trump has imposed $34bn of import tariffs on goods from China, China immediately responded, and even Russia jumped on the wagon imposing a 25%-40% tariff on yellow metals.

There is also a lot of concern over the selling of South African bonds worth R39bn in the first 6 months of the year – bit odd considering bonds are trading so cheaply.

PMI Manufacturing data was released, dipping further into contractionary territory in June, falling by 1.9 index points to 47.9.

In the mining sector, Angloplats sells stake in Rasimone JV to RBplat for R1.8bn.

Glencore released a SENS on Tuesday stating that it has received a subpoena from the U.S. Department of Justice, “to produce documents and other records with respect to
compliance with the Foreign Corrupt Practices Act and U.S. money laundering statuses”.

In the banking sector, a story hit the news on Tuesday that the Reserve Bank has ordered an investigation into Capitec’s fee charges.

Steinhoff was up over 34% after releasing their results late on a Friday night the week before last, and the U.S. added 213,000 jobs last month.
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