Daily Market Review

Friday, 01 March 2024

US equity markets closed higher, recovering from a midday slump to close near the best levels. Semiconductors, banks, media, auto parts, metals & miners, and real estate outperformed. Pharmaceuticals, medical technology, insurance, personal care, airlines, tobacco, and energy equipment underperformed. The PCS inflation report was in line with expectations. Pending house sales dipped, against expectations. The yield on the 10-year Treasury note closed at 4.251%.
European equity markets closed higher. Food & beverage, travel & leisure, and healthcare lagged the broader market. Media, insurance, and construction & materials outperformed. German and French CPI softened with French CPI at the lowest level since September 2021.
S&P500 -+0.52% Dow +0.12% Nasdaq +0.90% FTSE100 +0.07% DAX +0.44% CAC -0.34%

Asian equities markets are higher this morning. Japan’s Nikkei 225 is outperforming, adding more than 1.5%. Japan’s manufacturing activity came in at the lowest rate since August 2020. South Korean semiconductor exports registered the fastest pace since October 2017. Chinese new home sales showed a sharp drop.
Nikkei +1.72% Hang-Seng +0.77% Shanghai +0.09% ASX +0.43%

The JSE closed higher as resources rallied by more than 2%. Precious and industrial metals added 3.28% and 1.02% respectively while food producers gained 1.03% and listed property added 1.02%. SA posted a trade deficit in January after exports declined 12.8% m/m and imports climbed 2.5% m/m. The deficit came in at R9.4bn from a surplus of R15.6bn previously. The yield on the 10-year government bond closed at 10.14%.

Notable Gainers/Losers:

Goldfields +5.57% DRDGold +4.48% Harmony +3.73% South32 +3.72% Bytes +3.01% Nepi +2.84% Sanlam +2.44%
WBHO -3.51% Motus -2.80% Spar -2.09% Truworths -2.07% ABInbev -1.31% Standard Bank -0.99% MTN Group -0.83% Exxaro -0.64%

JSE All-Share +0.73% JSE Top 40 +0.81% Industrials +0.15% Resources +2.02% Financials +0.60%

JSE All-Share 72,730
S&P500 5,096
USDZAR 19.15
EURZAR 20.71
GBPZAR 24.19
AUDZAR 12.47
NZDZAR 11.67
Brent Crude $83.42
Gold $2,044
Platinum $885
Palladium $941
Copper $8’389
Uranium $94.45

Sources: FactSet, Yahoo Finance, Trading Economics, BusinessDay Live, WSJ