LOCKDOWN LEVEL 2
TOTAL DAYS 538 – 07 HOURS 30 MINUTES
Vaccine rollout day 216
New cases 3699
New Deaths 300
Recovery Rate 93,9%
By the close of trade on Tuesday 14th September 2021, the South African rand weakened against the US dollar.
- In South Africa, production from the country’s mining industry increased by 10.3% year-on-year in July, with the largest contributors being the production of iron-ore, which was up by 42.9%.
- China’s retail sales grew a disappointing 2.5% in August from a year ago as the country dealt with the worst outbreak of Covid-19 since its initial spread in early 2020. Data on consumer spending released by the National Bureau of Statistics on Wednesday came in well below the 7% growth forecast by analysts polled by Reuters. Industrial production growth was also slightly below expectations, up 5.3% in August versus predictions of 5.8% growth.
- North Korea fired what may be a ballistic missile, Japanese authorities said Wednesday. The object did not enter Japanese territory, the Defense Ministry said. It is believed to have landed outside of Japan’s exclusive economic zone, the coast guard said. The launch came after North Korea said it successfully tested a new long-range cruise missile last weekend, calling it “a strategic weapon of great significance.” Analysts say the missile could be the country’s first such weapon with a nuclear capability.
- The US, the consumer prices index (CPI) increased at its slowest pace in six months in August, following a fall in used motor vehicle prices. Global debt loads surged during the second quarter as households seized on low mortgage rates and governments continued borrowing heavily to revive pandemic-battered economies. The amount of the world’s outstanding debt swelled during the three months by about $4.8 trillion to a record $296 trillion, according to a report by the Institute of International Finance. The increase was led by households that added $1.5 trillion of debt during the first half of the year, driven by the U.S., China and Brazil
- The Fed’s policy outlook (including their tapering schedule) depends on an expectation that the latest high levels of inflation will moderate by the end of the year. This is one of the key factors determining when they are likely to raise rates. The general idea is that if inflation gets under control in the “near term”, then the Fed will taper before raising rates. However, if inflation stays way above their accepted range, then not only could they bring the hike forward, but it could actually occur before the taper.
- The yield on benchmark government bonds were mixed yesterday. The yield on 2026 bond stood at 7.41%. Further, the yield on 2023 bond advanced to 4.93%, while that for the longer-dated 2030 issue stood at 8.89%.
In early trade on Wednesday 15th September 2021, the US dollar is trading higher against the South African rand at R14.3562, while the euro is trading higher at R16.9472. The British pound has gained against the South African rand to trade at R19.8022.
By the close of trade on Tuesday, the euro advanced against most of the major currencies.
- In the UK, unemployment rate in July was in line with the expectations.
- With election day in Germany fast approaching, campaign rhetoric is heating up, especially around the future course of fiscal policy and debt. There are calls to reinstate Germany’s constitutionally-mandated, though now suspended, debt brake, return to the balanced schwarze Null budget and revert to European Union stability and growth pact rules.
- Japan’s core machinery orders rose in July after a dip the previous month, a sign corporate spending is perking up despite the wider hit to the economy from the pandemic. However, the weaker-than-expected rebound may add to concerns about the strength of Japan’s recovery, which has largely relied on manufacturers and other export-oriented businesses as curbs dampen domestic consumption.
In early trade on Wednesday, the euro has marginally advanced against the US dollar to trade at $1.1856, while it has gained against the British pound to trade at GBP0.8532.
In entertainment news, Kid Cudi boldly went where no man has gone before at the 2021 Met Gala with damn near a couple million in bling hanging from his neck!!! The “Man On the Moon” artist was decked out in a vibrant Louis Vitton getup for the event, but the centerpiece of the look was his not-so-little man on the moon, an opulent, one-of-a-kind piece designed by Ben Baller and KAWS. The chain and pendant, museum quality diamond work titled “SPACE”, is a whopping $1,600,000 piece featuring more than 24,000 clarity E color diamonds, and more than a kilo in 18k rose gold. With the World in turmoil this global display is outrageous to say the least.