Vaccine rollout day 227
New cases  300
New Deaths 11
Recovery Rate 96,3%
Vaccines Administered 21,321,996

The world sports stage was set ablaze this weekend.  Depending on what team you supported you were either happy or sad.  In the end it is really great to see the sports calendar full.

By the close of trade on Friday, the South African rand weakened against the US dollar.

  • In the US, business activity increased in October, despite continued labour and raw material shortages, indicating that economic growth is accelerating at the start of the 4Q21 period as COVID-19 infections recede.
  • Manufacturing activity dropped in October, with production dogged by supply bottlenecks and labour shortages. The US Federal Reserve (Fed) Chairman, Jerome Powell advised that the central bank would start tapering its stimulus policy as the economy is recovering and inflation has started accelerating.
  • The U.S. posted the second-largest annual budget deficit on record for 2021 as pandemic-relief spending sustained the federal government’s massive borrowing needs. The deficit for the fiscal year through September was $2.77 trillion, compared with the $3.1 trillion peak seen in the previous year, a Treasury Department report showed on Friday. Treasury Secretary Janet Yellen and acting White House budget director Shalanda Young said in a statement that the U.S. economic recovery this year helped to shrink the deficit from its 2020 nadir.
  • The yield on benchmark government bonds rose on Friday. The yield on 2026 bond rose to 8.06%. Further, the yield on 2023 bond advanced to 5.44%, while that for the longer-dated 2030 issue rose to 9.57%.

In early trade on Monday 25th October 2021, the US dollar is trading lower against the South African rand at R14.8172, while the euro is trading lower at R17.2585.   the British pound has gained against the South African rand to trade at R20.4046.

By the close of trade on Friday, the euro advanced against most of the major currencies.

  • In the eurozone, business activity dropped in October, amid increased costs due to supply constraints. Also, the service industry in the eurozone decelerated in October.
  • In Germany, manufacturing activity declined less than expected in October, While the service industry in Germany declined more than expected in October.
  • Following Erdogan’s Friday tirade, lashing out at Western countries for issuing a joint letter demanding the immediate release of jailed Turkish billionaire philanthropist businessman and opposition politician Osman Kavala, which was followed by the president’s threat that he had ordered ten ambassadors including the US to be deemed ‘persona non grata’ by Turkey’s government, the Turkish lira weakened to another record low against the dollar after electronic trading reopened early in the Asian session.
  • Less than a month after Goldman stunned its Wall Street peers when it slashed its Q3 China GDP forecast to just 0%, forecasting no growth in the world’s second largest economy, Goldman has done it again and in a note published late on Sunday, not only does the bank admit that China has entered a phase of “temporary stagflation”, but in a tone that is almost apologetic as Beijing will likely take great offense at this provocation, the bank cut its 2022 GDP forecast form an already low 5.8% to just 5.4%.
  • China will “strengthen adjustments” in tax collection to boost revenue and reform the country’s income distribution, but in a targeted and accurate way, as part of efforts to achieve long-term “common prosperity”, state-run Xinhua news agency said. China aims to “divide the pie” by “reasonably” adjusting the income of its top-earners and elevating the earnings of lower-income groups, Xinhua wrote in a question-and-answer piece on the Chinese economy.

In early trade on Monday 25th October 2021, the euro advanced against the US dollar to trade at $1.1652, while it has weakened against the British pound to trade at GBP0.8476