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US Tax Reforms Delayed
10 November 2017 | SA Views | Sharenet
 


World News

UK and US markets reversed previous session gains and placed pressure on other global markets yesterday. Tax reforms in the US has dominated news flow and the most recent developments indicate that there will be a delay in tax reforms including corporate tax, which may only make its appearance in 2019. The European Commission has increased its expectations for economic growth in the Eurozone and sees the fastest growth in a decade. This has led to a stronger Euro.

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South African News

South African markets closed lower in line with global markets after a good morning session turned sour by the afternoon. The ZAR depreciated sharply on rumours that President Zuma will announce free tertiary education and given the fiscal budget concerns, it is very clear that such an announcement is likely to be viewed negatively by rating agencies. Local economic data didn’t impress with bot mining and manufacturing production unexpectedly declining.

Company News

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Sibanye Gold [SGL] has signed a three-year wage deal at its Kroondal operations with an average wage increase of 7%.

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Nepi Rockcastle [NRP] has acquired Alfa Centrum, a shopping centre in Poland, for EUR92mil.

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credit: Graph Provided by Sharenet Advanced Online Charts

Trade SGL From 0.3%

The Day Ahead

Event risk is low today, but be aware of a possible announcement by President Zuma to fund higher education, which could see a sell-off in the ZAR.

Key Results Out Today

UK Industrial production

UK Manufacturing production

Quote of the day

"No nation ever taxed itself into prosperity."

-  Anonymous

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Ian

Ian Stiglingh
Quantitative Investment Analyst

Ian Stiglingh is a full time quantitative analyst, responsible for research of equities across all industries. Ian completed his degree in Mathematical Science in 2013 and his Honours degree in Financial Risk Management in 2014, both at the University of Stellenbosch. During his studies, Ian worked as an intern at Old Mutual Actuaries & Consultants as well as J.P. Morgan in Johannesburg, and is currently a CFA candidate
 


Disclaimer:
The information contained in this article is for informational purposes only and must not be regarded as a prospectus for any security, financial product or transaction. It is neither to be construed as financial advice nor to be regarded as a definitive analysis of any financial issue. Investors should consider this research/article as only a single factor in making their investment decision. We recommend you consult a financial planner/advisor to take into account your particular investment objectives, financial situation and individual needs.

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