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Trump threatens tariffs on more Chinese goods

18 July 2019

Trump threatens tariffs on more Chinese goods

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Market commentary

SA flag Icon
South Africa

Despite uplifting retail sales data released on Wednesday, the local market closed down after US President Donald Trump, again, threatened to impose tariffs on an additional $325 billion worth of Chinese imports. At the closing bell, the All Share stood 0.70% lower.

US flag Icon
United States

On Wednesday, US markets were pulled down due to investor concerns around the balance of monetary policies and growth as well as worries over the US trade war with China. At 20h55, the S&P 500 traded 0.34% down.

EU flag Icon
Europe

European indices ended their winning streak on Wednesday as they were weighed down by an array of weak Swedish quarterly results. The pan-European STOXX 600 Index closed the day 0.37% in the negative.

HK flag Icon
Hong Kong

Fears around the US-China trade war and uncertainties over expected US corporate results dragged Asian markets down on Wednesday. At 18h00, the Hang Seng stood 0.16% in the red.

Japan flag Icon
Japan

Although financials performed well on Wednesday, Japanese equities fell due to negative sentiment around the renewed US-Sino trade war. The Nikkei ended the day 0.31% lower.

Rand Icon
Rand

The rand traded within a 5c move on Wednesday, staying range bound ahead of the SARB’s interest rate decision today. At 20h55, the rand traded R13.99 against the dollar.

Precious metals Icon
Precious metals

Bullion prices strengthened on Wednesday, with gold rising over 1%, because the dollar was dragged down by weaker-than-expected US data boosting hopes for interest rate cuts by the US Federal Reserve. At 20h55, spot gold traded at $1 422.29 an ounce.

Oil Icon
Oil

The oil price fell on Wednesday on the back of US government data reporting a large build in stockpiles. At 20h55, a barrel of Brent crude was trading at $63.99.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 57 636.01 - 0.70 - 0.80 - 1.86 9.60 6.18
Gold mining 1 997.51 0.58 4.44 35.33 48.06 95.98
Basic minerals 33 100.31 - 0.15 - 1.88 - 0.88 18.18 24.66
Industrial index 78 456.35 - 0.65 0.17 - 1.27 10.73 - 0.40
Financial 41 206.60 - 1.41 - 1.59 - 4.11 - 0.27 3.23
Fin + Ind 30 7 775.66 - 0.90 - 0.41 - 2.21 6.87 0.77
International markets (Base currency)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Dow Jones (USD) 27 219.85 - 0.42 4.32 3.53 13.03 10.94
S&P 500 PR (USD) 2 984.42 - 0.65 3.41 3.40 14.37 8.39
NASDAQ (USD) 8 185.21 - 0.46 4.39 2.65 16.18 5.35
FT-100 (GBP) 7 535.46 - 0.55 2.56 1.94 12.99 3.22
Hang Seng (HKD) 28 593.17 - 0.09 5.87 - 3.09 9.56 5.10
Nikkei 225 (JPY) 21 469.18 - 0.31 1.87 - 3.40 6.42 - 3.38
MSCI World (USD) 6 390.76 - 0.46 3.25 - 4.11 12.53 4.84
Frankfurt (EUR) 5 549.62 - 0.72 2.11 1.55 13.03 - 2.53
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 400.80 - 1.08 5.07 9.77 8.25 12.64
Platinum ($) 835.00 - 0.95 4.51 - 5.54 3.73 0.97
Brent Oil ($) 64.35 - 3.20 3.77 - 10.28 4.94 - 10.43
Rand/USD 14.00 -0.15 4.65 1.22 -1.00 -5.31
Rand/GBP 17.41 -0.34 5.37 5.39 2.37 0.05
Rand/EUR 15.73 -0.37 4.24 1.33 0.22 -1.64
ALBI (R) 687.66 0.11 3.01 3.34 7.36 10.89
  1. Some data may be delayed, the above table reflects the latest available information
  2. Performance reported during the first week of each month may be impacted by distributions. Distributions are fully accounted for by the second week of each month


Economic calendar

Local International
  1. Interest rate decision
  1. UK: Retail sales JUN
  2. JPN: Inflation rate JUN (Friday at 01h30)

Source: Reuters, Business Day, Trading Economics


PSG Product Matrix

Fund matrix

PSG Wealth Solutions
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Enhanced Interest D 3.94 8.07 8.03 8.08 7.93 7.60
PSG Wealth Income FoF D 4.50 8.08 7.96 8.09 8.15 8.11
PSG Wealth Preserver FoF D 4.61 5.32 5.66 5.48 6.12 6.72
PSG Wealth Moderate FoF D 5.84 3.46 4.58 4.58 5.14 5.91
PSG Wealth Creator FoF D 5.22 2.68 3.57 3.94 3.44 3.74
PSG Wealth Global Moderate FF D 9.12 8.22 7.00 4.32 5.51 7.37
PSG Wealth Global Creator FF D 18.61 12.99 13.85 11.18 11.64 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 7.41 2.41 3.25 5.26 2.39 1.78
PSG Wealth Global Creator FoF D 16.21 7.02 9.77 12.07 8.26 7.48
PSG Wealth Global Preserver FoF (USD) D 5.61 5.17 3.05 4.06 4.36 3.41
PSG Wealth Global Flexible FoF (USD) D 10.40 5.41 7.63 10.42 8.36 6.44
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 8.20 9.73 5.02 5.65 8.58 7.78
PSG Wealth Global Flexible FoF (GBP) D 14.32 12.22 9.40 11.74 12.82 12.50
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.58 7.30 7.35 7.45 7.30 7.10
PSG Income A 4.12 8.33 8.37 8.44 8.23 7.88
PSG Diversified Income 3.84 7.12 7.57 7.80 7.85 7.70
PSG Stable A - 0.19 1.42 4.22 5.19 5.43 6.10
PSG Balanced A - 3.71 - 4.40 0.60 3.26 3.42 4.98
PSG Flexible A - 3.46 - 3.66 0.75 3.69 4.20 5.67
PSG SA Equity D - 11.01 - 11.07 - 4.94 0.08 - -
PSG Equity A - 7.34 - 8.05 - 2.45 2.11 1.28 2.44
PSG Global Flexible FF A 0.51 - 2.33 1.49 3.31 4.35 -
PSG Global Equity FF A 0.10 - 4.03 1.48 4.24 4.26 5.67
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 1.79 - 7.38 - 1.95 4.75 1.50 0.89
PSG Global Equity USD - 2.18 - 8.59 - 1.89 5.82 1.32 0.51
PSG Direct Portfolios
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Direct Flexible Income 3.72 7.28 7.47 7.60 7.50 7.24
PSG Direct Low Equity - 0.48 0.67 3.55 4.76 4.96 5.68
PSG Direct Managed - 3.86 - 4.65 0.18 2.90 3.15 4.67
PSG Direct Aggressive - 3.92 - 4.95 - 0.31 2.83 3.13 -
PSG Direct Global Managed 0.29 - 2.78 1.03 2.84 3.88 -
PSG Direct Global Aggressive 0.03 - 3.83 1.03 3.43 3.83 -
  1. The PSG Wealth Solutions are exclusively available through registered PSG planners and/or advisers
  2. The above information reflects the latest available data at time of distribution, as such product performance data reflects T-2 numbers
  3. Performance reported during the first week of each month may be impacted by distributions. Distributions are fully accounted for by the second week of each month
  4. The PSG Best Ideas Portfolios were renamed to the PSG Direct Portfolios in February 2018

Equity portfolio matrix

PSG Wealth House View Portfolios
Portfolio 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth SA Equity Portfolio -0.78 -1.55 2.33 2.78 - -
PSG Wealth SA Property Equity Portfolio -2.38 -7.54 -6.64 -3.48 - -
PSG Wealth SA Dividend Income Equity Portfolio -1.47 0.18 4.96 4.82 - -
PSG Wealth Offshore Equity Portfolio (USD) 12.23 11.12 12.12 14.04 - -
PSG Wealth Managed Volatility Equity Portfolio -3.18 -8.36 -3.57 - - -
  1. The PSG Wealth equity portfolios are exclusively available through registered PSG planners and/or advisers
  2. PSG Wealth equity portfolio performance are shown gross of management fees, but net of brokerage and other trading costs
  3. PSG Wealth SA and Offshore Equity Portfolio Inception date: 30 August 2015
  4. PSG Wealth SA Listed Property Portfolio Inception date: 1 December 2015
  5. PSG Wealth Dividend Income Equity Portfolio Inception date: 29 April 2016
  6. PSG Wealth Managed Volatility Equity Portfolio Inception date: 28 July 2016
  7. PSG Wealth Funds are exclusively available through registered PSG planners and/or advisers


Recent Investment Ideas

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Highlights

  • Our recommendation for MND SJ is overweight; click here to read the full report on our secure site.
  • Mondi has shown robust operating performance and strong cost control.
  • Although macroeconomic uncertainties remain due to Brexit and the stability of the Eurozone, the group is focused on delivering accretive growth through its strong brand and good structural growth drivers.


company logo

Highlights

  • Our recommendation for TBS SJ is overweight; click here to read the full report on our secure site.
  • Tiger Brands is a high-quality food producer with a strong balance sheet and sound cash generation.
  • The group has seen working capital improvements, which would feed into greater free cash flow generation; this, coupled with no debt, indicates that dividend payments should be sustained while maintaining a strong balance sheet.


company logo

Highlights

  • Our recommendation for OMU SJ is overweight; click here to read the full report on our secure site.
  • Since the majority of the group's embedded value is in shareholders’ funds, which is more susceptible to market fluctuations, market returns and investment income will be the primary drivers of investment return.
  • We feel that downside is limited at the current valuation multiple and improved capital management with excess capital being returned to shareholders is likely to justify an improved multiple going forward.


Corporate actions

Date Company Share code Expectation
24 July 2019 Accelarate Property Fund Limited (REIT) APF Cash Dividend
24 July 2019 Datatec Limited DTC DVOP
Option 1 - (Cash Dividend) Gross - ZAR1.00Less 20% Tax - ZAR0.20Net ZAR0.80
Option 2 (Capitalisation Shares)Ratio - To be announced
Default - Option 1 (Cash Dividend)
24 July 2019 Investec Bank (Mauritius) Limited IMRP5 Cash Dividend
24 July 2019 Investec Limited INL Cash Dividend
24 July 2019 Investec Plc (Foreign portion) INP Cash Dividend
24 July 2019 Investec Plc (Local portion) INP Cash Dividend
24 July 2019 ISA Holdings Limited ISA Cash Dividend
24 July 2019 ISA Holdings Limited ISA Special Cash Dividend
24 July 2019 Stenprop Limited STP DVOP
Option 1 - (Cash Dividend) PID portion Gross - TBA Less 20% UK Tax - TBA Net - TBA Non-PID portion Gross - TBA Less 20% SA Tax - TBA Net - TBA
Option 2 (Scrip Dividend)
Ratio - TBA
Default - Option 1 (Cash Dividend)
24 July 2019 Vunani Limited VUN Cash Dividend
  1. The information above is to the best of our knowledge correct at the time of distribution but due to the nature thereof cannot be guaranteed.
  2. This document only contains general information and not the opinion of the distributor.

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Author
author

Adriaan Pask PhD

Chief Investment Officer


At PSG Wealth
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