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China lodges complaint with WTO about US tariffs

03 September 2019

China lodges complaint with WTO about US tariffs

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Market commentary

SA flag Icon
South Africa

The JSE closed in the red on Monday, after investors had to digest new developments in the US-China trade war. The JSE All Share fell 0.86%.

US flag Icon
United States

Washington began imposing 15% tariffs on a variety of Chinese goods on Sunday, including footwear, smart watches and flat-panel televisions, as Beijing began imposing new duties on US crude. US markets were closed for Labour Day on Monday. However, US President Donald Trump said both sides would still meet for talks later in September.

EU flag Icon
Europe

European shares rose on Monday despite fragile sentiment as the US and China kicked off the latest round of tit-for-tat tariffs on each other’s goods. Just after the JSE close the FTSE 100 was up by 1.24%, France’s CAC 40 by 0.23% and Germany’s DAX 30 by 0.18%.

HK flag Icon
Hong Kong

China lodged a complaint against the US through the World Trade Organisation (WTO) for the 15% tariff on Chinese imports, which came into effect on 1 September. At their meeting at the G20 summit in June, the US vowed it would not impose further tariffs on China. Despite this the Shanghai Composite Index gained 1.10% yesterday.

Japan flag Icon
Japan

Japanese shares slipped on Monday after the US and China imposed more tariffs on each other’s goods, escalating a dispute that is increasingly weighing on export-reliant Asia and disrupting global trade. The Nikkei closed down 0.41%.

Rand Icon
Rand

The rand weakened slightly on Monday afternoon, after news reports that China lodged a complaint against the US with the WTO about the US tariffs which came into effect on 1 September.

Precious metals Icon
Precious metals

Gold rose on Monday after the US and China imposed new tariffs on each others' goods but a firmer dollar limited the precious metal's upside. At 21h00, an ounce of spot gold traded at $1 529.18.

Oil Icon
Oil

Oil prices weakened on Monday after new tariffs imposed by the US and China came into force, raising concerns about a further hit to global growth and demand for crude. At 21h00, a barrel of Brent crude traded at $59.05.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 54 785.18 - 0.86 - 2.40 - 1.05 - 0.69 - 3.41
Gold mining 2 626.04 - 0.98 19.07 62.61 63.23 164.87
Basic minerals 31 611.67 - 1.36 1.72 2.79 - 0.33 8.86
Industrial index 75 985.10 - 0.44 - 3.89 1.44 3.94 - 5.70
Financial 37 426.42 - 1.19 - 3.62 - 9.87 - 9.81 - 10.39
Fin + Ind 30 7 378.53 - 0.68 - 3.81 - 2.37 - 0.79 - 7.20
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) 26 403.28 0.19 - 1.32 7.07 3.16 4.12
S&P 500 PR (USD) 2 926.46 0.08 - 1.58 6.87 6.15 2.92
NASDAQ (USD) 7 962.88 - 0.13 - 2.46 7.12 6.29 - 0.72
FT-100 (GBP) 7 281.94 1.04 - 0.74 3.02 5.28 2.50
Hang Seng (HKD) 25 626.55 - 0.32 - 4.40 - 3.41 - 8.67 - 4.75
Nikkei 225 (JPY) 20 620.19 - 0.41 - 2.14 0.41 - 3.47 - 7.87
MSCI World (USD) 6 226.83 - 0.09 - 0.43 - 9.87 3.11 0.17
Frankfurt (EUR) 5 334.13 0.12 0.69 1.94 3.03 - 3.32
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 526.55 - 0.66 6.71 17.79 15.17 26.49
Platinum ($) 936.00 0.11 10.77 18.03 8.58 17.29
Brent Oil ($) 60.43 - 1.06 - 7.27 - 6.30 - 8.48 - 21.95
Rand/USD 15.27 - 0.33 - 4.29 - 4.33 - 7.07 - 3.45
Rand/GBP 18.38 0.70 - 3.75 1.16 2.19 3.68
Rand/EUR 16.70 0.16 - 3.01 - 1.35 - 3.61 2.47
ALBI (R) 683.31 0.02 1.09 2.51 5.69 11.19
  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. GDP growth rate Q2
  2. Absa manufacturing PMI AUG
  1. EA: PPI m/m and y/y JUL
  2. US: Markit manufacturing PMI AUG

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 3.96 8.05 7.99 8.07 7.98 7.70
PSG Wealth Income FoF D 4.08 7.43 7.72 7.93 8.12 8.10
PSG Wealth Preserver FoF D 1.88 1.14 4.72 4.98 6.07 6.58
PSG Wealth Moderate FoF D 0.31 - 3.49 2.75 3.56 5.15 5.62
PSG Wealth Creator FoF D - 3.37 - 7.49 - 0.02 1.94 3.52 3.13
PSG Wealth Global Moderate FF D 10.75 4.10 10.26 6.05 7.44 9.03
PSG Wealth Global Creator FF D 14.14 6.21 17.18 12.40 13.41 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 1.85 0.01 2.03 4.15 3.51 1.51
PSG Wealth Global Creator FoF D 5.43 2.35 8.56 10.46 9.32 6.93
PSG Wealth Global Preserver FoF (USD) D 2.53 3.80 2.35 3.31 5.01 3.09
PSG Wealth Global Flexible FoF (USD) D 2.50 1.90 6.47 8.66 9.18 5.82
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 9.33 8.54 4.75 5.34 9.41 7.41
PSG Wealth Global Flexible FoF (GBP) D 11.41 8.65 9.04 10.74 14.06 11.69
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.00 7.30 7.34 7.45 7.32 7.02
PSG Income A 4.06 8.40 8.19 8.43 8.27 7.91
PSG Diversified Income 3.15 5.81 7.00 7.54 7.70 7.64
PSG Stable A - 3.00 - 3.98 2.33 3.97 5.08 5.75
PSG Balanced A - 8.04 - 13.43 - 2.61 1.15 2.96 4.41
PSG Flexible A - 7.64 - 11.90 - 1.79 1.92 4.14 5.48
PSG SA Equity D - 15.56 - 22.02 - 11.28 - 3.67 - -
PSG Equity A - 12.79 - 19.48 - 6.63 - 0.47 1.23 1.75
PSG Global Flexible FF A - 5.80 - 13.12 1.48 2.42 4.91 -
PSG Global Equity FF A - 8.41 - 16.49 0.94 2.63 5.03 5.85
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 13.27 - 15.72 - 5.86 1.01 1.70 - 0.41
PSG Global Equity USD - 15.17 - 18.39 - 6.15 1.38 1.85 - 0.96
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 3.37 6.82 7.17 7.50 7.46 7.22
PSG Direct Low Equity - 3.26 - 4.90 1.60 3.52 4.62 5.33
PSG Direct Managed - 8.14 - 13.44 - 2.85 0.89 2.79 4.20
PSG Direct Aggressive - 8.91 - 14.66 - 2.80 1.02 3.20 -
PSG Direct Global Managed - 6.01 - 13.51 1.02 1.95 4.43 -
PSG Direct Global Aggressive - 7.66 - 15.63 0.69 2.09 4.52 -
  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 - 8.71 - 13.77 - 3.71 0.24 3.50 -
PSG Wealth SA Property Equity Portfolio - 10.82 - 14.99 - 9.73 - 5.86 - -
PSG Wealth SA Dividend Income Equity Portfolio - 9.46 - 14.55 - 1.83 2.69 - -
PSG Wealth Offshore Equity Portfolio (USD) 4.05 5.13 10.28 12.72 12.33 -
PSG Wealth Managed Volatility Equity Portfolio - 11.60 - 19.62 - 7.77 - 4.70 - -
  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 NKE US is underweight; click here to read the full report on our secure site.
  • NIKE is a quality retailer, which continuously exhibits broad-based and strong top-line growth.
  • NIKE is a well-run company with a growing market share in a structural growth market and plans to enhance margins even further. We do, however, feel that these attractive growth prospects are fully reflected in the current valuation.


company logo

Highlights

  • Our recommendation for ATT SJ is overweight; click here to read the full report on our secure site.
  • Attacq's direct property portfolio is diversified across sectors.
  • While domestic property fundamentals are under pressure, we believe the share is undervalued, trading at a 44% discount to its NAV of 2 365.80 cents per share, with risks mentioned in our report reflected in the price.


company logo

Highlights

  • Our recommendation for AVI SJ is neutral; click here to read the full report on our secure site.
  • AVI is a high-quality food producer with a strong balance sheet and sound cash generation.
  • Earnings and operating margins have come under pressure lately due to sales volume weakness due to constrained consumer spending and consumers trading down on premium products.


Corporate actions

Date Company Share code Expectation
04 September 2019 ARB Holdings Limited ARH Cash Dividend
04 September 2019 BHP Group Plc BHP DRIP
Option 1 - (Cash Dividend) Gross - TBALess 20% SA Tax - TBANet - TBA
Option 2 (Reinvestment)Reinvestment Price - To be announced
Default - Option 1 (Cash)
04 September 2019 City Lodge Hotels Limited CLH Cash Dividend
04 September 2019 Cartrack Holdings Limited CTK Tender Offer
04 September 2019 Emira Property Fund Limited (REIT) EMI Cash Dividend
04 September 2019 Gold Fields Limited GFI Cash Dividend
04 September 2019 Glencor Plc GLN Cash Distribution
04 September 2019 Mpact Limited MPT Cash Dividend
04 September 2019 Resilient REIT Limited RES Cash Dividend
04 September 2019 Standard Bank Group Ltd 6.5% Cumulative Preference Shares SBKP Cash Dividend
04 September 2019 Standard Bank Ltd Non-Redeemable Non-Cumulative Non-Participating 2nd Preference Shares SBPP Cash Dividend
04 September 2019 Shoprite Holdings Limited SHP 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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