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VIEW RETAINED: BEARISH CORRECTION WITHIN A LARGER BULL TREND The expectation of a 1,2,3,4,5 impulsive bull trend to RA1, followed by a WXY correction to S1*, is materialising. Preferred: The WXY correction to S1* is currently preferred, as illustrated, but will only be validated on a break below the interim S0 bottom. Alternative: The recent downside off the RA1 target could still be part of the PQ trend-ending pattern. Failure to break S0 soon will result in another PQ-defined upward leg to P* as the new pivotal resistance. If S1* holds over time then a very bullish longer-term outcome would be for impulsive upside (i, ii, iii, iv, v) to new highs is the longer-term scenario. Target and Re-assessment Levels: Important Levels: P* and S1* Primary Trend: RA1*/S1 consolidation, followed by a bull trend to R2 and beyond. Monthly Range: P*/S1* Current Trend and Target Levels: Downside towards S1* Technical Rating: Medium https://www.unum.capital/research-disclaimer

Introduction In the world of equity market analysis, traders and investors often seek to identify promising investment opportunities by evaluating the performance of various shares. One valuable tool that aids in this analysis is the Relative Rotational Graph (RRG). RRG is a graphical representation that helps investors understand the relative strength and momentum of different shares within a given market or sector. What is a Relative Rotational Graph (RRG)? A Relative Rotational Graph is a visual representation of the relative performance of shares in comparison to a benchmark index or a specific group of shares. The graph plots individual shares as data points and illustrates their movement over time, relative to the benchmark. The positioning of each share on the graph provides crucial insights into its relative strength, momentum, and potential investment opportunities. How RRG Works: The Four Quadrants The RRG chart is divided into four quadrants, each representing different stages of relative performance: Leading (Leading Quadrant): Shares in this quadrant are exhibiting strong relative strength and positive momentum compared to the benchmark. They are outperforming the broader market or sector and are considered leaders in terms of price performance. These shares are regarded as potential Profit takes or Holds candidates. Weakening (Weakening Quadrant): Shares in this quadrant are experiencing a decline in relative strength compared to the benchmark. While they might still be in an uptrend, their momentum is slowing down, and they may be losing some of their leadership positions. These shares are classified as potential Deteriorating candidates or short-selling. Lagging (Lagging Quadrant): Shares in this quadrant are underperforming the benchmark. They are experiencing weak relative strength and may be struggling compared to other shares or the broader market. These shares are classified as potential Avoid candidates. Improving (Improving Quadrant): Shares in this quadrant are showing signs of improvement in relative strength, indicating that they are gaining momentum and starting to outperform the benchmark. These shares are considered as potential Buy candidates. Interpreting RRG for Investment Insights When analysing a Relative Rotational Graph, traders and investors can draw several meaningful conclusions: Identifying Leaders and Laggards: RRG helps investors quickly identify which shares are leading the market's upward trends and which are lagging behind. Leading shares in the Leading Quadrant might be attractive investment candidates, while those in the Lagging Quadrant could warrant closer examination to understand potential weaknesses. Spotting Trend Reversals: A changing position of a share on the RRG can signal a potential trend reversal. For example, a share moving from the Weakening Quadrant to the Improving Quadrant may indicate a shift in momentum and an upcoming upward trend. Diversification Insights: RRG can assist in portfolio diversification by highlighting shares that exhibit a low correlation with the benchmark. Adding shares with diverse movement patterns can help reduce overall portfolio risk. Monitoring Sector Rotations: RRG is especially useful for sector rotation strategies, where investors rotate their investments based on the relative strength of sectors. It helps identify which sectors are currently leading or lagging in the market. Limitations of RRG While RRG is a valuable tool, it is essential to recognize its limitations: Historical Performance: RRG is based on past price data and may not always predict future movements accurately. Not a Standalone Indicator: RRG should be used in conjunction with other technical and fundamental analysis tools for comprehensive decision-making. Volatility Impact: Highly volatile shares may exhibit erratic movements on the RRG, making interpretation challenging. Conclusion Relative Rotational Graphs provide traders and investors with a powerful visual representation of the relative performance of shares compared to a benchmark index or a group of shares. By understanding the quadrants and interpreting the movements of individual shares, investors can gain valuable insights into market trends, identify potential investment opportunities, and optimise their portfolio allocations. As with any investment analysis tool, it should be used alongside other methods and within the context of a well-thought-out investment strategy. Top 40 constituent RRG chart: The updated RRG chart displayed below compares the individual constituents of the Top 40 index against the index itself. This chart undergoes daily updates, and to enhance clarity, various colour backgrounds are utilised for ease of reference. Leading (Leading Quadrant): Green background. These shares are regarded as potential Profit takes or Hold candidates. Weakening (Weakening Quadrant): Yellow background. These shares are classified as potential Deteriorating candidates or short-selling. Lagging (Lagging Quadrant): Red background. These shares are classified as potential Avoid candidates. Improving (Improving Quadrant): Blue background. These shares are considered potential Buy candidates. https://www.unum.capital/research-disclaimer

Introduction When it comes to investing in shares, it's crucial to be armed with the right tools and knowledge to make informed decisions. One of the most important metrics that investors use to assess the risk and return potential of equities is beta. Beta is a numerical value that measures the sensitivity of a share's price movements relative to changes in the broader market. We will delve into the concept of beta and explore its significance for share investors. What is Beta? Beta, often denoted as "β," is a statistical measure used in finance to quantify the volatility or systematic risk of a share compared to the overall market. The market, in this context, is typically represented by an index, such as the Top 40 index. The beta value indicates how much a share's price is expected to move concerning the market's movements. It helps investors understand how closely the share's performance is tied to the market's fluctuations. Interpreting Beta Values β = 1: If a share has a beta of 1, it moves in perfect correlation with the market. Its price tends to rise or fall by the same percentage as the market index. Such shares are considered market-neutral in terms of volatility. β < 1: A share with a beta below 1 is less volatile than the market. In other words, it is expected to have smaller price swings than the overall market. These shares are often referred to as defensive equities and are perceived to offer a more stable investment option. β > 1: A share with a beta above 1 is more volatile than the market. It tends to experience larger price movements, both upward and downward, compared to the market index. These shares are considered aggressive or growth-oriented investments. Risk and Return Relationship Beta plays a crucial role in determining the risk and return profile of a share. Typically, higher beta shares offer the potential for greater returns but also come with higher risk. Conversely, lower beta shares may have more modest returns but tend to be less risky and more stable during market downturns. For example, if Share A has a beta of 1.5, and the market (represented by an index) increases by 10%, Share A might be expected to rise by 15% (1.5 times the market return). Conversely, if the market falls by 10%, Share A could be anticipated to decline by 15%. How to Use Beta in Investment Decisions Diversification: Beta can help investors build a diversified portfolio. By combining shares with different beta values, investors can offset the risk of high-beta shares with the stability of low-beta shares. Risk Management: Beta assists in assessing the level of risk an investor is willing to undertake. Conservative investors might opt for low-beta shares, while those seeking higher returns might favour high-beta shares. Market Timing: Understanding beta can help investors make better decisions about when to buy or sell a share. During a bullish market, high-beta shares may outperform, while during a bearish market, low-beta shares may hold up better. Limitations of Beta While beta is a valuable metric, it does have some limitations: Historical Data: Beta is based on historical price movements, and the past may not necessarily predict future performance accurately. Market Conditions: Beta assumes that market conditions will remain constant, which is often not the case. Single-factor Metric: Beta considers only market-related risk and does not account for other factors like company-specific events or changes in industry dynamics. Conclusion Beta is a useful tool for investors to gauge the volatility and risk associated with a particular share relative to the overall market. It aids in constructing a well-balanced portfolio and managing risk according to individual investment goals and risk tolerance. However, beta should not be the sole factor in investment decisions, as it's essential to consider other aspects of a company's fundamentals and the broader economic environment to make well-informed investment choices. As with any investment analysis, it's prudent to conduct thorough research. Top 40 share beta and selected markets: The heatmap displayed below presents the constituents of the Top 40 index alongside selected major markets. This dynamic heatmap is updated daily, providing valuable insights. For added convenience, you can download the corresponding data as an Excel file. Stay informed of the latest trends and changes in the market through this user-friendly visualisation. Download the Excel file here: https://www.unum.capital/research-disclaimer

Introduction In the world of share trading, understanding correlation is vital for making informed investment decisions and managing risk effectively. Correlation plays a crucial role in assessing how different shares or assets move in relation to each other, providing insights into portfolio diversification, risk management, and potential investment opportunities. We will explore the concept of correlation in share trading, its importance, and how traders and investors can leverage this knowledge to improve their strategies. What is Correlation in Share Trading? In share trading, correlation refers to the statistical relationship between the price movements of two or more shares or assets. When two shares have a positive correlation, they tend to move in the same direction – when one share's price increases, the other share's price also increases. On the other hand, a negative correlation indicates that two shares tend to move in opposite directions – when one share's price increases, the other share's price decreases. Finally, if two shares have a correlation close to zero, it suggests that their price movements are not significantly related. Measuring Correlation in Share Trading The most common method of measuring correlation between two shares is by using the Pearson correlation coefficient, just like in general statistics. The correlation coefficient ranges from -1 to 1, with the same interpretation as before: r = 1 indicates a perfect positive correlation, where the two shares move in complete harmony. r = -1 indicates a perfect negative correlation, where the two shares move in opposite directions. r ≈ 0 indicates little to no correlation, suggesting that the two shares have independent price movements. Importance of Correlation in Share Trading Understanding the correlation between different shares is crucial for several reasons: Diversification: Correlation helps traders identify assets that have low or negative correlations with each other. Diversifying a portfolio with assets that are not highly correlated can help reduce overall risk. When some assets decrease in value, others might increase, which can mitigate losses. Risk Management: High correlations among shares can increase the overall risk in a portfolio. If all shares in a portfolio are positively correlated, they are more likely to experience simultaneous declines during market downturns. By knowing the correlation between holdings, traders can optimise their portfolios to manage risk more effectively. Identifying Investment Opportunities: Traders can use correlation analysis to identify potential investment opportunities. For example, if they notice a positive correlation between two shares, they might consider one as a proxy for the other. If the correlation is negative, they may see a hedging opportunity to protect against price declines. Sector Analysis: Correlation analysis can help traders understand the broader movements within specific sectors or industries. For example, in a technology-heavy sector, many shares might be positively correlated, and understanding this can influence investment decisions within that sector. Limitations of Correlation in Share Trading While correlation is a valuable tool, it has its limitations: Changing Market Conditions: Correlations between shares can change over time due to shifts in market dynamics, economic conditions, or company-specific events. Traders need to monitor correlations regularly and be prepared for them to evolve. Limited to Linear Relationships: Correlation measures linear relationships between variables. Some shares may have non-linear relationships, making it important to consider other forms of analysis alongside correlation. Causation Concerns: As always, it's essential to remember that correlation does not imply causation. Just because two shares are correlated does not necessarily mean that one share causes the price movement of the other. Conclusion In share trading, understanding correlation is a powerful tool for making informed decisions, managing risk, and optimising investment portfolios. By analysing the relationship between different shares, traders can diversify their portfolios effectively, identify hedging opportunities, and navigate changing market conditions more intelligently. However, correlation should always be used in combination with other forms of analysis, and traders must be cautious about drawing causal conclusions solely based on correlation. With a solid understanding of correlation, traders can navigate the dynamic world of share trading with greater confidence and success. Top 40 share correlation and selected markets The heatmap displayed below presents the constituents of the Top 40 index alongside selected major markets. This dynamic heatmap is updated daily, providing valuable insights. For added convenience, you can download the corresponding data as an Excel file. Stay informed of the latest trends and changes in the market through this user-friendly visualisation. Download the Excel file here: https://www.unum.capital/research-disclaimer

Introduction: Relative Price Strength (RPS) is a critical technical indicator used by traders and investors to assess the performance of an equity relative to the broader market or its industry peers. By understanding RPS and incorporating it into their investment strategies, individuals can gain valuable insights into an equity's potential for future price movement. We will delve into the concept of RPS, how it is calculated, and its significance in share trading. What is Relative Price Strength (RPS)? Relative Price Strength, also known as Relative Strength, is a momentum-based metric that evaluates an equity's performance relative to a benchmark index or a group of peers. It is used to identify equities that have outperformed or underperformed in their market or sector over a specified period. RPS Calculation: To calculate RPS, we compare the price performance of a particular share to the performance of a designated benchmark index or a group of shares. The RPS calculation typically involves comparing the price change over a specific time frame, depending on the preference of the trader or investor. The formula for calculating RPS is as follows: RPS = (Share's Price at date x / Share's Price at date y) / (Benchmark's Price at date x / Benchmark's Price at date y) date x = most recent price of the share or benchmark date y = price of the share or benchmark x periods ago Understanding RPS Values: The RPS value is represented as a ratio, and it indicates the stock's relative strength compared to the benchmark or peer group. A value above 1 suggests that the share has outperformed the benchmark or peers, while a value below 1 indicates underperformance. Significance of RPS in Share Trading: Identifying Strong Performers: RPS helps traders and investors identify shares that have demonstrated significant price strength compared to the overall market or their sector. These shares are often considered strong performers and may continue to exhibit positive price movement. Trend Confirmation: RPS can help confirm the prevailing trends in the market or sector. Shares with high RPS values are more likely to be in uptrends, while those with low RPS values might be in downtrends. Share Selection: Traders can use RPS to filter and prioritise their share selection process. A higher RPS value could make a share more appealing for trading or investment opportunities. Divergence Detection: RPS can also help identify potential divergences between a share and the broader market or sector. Divergences occur when an equity's price moves in the opposite direction to its RPS, which might signal a potential trend reversal or correction. Limitations of RPS: While RPS can be a valuable tool for assessing relative performance, it has some limitations that traders and investors should be aware of: Short-Term Focus: RPS is primarily a short to medium-term indicator. It might not accurately reflect a share's long-term potential or fundamental strength. Benchmark Selection: The choice of benchmark or peer group can significantly impact the RPS calculation. Different benchmarks can lead to different RPS values for the same share. Conclusion: Relative Price Strength (RPS) is a valuable technical indicator that provides insights into an equity's relative performance compared to a benchmark index or its peers. By understanding RPS, traders and investors can make more informed decisions, identify strong performers, and validate existing trends in the market or sector. However, like any single metric, RPS should be used in conjunction with other indicators and fundamental analysis to make well-rounded investment decisions. JSE All Share headline indices RPS: In the financial markets, certain headline indices have showcased remarkable outperformance, suggesting a notable influx of capital. This surge in capital inflow signals growing trader and investor confidence and interest in these headline indices. Whereas traders and investors seem to be reallocating their investments away from headline indices where there is an outflow of capital. Capital Inflow headline indices (in ranking order): Industrials Financials Capital outflow headline indices (in ranking order): Resources JSE All Share share RPS: Understanding the performance of individual shares in comparison to the broader market is crucial for traders and investors seeking to capitalise on market trends. The table below highlights the top 20 and bottom 20 shares based on RPS, with a lookback period of the last 10 days, indicated by their ranking changes since the previous update. The table is updated daily. The Top 20 RPS Leaders: these are the shares that have exhibited the strongest relative price performance within the JSE All Share index over the past 10 days. The Bottom 20 RPS Laggards: these shares have shown the weakest relative price performance within the JSE All Share index over the same 10-day period. JSE All Share sector RPS: In this analysis, we will examine the top 10 and bottom 10 sectors based on RPS, considering the lookback period of the last 10 days. The table is also updated daily. The Top 10 RPS Leading Sectors These sectors have demonstrated the strongest relative price performance within the JSE All Share index during the 10-day lookback period. The Bottom 10 RPS Lagging Sectors Conversely, these sectors have exhibited the weakest relative price performance within the JSE All Share index over the same 10-day period. https://www.unum.capital/research-disclaimer

Introduction In the world of technical analysis, traders and investors often use various tools and indicators to gain insights into market trends and potential price movements. One such tool is the Linear Regression Channel, which utilises statistical concepts like standard deviation to help identify the potential range of price action. Understanding how to interpret and use the Linear Regression Channel in conjunction with standard deviation can provide valuable information for traders to make informed decisions. What is Linear Regression Channel? The Linear Regression Channel is a technical analysis tool that plots a straight line based on the linear regression of the price data over a specific period. This line serves as the central axis of the channel, with two parallel lines drawn above and below it, representing the upper and lower ranges. The channel helps traders visualize the general direction of the trend and possible areas of support and resistance. Calculating the Linear Regression Channel involves fitting a linear regression line to the price data, usually based on the closing prices, over a defined look-back period. The resulting line represents the average or mean of the price data over that period. Understanding Standard Deviation Standard deviation is a measure of the dispersion or variability of the price data around the linear regression line. In the context of a Linear Regression Channel, standard deviation helps determine the width of the channel, which indicates the potential volatility or uncertainty of price movements. When the standard deviation is high, it means the price data is spread out widely from the regression line, indicating higher volatility. Conversely, a low standard deviation suggests that the price data is closely clustered around the regression line, indicating lower volatility. Using Scoring to Assess Proximity to the Linear Regression Channel The term "scoring" in this context refers to a numerical value representing the distance of the current price from the linear regression line. This score is typically normalised to a scale between 0 and 10, with 1 indicating the lowest proximity to the regression line and 10 indicating the highest proximity. The relationship between the scoring and the Linear Regression Channel is as follows: Scoring Close to 0: When the scoring is closer to 0, it suggests that the current price is near the lower range of the Linear Regression Channel. This indicates that the market is potentially oversold, and the price may be due for a correction or bounce towards the mean or central axis of the channel. Scoring Close to 10: Conversely, when the scoring is closer to 10, it suggests that the current price is near the upper range of the Linear Regression Channel. This indicates that the market is potentially overbought, and the price may be due for a correction or a bounce back towards the mean. Interpreting Linear Regression Channel and Standard Deviation Together Combining the Linear Regression Channel and standard deviation provides a more comprehensive picture of the market's behaviour. When the standard deviation is wider, the channel broadens, indicating higher volatility. In contrast, a narrower standard deviation results in a narrower channel, suggesting lower volatility. Traders can use this information to: Identify Potential Reversal Zones: When the price action reaches the upper or lower range of the channel, coupled with high standard deviation, it may indicate an overextended market and a potential reversal in the opposite direction. Recognize Trend Strength: If the price remains within a narrow channel and the standard deviation is relatively low, it suggests a stable and well-defined trend, while a wide channel with a high standard deviation indicates a more erratic or uncertain market. Conclusion The Linear Regression Channel and standard deviation are valuable tools for traders to gain insights into the potential range of price action and market volatility. When combined, they can provide a clearer understanding of trend direction, potential reversal points, and overall market sentiment. By using the scoring system to assess proximity to the channel, traders can make more informed decisions, enhancing their ability to navigate the dynamic world of financial markets. However, as with any technical analysis tool, it is essential to use these indicators in conjunction with other forms of analysis and risk management strategies to make well-rounded and informed trading decisions. Top 40 share scoring and selected markets The bar chart displayed below presents the constituents of the Top 40 index. This dynamic bar chart is updated weekly, providing valuable insights. https://www.unum.capital/research-disclaimer

The market overview serves as a comprehensive snapshot of the financial markets, providing a summary of various asset classes, sectors, and indices. Its primary purpose is to showcase the performance of different financial instruments over a specific period. https://www.unum.capital/research-disclaimer

The Week That Was Major US equity indices hovered near the break-even point on Friday afternoon. The Dow Jones was poised for a 2% weekly dip, while both the S&P 500 and the Nasdaq had shed over 2% for the week. This put them on course for their third successive week of losses, largely driven by concerns about prolonged high-interest rates and emerging credit risks from China. The US earnings season progressed, with notable outcomes from several companies. Keysight Technologies saw its shares plummet by over 14% following a quarterly report that fell short of expectations. Both Deere and Estee Lauder also registered declines of 5.1% and 3.1% respectively, after their disappointing earnings announcements. Meanwhile, Meta shares extended their downward trajectory for the week, dropping an additional 2%. Conversely, positive quarterly reports boosted shares of Applied Materials and Ross Stores, with gains of 4.1% and 5% respectively. In international news, Chinese property giant Evergrande has filed for US bankruptcy. This comes in the wake of recent profit alerts from state developers and a missed bond payment by Country Garden, leading to a spike in private credit costs in China. The JSE FTSE All Share Index dipped 1.7% to just under 73 100 on Friday, marking its lowest point since 13 March. This decline marked the 6th consecutive session of losses, with traders and investor concerns mounting over potentially prolonged tighter monetary policies. On the domestic front, South Africa's Minister of Electricity announced the potential finalisation of an agreement with China this week. This partnership seeks to bolster solar power installations in South Africa, facilitating access to crucial panels to alleviate the nation's energy predicament. A number of sectors, including those tied to resources, financials, and industrials, experienced downturns. Over the week, the JSE plummeted by 5.1%, marking its sharpest drop since mid-June. The Week Ahead The highly-anticipated annual Jackson Hole symposium is upon us, and US Fed Chair Jerome Powell's speech is expected to be the focal point of the event. Last year, his remarks were a catalyst for a 20% slide in the S&P 500, underscoring the impact of his words on market dynamics. Concurrently, retail sales data from the U and the US, along with earnings reports from select American companies, will offer additional insights into consumer sentiment. These multiple factors are likely to keep investors on their toes as they navigate a complex market landscape. Key Themes for the Week Ahead Jackson Hole Market participants are eagerly awaiting a forthcoming speech from US Fed Chair Jerome Powell to gain insights into the economic landscape and the likely trajectory of interest rates. Scheduled for just after 10:00 am ET (16:00 SA time) this Friday, Powell's address follows the recent release of minutes from the central bank's July gathering, which revealed widespread concern among policymakers about inflationary pressures. This suggests that additional interest rate hikes remain a possibility. Traders' and investors' attention will be squarely on Powell's views regarding the necessity for further policy tightening to combat inflation, or whether enough strides have been made to maintain the current rate levels. Financial analysts will also be keen to discern any hints that suggest the Fed is contemplating potential rate reductions in 2024. According to data from the Fed rate monitor tool (see the link below), market participants currently assign an 89% probability that the Fed will keep interest rates unchanged at its upcoming September meeting. https://www.investing.com/central-banks/fed-rate-monitor China woes Anticipation is building that China may soon reduce its loan prime rate, potentially leading to decreased mortgage rates, possibly as early as Monday. This comes amid increasing concerns that the severe debt crisis engulfing the country's property sector—accounting for approximately a quarter of the national economy—is beginning to affect its financial stability. Despite surprising moves to cut key interest rates last week, analysts argue that these actions have been insufficient and belated. They contend that more aggressive interventions are urgently needed to arrest the economy's deteriorating trajectory. The escalating troubles in the real estate sector, coupled with the growing risk of financial contagion, threaten to destabilise China's economy, which is already under strain. This is due to a combination of sluggish domestic and international demand, waning industrial production, and a rising unemployment rate. US earnings As the US earnings season nears its conclusion, traders and investor anticipation is reaching a fever pitch for the forthcoming results from NVIDIA, Wall Street's most closely-watched stock of 2023. Market participants are keen to see if the chipmaker can live up to the escalating excitement surrounding its role in artificial intelligence. Additional companies to monitor include cloud computing pioneer Snowflake, Chinese internet search giant Baidu, enterprise software leader Workday, and semiconductor manufacturer Marvell. The retail sector also remains under the spotlight, with financial updates expected from a roster of retailers including Lowe's, Macy's, Kohls, Nordstrom, Gap, and Dick's Sporting Goods, among others. Meanwhile, the UK's business calendar is relatively subdued this week. Financial announcements are anticipated from mining behemoth BHP Group, recruitment agency Hays, oil and gas enterprise Harbour Energy, as well as oilfield service firms John Wood and Hunting. PMI data On Wednesday, the Eurozone and the UK are set to unveil their PMI (Purchasing Managers' Index) data, which may offer crucial insights into the likelihood of further interest rate adjustments by the European Central Bank (ECB) and the Bank of England (BOE). Recent trends show a decline in PMI figures for both regions, characterised by a stagnating service sector and a contraction in manufacturing activity. Traders and investors will also be keenly awaiting remarks from ECB President Christine Lagarde, scheduled to speak at the Jackson Hole symposium on Friday. Market participants will be scouring her speech for indications regarding the ECB's possible actions at its September meeting. In a July statement, Lagarde noted that the ECB would maintain an "open mind" regarding upcoming rate decisions. She further elaborated that policymakers were transitioning to a phase where their decisions would be increasingly influenced by economic data. Oil prices Last week, oil prices recorded their first weekly decline since June, as rising apprehensions about global demand overshadowed the impact of reduced output by OPEC+ stalwarts Saudi Arabia and Russia. Contributing to the downward pressure on oil prices was China's escalating property crisis, which dampened risk sentiment among traders and investors. Concurrently, the release of minutes from the Fed's latest meeting drove up Treasury yields and propelled the US dollar to its fifth consecutive week of gains, thereby diminishing the attractiveness of commodities for international buyers. Market participants are grappling with the tension between waning global growth and constrained global supplies. Prices are likely to remain range-bound for the moment, highlighting that demand remains a question mark for traders and investors, particularly in light of disheartening economic data emerging from China. South Africa News The International Monetary Fund (IMF) says that South Africa could grow by 3% if Eskom and Transnet are fixed. These two state-owned companies have been facing financial and operational challenges, and fixing these problems could help boost economic growth in the country. After accusations of misconduct and due to owed taxes, the Gupta-linked company Regiments Capital's liquidation will proceed, as the Constitutional Court dismissed an appeal against previous judgments favouring the SA Revenue Service (SARS). The New Development Bank (NDB), established by the BRICS nations, successfully raised R1.5 billion from its inaugural South African bond auction to fund local infrastructure and sustainable projects, with significant interest allowing for an upsized deal, managed by Standard Bank Group and Absa Group. Economic Calendar In the upcoming economic calendar for this week, several significant events are scheduled to take place. source: investing.com https://www.unum.capital/research-disclaimer

Pre-market Asian Session, Monday, 21 August 2023 READER TIP: For better viewing, click on the two arrows in the top right corner of the image directly below. Then, use the right arrow (>) on your keyboard to start scrolling through the charts.

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