A tweet that US president Donald Trump, Steven Mnuchin and Robert Lighthizer were in a meeting to discuss progress completely erased early declines in U.S. stock-index futures and contracts are now up on the day. U.S. stocks also pared Thursday morning declines right after Trump said he received a letter from Chinese President Xi Jinping and that the two may speak on the phone.
Pimco’s Manny Roman joined the 80% club — both Roman and JPMorgan CEO Jamie Dimon see an 80% chance of a U.S.-China trade agreement Wells Fargo equity derivatives strategist Pravit Chintawongvanich recommends using the two largest ETFs tracking U.S. and China markets: Sell protective puts on IWM while buying them on FXI
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Business Maverick: Scandal-hit Steinhoff posts $4 bln operating loss for fiscal 2017Steinhoff has reported an operating loss at 3.7-billion euros vs restated profit 278-million euros, blaming writedowns for the loss. The assets are valued at 17.5-billion vs 32.2-billion in 2016 but says its on track to release 2018 results in June
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BUSINESS MAVERICK: Steinhoff’s future remains bleak after 2017 results highlight scale of its lossesScandal-plagued South African retailer Steinhoff published its long-delayed 2017 results at the witching hour on Tuesday night. The hocus-pocus that triggered the biggest corporate accounting rip-off in SA history seems to be a thing of the past. But if the group hopes to be a viable entity in the future, it may have to rely on magic. Scale of theft. THEFT.
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Business Maverick: Trump Had Losses of $1.17 Billion Over a Decade: NYTPresident Donald Trump, who won the presidency in part on his image as a successful business mogul, lost $1.17 billion over 10 years on failed business deals, according to tax records obtained by the New York Times.
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Business Maverick: Chinese Stocks See Muted Gains After Monday’s $487 Billion RoutThere was no rush to buy the dip in Chinese stocks after their biggest rout in more than three years.
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Business Maverick: Yuan Plunges, U.S. Stock Futures Drop on Trade War: Markets WrapChina’s yuan plunged the most in more than three years and equity markets were roiled after President Donald Trump’s threat to increase tariffs on Chinese imports cast a cloud over talks this week that were expected to finalize a trade deal.
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Business Maverick: Emerging Market Investors Buy Up Bond ETFsIf investors wanted evidence that demand for bonds in the local currency of emerging market countries including SA isn’t fleeting, here it is: the biggest exchange-traded fund tracking local debt in emerging markets has seen 16 weeks of inflows.
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Business Maverick: Friday May 3: Five Things You Need to Know to Start Your DayIndia begins evacuations as Cyclone Fani approaches, Trump and Xi ponder their next meeting, and Tesla plans to raise another $2 billion. Here’s what’s moving markets.
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Business Maverick: Tesla Manager Sees Risk of Battery-Minerals Shortage in FutureBooming demand for electric vehicles and insufficient investment in mines could result in a global shortage of minerals needed to manufacture rechargeable batteries in a few years’ time, a Tesla Inc. representative told U.S. officials and mining executives in a meeting in Washington.
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BUSINESS MAVERICK: The Shoprite/Wiese deal: Is there a plan B?It’s quite a standoff. The Shoprite board has recommended that its founder and chairman Christo Wiese should be paid R3.3bn for the high-voting shares that were part of his founding stake. Some shareholders don’t like it and it will only take 15% of them to jettison the deal. Does Wiese have any other options? There is one obvious one — he could sell the shares to an outsider. But will he?
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BUSINESS MAVERICK: The Green, Green Grass of Home is becoming a sustainable investment propositionGreen bank Nedbank became a bit greener when it joined the green bond segment of the JSE on April 30, 2019. It follows the bank’s announcement earlier in the year that it will no longer fund the construction of any new coal-fired power plants beyond its existing commitments. Nedbank on Tuesday placed a R1.7bn bond to fund renewable energy projects. It was three times oversubscribed and received bids totalling R5.5bn, demonstrating strong investor appetite for good-quality environmental, social and governance focused assets.
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BUSINESS MAVERICK: The dividend/growth balance: Anglo’s truly amazing debt turnaroundGetting the debt/dividend balance right is tricky — very tricky for mining companies. Pile up too much cash, investors get antsy. Buckle to investors’ immediate desires, long-term growth gets hit. Years of divesting from non-core assets and implementing stringent spending programmes have allowed Anglo American to significantly reduce its debt load to US$4.5bn in June 2018, down from a peak of US$14.1bn in June 2015. In 2019 it was able to commit to 40% of cash resources to a dividend payout.
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