Offshore

/ China's PPI down 3.7% in May and factory output rises less than expected, retail sales continued to contract in May.

/ Fed kept interest rates flat and cautioned they expect conditions to remain tough into 2022. GDP 5% in 2021 and unemployment 5.5% in 2022

o S&P500 dropped -4.8% last week but remains +8.1% this month, o Nasdaq dropped -2.3% last week but remains +6.4% this month, o FTSE 100 dropped -5.9% last week but remains +5.3% this month, o JSE Top 40 Index dropped -1.9% last week but remains +5.8% this month,

/ We’re starting to see the second Covid-19 wave in both the USA and China and this spooked markets. Detroit, Michigan is seeing new all-time case highs

/ Mnuchin says ‘we can’t shut down the economy again’

/ UK economy contracted by 20.4% in April, the largest monthly fall on record

/ Justeat-takeaway buys GrubHub

Local

/ The Rand hit 16.33 overnight on Wednesday but then came under serious pressure at 17.20 on Friday.

/ Solid Multichoice results and first dividend payment as sports starts to resume.

/ Tsogo Sun Gaming results show debt of over R11billion. Casino industry wants to re-open ASAP

/ Solid Sygnia results

/ Sasol Draws Multiple Bids for Stake in U.S. Chemical Site

/ Hyprop update shows good recovery after the hard lockdown of April. Still opens below 100%, but looking better Hyde Park Corner 67% Rosebank Mall 76% Canal Walk 85% The Glen 85% Woodlands Mall 85% Clearwater Mall 88% Capegate 89% Somerset Mall 92% Atterbury Value Mart 97%

Foot count at Hyprop’s malls: March 2020 Down 24% April 2020 Down 71% May 2020 Down 39% June 2020 (seven days) Down 24%

/ JSE Index balancing this Friday, Redefine is exiting both the Top40 and Fini15 to be replaced by Exxaro and Quilter respectively.

====== British Airways is auctioning off art worth millions as pandemic weighs on earnings